The recent decision of OpenSea to disable the activity on their platform for BAYC NFT’s is a source of concern in the crypto community, as it has led many players to question if certain developers are marketing manipulations.
The “nft buy” is a command-line tool that allows users to purchase NFTs. The “OpenSea Disable Activity of BAYC NFT” is an event that has been seen in the past with OpenSea, where they disabled activity for some NFTs.
Singapore’s High Court has prohibited the trading of a Bored Ape NFT because to its participation in a debt dispute, in a series of incidents that firmly connects the decentralized world of NFTs with that of the centralised legal system. OpenSea has subsequently removed the asset’s capacity to be traded on the site, in line with the case’s legally binding order.
The ape in issue, BAYC #2162, is held by Singaporean crypto asset trader Rajesh Rajkumar and was used as collateral in an NFT loan transaction with ‘chefpierre,’ a pseudonymous NFT collector. The transaction, which was handled on March 19th by NFT lending platform NFTfi, apparently offered the opportunity for a’refinancing deal’ to take place a month after it was started. Chefpierre, according to Rajkumar, did not comply with the extension and instead foreclosed on the loan, releasing the NFT from the platform’s escrow to chefpierre’s pocket.
As a result of these occurrences, Rajkumar claims that ‘unjust enrichment’ has occurred, leading to the decision to halt the asset’s capacity to be traded.
Although the case’s outcome is unknown, and although attorneys have alluded to the legal complications that might develop in loan agreements involving pseudonymous parties (something NFT-finance is prone to), an OpenSea official has commented about the platform’s policies on legally-questionable assets:
“While we don’t comment on individual enforcement actions, I can say that our platform policies and Terms of Service expressly prohibit the use of OpenSea to buy, sell, or transfer stolen, fraudulently obtained, items taken without authorization, and/or any other illegally obtained items or money laundering.”