The NFT market After receiving outcry from the community, OpenSea has revised its plan to limit the number of NFTs that can be minted using the free minting tool. The program was used by bad actors to generate a huge number of plagiarized NFTs, spam, and phony collections.
OpenSea, an NFT marketplace, has declared that it will reverse its minting limit, apologizing to its creators for limiting its free minting tool to 50 items. On Twitter on January 28, the platform provided a detailed explanation for its decision.
The expense of minting NFTs can deter artists from developing and listing their work. The free minting tool let authors to create NFTs without incurring any charges.
However, according to OpenSea, the feature was exploited, with more than 80% of the works created being plagiarized, false collections, or spam.
While the free limit has been reversed, the platform is currently considering what precautions it may take to prevent undesirable actors from taking advantage of the system. This is one of the most serious concerns confronting the NFT market right now, albeit it is far from the most problematic.
However, OpenSea’s backtracking has already gotten it into difficulties, since it was later uncovered that on-chain bot activity had canceled some dormant listings of a specific number of users. To protect the safety of assets, they had to revise the instructions on canceling dormant listings.
Following a series of unpleasant episodes over the last few months, OpenSea’s reputation has taken a knock. The most significant of these is the freezing of assets following the theft of $2.2 million in Bored Ape NFTs. Despite these mishaps, OpenSea set a new record for monthly trade volume in January 2022, at $3.7 billion.