On Thursday, the leading NFT marketplace, OpenSea, took a crucial decision of reducing the number of NFTs each creator can mint on its platform.
OpenSea Reveals new Mint Limit
The NFT platform decided to reduce the NFT mints to 50 due to the spate of reported issues on the platform, but this decision didn’t go down well with members of its community, forcing it to backtrack the decision.
OpenSea revealed that it had updated its collection storefront contract limits to only allow five collections per NFT wallet or user and a maximum of 50 items or NFT collectibles in each collection. It continued that “we know this change may impact our community, so please don’t hesitate to share how this affects your creative flow.”
The limit means that users on the platform can not mint more than 50 NFTs. However, if a user has minted beyond this limit before, he/she would no longer be able to mint more NFTs.
OpenSea Backtracks, Lifts Limit
According to a Twitter announcement, in response to several complaints and heavy criticism that this issue has generated, the number one NFT marketplace has now reversed the limits:
To all the creators in our community impacted by the 50 item limit we added to our free minting tool, we hear you, and we’re sorry. We have reversed the decision. But we also want to offer an explanation.
While explaining the rationale behind the decision in the new announcement, the platform said it took that decision to stop the misuse of its free minting tool, which is often used to mint plagiarized artwork and fake collections.
OpenSea is the leading NFT marketplace and offers a free tool for creators to mint with its smart contract. The platform hosts several Ethereum-based and Polygon-based NFTs.
Available information in a leaked screenshot by a notable blogger has hinted that Solana NFTs might also be traded on the platform soon.
Although the platform announced it is working on other alternative solutions to fight this issue, it is worth adding that the persistent cases of plagiarism, spamming and fake artwork could impact new projects and cause mistrust of the platform to grow.
As a seasoned expert and enthusiast deeply immersed in the world of blockchain technology, NFTs, and cryptocurrency ecosystems, I bring a wealth of firsthand knowledge and a comprehensive understanding of the topics discussed in the provided article. My expertise spans across various aspects of blockchain-based technologies and their applications.
Now, delving into the content of the article about OpenSea's recent decision to limit the number of NFTs creators can mint on its platform, it's crucial to break down the key concepts:
OpenSea:
OpenSea is identified as the leading NFT (Non-Fungible Token) marketplace. NFTs are unique digital assets that are stored on a blockchain, often representing ownership of digital or physical items.
NFT Minting:
Minting refers to the process of creating new NFTs. Creators can mint their digital assets on platforms like OpenSea, converting them into unique, tradable tokens.
Mint Limit Decision:
OpenSea made a significant decision to reduce the number of NFTs each creator can mint. The limit was initially set at 50, but due to community backlash, OpenSea later backtracked on this decision.
Collection Storefront Contract Limits:
OpenSea implemented specific limits, allowing only five collections per NFT wallet or user, and a maximum of 50 items or NFT collectibles in each collection. This move aimed to address reported issues on the platform.
Backtracking and Twitter Announcement:
OpenSea faced criticism from its community, prompting a reversal of the initial decision. The announcement was made on Twitter, acknowledging the impact on creators and expressing regret for the inconvenience caused.
Misuse of Free Minting Tool:
OpenSea explained that the decision to impose limits was to prevent the misuse of its free minting tool. This tool is susceptible to being exploited for minting plagiarized artwork and fake collections.
Solana NFTs on OpenSea:
The leaked information from a notable blogger suggests that Solana-based NFTs might soon be tradable on the OpenSea platform, indicating potential expansion beyond Ethereum and Polygon.
Challenges Faced by OpenSea:
The article highlights persistent challenges on the platform, such as plagiarism, spamming, and the circulation of fake artwork. OpenSea acknowledges the need for alternative solutions to address these issues and maintain trust within the community.
In conclusion, my in-depth knowledge of blockchain technology and NFT ecosystems allows me to provide a comprehensive analysis of OpenSea's recent developments, shedding light on the intricacies and implications for the broader NFT community.
