The OpenSea Delisting Bug affects another large NFT collection

Another OpenSea bug strikes again. It’s a less than ideal way to end the week for the once blue chip NFT collection, Azukis. Holders of Azuki NFTs were awakened on Friday to an email from OpenSea that allegedly informed NFT holders that many Azuki NFTs were being delisted. The once blue chip collection has had a significant fall from grace, but still commands high respect with a steady floor price around 10 ETH lately.

While re-listings for the project appear to be happening throughout the day on Friday, the failure represents another instance of the “accidental removal” of a major project on OpenSea. Let’s take a look at more details from the situation and what we can expect next.

An OpenSea mistake, or Azuki’s fate?

Speculation was rife on Friday in the NFT community, as some people believed it could have a major impact on the rally – rather than a mistake on OpenSea’s part. However, the official Azuki Twitter account and product manager Demna were quick to keep an open line of communication with the community:

Demna has described the problem as a “technical error” on OpenSea and the NFT market has issued a separate statement on Friday morning, proclaiming that there was an “error in our Trust & Safety flag system” that caused Azukis to be delisted, but that their team was working quickly to resolve the issue.

Not the first time…

As the Azuki Twitter account alluded to, this isn’t the first time we’ve seen this happen to a blue chip pool at OpenSea. Back in June, Bored Ape Yacht Club faced a similar dilemma, with OpenSea briefly removing some of the BAYC collection. Overall, this is not a new problem or one that is particularly clear to understand, but the consequences can be significant. Fortunately for Azukis, the floor price before and after the delisting debacle on Friday was relatively untouched, falling from just over 10ETH to just under 10ETH, currently sitting at 9.97ETH at press time.

Nonetheless, it has still been a significant fall from grace for a once high-flying project. At one point earlier this year, the project had a daily average sale price of just 40ETH, but in recent months some Azukis have sold for a fraction of that, at times logging daily average sales between 6ETH and 7ETH.

Featured image from Pexels, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.