OpenSea has thrived as a freewheeling market for NFTs with few rules and little oversight. But when things go wrong, even crypto fans want an authority to turn to.
SAN FRANCISCO—Four-year-old OpenSea has gained fame and a $13 billion valuation by staking a claim as the world’s biggest marketplace for some of the buzziest new items to trade, nonfungible tokens.
It has also become a haven for fakes and scammers trying to get users’ money or access to their newfangled assets—creating a struggle for the company that reflects a core paradox for emerging digital investments. On the one hand, enthusiasts are attracted to them because they are “decentralized,” operating largely outside the control of banks or government rules.
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