- Fortune Magazine published a story claiming that OpenSea’s volume has been down 99% since May, which is further claimed as wrong and unfair by BK Roberts.
- This error in the published story by Fortune Magazine has raised the issue of accountability in crypto reporting.
- BK Roberts encouraged Fortune to conduct better and more in-depth research and find reliable sources.
- OpenSea mentioned that they guess a DYOR reminder is required every now and again.
In a recent Twitter thread, BK Roberts, the CFO of OpenSea, has countered a story published by Fortune Magazine claiming that the volume of OpenSea has been down 99% since May. BK Roberts addressed that the framing, methodology, and source are wrong and unfair, and he called it reckless.
1/— bkroberts.eth (@BKRoberts) August 30, 2022
Yesterday, @FortuneMagazine published a story claiming that OpenSea’s volume is down 99% since May. The framing, methodology, & source are wrong and unfair. I would venture to say reckless.
The error in the research raised the issue of accountability in crypto reporting, and this is because the lack of accountability is fueling the research, and that’s staggering. BK Roberts highlighted the context in his tweet thread that Fortune chose to avoid in accordance with him.
As per the data revealed in the tweet thread shared by BK Roberts, a single day was used by Fortune Magazine to measure the change, which was ridiculous. Fortune Magazine picked a single day in May while conducting their research that was six times greater than the average between 3/1 and 6/30.
Fortune claimed that OpenSea did $2.7 billion in a single day, which would imply an annual run rate of $1 trillion. Irrespective of the expected volatility in this space, the number of active users on OpenSea, and the overall volume of transactions have remained relatively flat.