OpenSea Has Delisted Several Azuki Non-fungible Tokens

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NFT
OpenSea Has Delisted Several Azuki Non-fungible Tokens

The NFT prominent characters, Azuki, have ended the week on a bad term as OpenSea has reportedly delisted several of their collectibles today. The reason is yet to be confirmed since users can no longer partake in token sales from the marketplace.

IS Azuki’s Expulsion Temporary or Permanent?

Friday evening marked the dawn of doom for Azuki as their users reported some of their NFTs being delisted from the OpenSea marketplace. Azuki is an assemblage of 10,000 anime-styled characters pegged on the Ethereum network (ERC-27). It aims to strengthen the connection between the physical and virtual universe. 

According to a statement from their official discord, the crypto-based organization announced that they have reached out to OpenSea on the issue concerning delisting emails sent to Azuki holders. Azuki users should be patient as the management waits for a response to relist the digital assets. As we advance, the substantial case in hand is the same as that one that occurred to Bored Ape Yacht Club.

BAYC also faced the same issue in June when the company apologized to their holders for the convenience of OpenSea. The decentralized Non-Fungible Marketplace (OpenSea) had made an error as they temporarily erased a number of Bored Ape from the platform. The crypto-based organization later told its users that they had resolved the issue and were working on terms hand in hand with the digital marketplace to ensure it doesn’t occur again.

Delisting is a critical disadvantage to an organization as all assets are removed from an exchange and can’t be traded. Nonetheless, the assets can be traded from other decentralized locations. In this case, Azuki’s users have been denied access to buy and sell their NFTs on the OpenSea marketplace. It is a vicious problem since it can cause the loss of clients hence leading to a market capitalization drop for the organization. The issue requires immediate action. 

OpenSea declared an error in their Trust and Safety flagging system in a statement. The failure led several Azuki Non-Fungible Tokens to be delisted on their platform. However, they worked fast enough to resolve the complications, and all the impacted items have been relisted. They are also having direct communications with the NFT collectibles organization(Azuki).

Azuki later confirmed that the technical issue was resolved, and the listing has been reinstated.  

Impacts of Delisting on Crypto Community

Delisting crypto assets has become more prominent to some of the upcoming and prolific digital organizations in the crypto sphere. For instance, the South Korean exchanges actively delisted some altcoins operating on their platforms. This created a mess for the decentralized community as users suffered from the pulldown following an order from the Korean government to check exchanges that violated consumer protection. 

Another incident occurred when Binance CEO Chanpeng Zhao threatened to pull Bitcoin SV from their platform. The cause being Craig Wright claiming to be Satoshi Nakamoto. A few hours after the announcement, BSVs had lost several clients leading to a degradation in the crypto market. At the end of every delisting program, all participants are affected by the latter.

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Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.