The NFT marketplace OpenSea has reversed a decision to limit the number of NFTs that can be minted using the free minting tool after community backlash. This change will help prevent bad actors from using the minting tool to create large amounts of plagiarized NFTs, spam, and fake collections.
NFT marketplace OpenSea has apologized to its creators that it had imposed a 50-item limit to its free minting tool. The platform offered a lengthy explanation behind its decision on Twitter on Jan 28.
Creators have used the minting tool on OpenSea to make NFTs. However, the minting tool was abused with over 80% of the minted items being either plagiarized, fake collections, or spam.
The platform is still reviewing measures it can use to prevent bad actors from exploiting the system, despite the free reverse limit taking place. This is one of the biggest issues that the NFT market is facing, though it is far from the most serious issue.
The backpedaling has landed OpenSea in a spot of trouble, as it was later revealed that on-chain bot activity canceled some inactive listings of users. They had to change the guidance on canceling inactive listings to make sure the safety of assets.
Is security a top priority for NFT platforms?
Over the past few months, there have been a number of negative incidents at OpenSea. The freezing of assets is the most notable of these. OpenSea recorded its all-time high monthly trading volume of $3.7 billion.
This week, security researchers discovered a bug that allowed hackers to steal $1.3 million worth of NFTs. This is a sign that bad actors are now focusing their attention on the NFT space.
The security and technical issues highlighted by prominent crypto figures in recent months have led to a change in focus for NFT marketplaces. It is clear that NFT marketplaces will have to adjust their focus to ensure airtight security to maintain their momentum.
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