Key Takeaways:
- OpenSea removes limitations imposed on minting.
- The platform asks for apologies from its users and provides them with an explanation.
- OpenSea has not yet revealed its future plans related to this situation but is looking for solutions.
OpenSea has now reversed its policy to impose limitations on the number of NFTs and collections that creators can mint utilising its smart contract. Earlier, the platform used to allow unlimited collections and items. But on January 27, OpenSea posted that after receiving feedback from its creators, it will now only allow five NFTs and 50 items per collection while using its storefront contract. OpenSea also sought its communities’ opinions on how this decision may impact their creative flow.
However, OpenSea was still allowing its creators to move their smart contracts to avoid imposed policy. But the movement of the contracts will cost something between US$1,000 and US$2,000 in gas fees. That is why some creators have said that they will transfer their collections to competing marketplaces.
Earlier today, OpenSea shared a tweet reversing their decision. They have apologised to the creators and said that it owes an explanation to them. It further explains that the limits were imposed as they found that smart contract was being exploited and that “over 80% of the items created with this tool were plagiarised works, fake collections, and spam.” OpenSea has shared that it is now working to support its creators while discouraging the “bad actors”.
Another controversy is making rounds in the market that OpenSea users who still had
“Inactive listings” on their accounts received an email stating that they should cancel the old listings. This will prevent attackers from buying NFTs for old listing prices, as found by a recent exploit.
