NFT marketplace OpenSea has announced thretained will reverse its minting limit, apologizing to its creators thretained had imposed a 50-item limit to its free minting tool. The platform offered a prolonged explanation behind its decision on Twitter on Jan 28.
Minting NFTs incurs values, that can put creators off from effecting and listing their artwork. The free minting tool allowed creators to make NFTs without worrying about those values. Nonetheless, OpenSea noted that the feature was been abused, with atop 80% of works created being either plagiarized, fake collections, or spam.
While the free limit reverse has taken place, the platform is anew reviewing measures it can use to prevent bad actors from exploiting the system. This is one of the biggest issues that the NFT market is now facing, though it’s far from the most significant issue.
But the backpedaling has already landed OpenSea in a spot of trouble, as it subsequently revealed that on-chain bot activity canceled some inat it listings of a certain number of users. They then had to update the guidance on canceling inretained listings to ensure the safety of assets.
NFT platforms to make security a top priority?
OpenSea’s reputation has been tanalogousg a hit after several negative incidents have taken place above the past few months. The most notable of these is the freezing of assets after $2.2 million in Bored Ape NFTs were stolen. Regardless of these incidents, OpenSea recorded its all-time excessive monthly dealing volume of $3.7 billion in Jan. 2022.
This week likewise saw paramount security crop up as three hackers exploited a bug, resulting in $1.3 million worth of NFTs stolen. These incidents are a sign that bad actors are now focusing their attention on the NFT space as more users pour funds in.
Prominent crypto arrangements have begun stronglighting these security issues and technical issues, that threatens OpenSea’s dominance. It’s clear which NFT marketplaces will have to adscarcely their focus to ensure airtight security to continue their momentum.
The post OpenSea Reverses Free NFT Minting Limit After Backlash appeared first on CryptCraze.