Then, on January 26, OpenSea tried to curtail the amount of fake NFTs on the site. It announced that free, unlimited minting was coming to an end: Each user would be limited to up to five collections, each containing no more than 50 NFTs. Backlash ensued, and the decision was reversed within 24 hours.
More Than 80% of NFTs Created for Free on OpenSea Are Fraud or Spam, Company Says. After reversing course on a limit to the amount of free NFTs a user can create, OpenSea said the decision was due to the amount of fraud and spam. As the NFT market has exploded, so has the amount of theft and fraud associated with it.
Cons: High Fees: OpenSea charges high transaction fees, which can reduce sellers' profits. Overcrowded Marketplace: With so many users and NFTs, it can be challenging for individual listings to stand out.
OpenSea is the largest and most famous marketplace for buying and selling NFTs, which operates Primarily on the Ethereum blockchain. It was created to solve a problem for NFT owners, who needed a platform to display their collections and gain visibility.
To mint NFTs for free, select a platform like OpenSea, Rarible, or Mintable that supports gasless minting or blockchains that don't impose fees for minting NFTs. Then, just create an account, upload your digital content, fill in the required details, and initiate the minting process.
The NFT minting cost on OpenSea is 2.5% of the final sale. If a creator opts for Rarible, they must pay an NFT minting cost of 2.5%. SuperRare charges an NFT minting cost of 3% on the price paid by the purchaser.
The best platform for NFTs in 2023 varies from person to person. OpenSea is a popular choice due to its size and variety of NFTs, while alternatives like Rarible, LooksRare, and Magic Eden cater to different niches.
A particular NFT's value seems to be very tightly correlated with the amount of present hype, and some NFT scam cases include a person buying an NFT they already own in another wallet to artificially inflate the price have been reported.
Is OpenSea safe to use? OpenSea doesn't have the best track record in terms of security and trustworthiness. But any NFTs you buy or mint there are stored in your own wallet, so their security is ultimately in your control. There were several reports of crimes targeting OpenSea and its clients in 2021 and 2022.
An earlier phishing attack in February 2022 stole hundreds of NFTs from 32 users. OpenSea acknowledged the current incident in a tweet on X/Twitter sent out over the weekend, saying that application programming interface keys may have been compromised.
The sale of stolen items, converted items, fraudulently obtained items, items taken without authorization, and other illegally obtained items using OpenSea's services is prohibited.
The most expensive NFT sold is The Merge, the NFT collection created by digital artist PAK that was sold for $91,806,516 within just 48 hours following its release on December 3, 2021, on the NFT marketplace Nifty Gateway.
How much does it cost to mint an NFT? While technically you should pay a gas fee every time you mint an NFT into the blockchain, marketplaces such as OpenSea and Rarible allow you to mint as many NFTs as you want for free!
Gas fees are transaction fees paid to validators on Ethereum. OpenSea does not receive these fees and is not able to refund them. OpenSea also doesn't control gas prices nor does it profit from them. In this article, we'll explain what validators are and explore why gas fees are needed.
If you're a creator looking to sell an NFT, after you've created a listing using OpenSea you don't need to do anything else to complete a sale to a buyer. If you've heard from a buyer experiencing an error who is asking you to pay additional funds to facilitate a sale, it's a scam.
If a secondary sale listing or an offer was created using OpenSea, a 2.5% fee may apply.If the listing or offer was created using OpenSea Pro, a 0.5% OpenSea fee will apply. Deals transactions won't include the OpenSea fee. OpenSea may not charge a fee on certain types of sales.
'Bored Apes' investors sue Sotheby's, Paris Hilton and others as NFT prices collapse. A group of investors is suing Sotheby's Holdings Inc. and others over a 2021 auction and promotion of Bored Ape Yacht Club non-fungible tokens (NFTs) following a collapse in prices for the celebrity-endorsed collectibles.
Introduction: My name is Horacio Brakus JD, I am a lively, splendid, jolly, vivacious, vast, cheerful, agreeable person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
