While OpenSea has functioned as a viable platform for NFT sellers to make profits off their creations, it would appear that bots are continually influencing OpenSea’s NFT marketplace. These bots are employed to reduce or increase the prices of NFTs. To reduce prices, these bots place bids and cancel right before the bids are accepted. Because the NFT has to be listed upon cancellation, the price drops. In this situation, developers scoop the NFT assets at lower prices. A similar technique is also employed to drive up NFT prices.
Documentation
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- Complete NFT Course
- OpenSea: A Step-by-Step Guide to Understanding It
- OpenSea is the first and largest general marketplace for trading non-fungible tokens (NFTs).
- What Are NFTs and How Did They Get So Popular?
- What Are dApps?
- What Is OpenSea?
- How does it work?
- How to use it
- Listing Your NFT
- Search Options to Discover NFTs
- Making an Offer
- Purchasing an NFT
- Locating Your NFTs on OpenSea
- Analytics for Sellers
- The proliferation of NFT clones
- Exploitation through the use of bots
- Phishing Attacks
- Our Conclusion
- OpenWord’s Anti-Plagiarism System
- OpenWord.io Monetizing Text Content in the Web3 World
- Home
- Documentation
- OpenSea: A Step-by-Step G...
- Exploitation through the use of bots