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NFT art marketplaces — Non-Fungible Tokens have been gaining popularity as digital assets that prove ownership and authenticity of various types of content

A former product manager at OpenSea, the world's largest marketplace for NFTs, has been convicted of fraud and money laundering by a court for insider trading of non-fungible tokens. Nathaniel Chastain was found to have used inside knowledge of which digital arts would be issued on the front page for trading to buy NFTs before featuring them on the website and then selling them for a profit. The conviction marks the first-ever trial involving insider trading of NFTs, and legal experts say it holds broader implications for digital assets that are hard to fit into existing laws. Chastain's lawyers argued that OpenSea did not treat details and knowledge related to digital assets to be featured on the homepage as confidential information when he worked there.

Nathaniel Chastain, a former head of product for NFT marketplace OpenSea, was convicted Wednesday following a trial that focused on alleged NFT insider trading.

Available on OpenSea, The Oracle’s Verse is a series of 6 unique 1/1 multimedia NFTs that allow owners to write their stories on-chain and pass the baton on to the next owner while earning passive income.

Non-fungible tokens (NFTs) have become a popular way for creators to monetize their digital content, such as art, music, and collectibles.

The global NFT market has seen a significant downturn recently, with various platforms and investors feeling the impact. As the hype surrounding NFTs subsided last year, the market experienced a correction, leading to a decline in trading volumes and valuations.

OpenSea, the popular NFT marketplace which hit a $13 billion valuation at the height of NFT mania last year, is now being valued at just $3 billion by one of its biggest investors.

Former OpenSea product manager Nathaniel Chastain is facing two counts of wire fraud and money laundering for allegedly using his insider knowledge to secretly buy 45 NFTs shortly before their listing and selling them with a profit immediately afterward. The trial, which is expected to last several weeks, could have a major influence on the legal classification of NFTs. If the case sticks, there is precedent that insider trading theory can be applied to any asset class, warned former SEC employee Philip Moustakis. Another recent court case involving crypto exchange Coinbase supported a motion to dismiss the insider trading case against the brother of the platform’s former product manager, arguing that the SEC had no jurisdiction to file a lawsuit given the tokens in question do not pass the Howey test.

Former OpenSea product manager, Nathaniel Chastain, has been accused of insider trading — marking the first criminal insider trading case involving digital assets, according to a Reuters report.