{"id":1536,"date":"2022-01-30T22:16:25","date_gmt":"2022-01-30T22:16:25","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=1536"},"modified":"2022-01-30T22:16:26","modified_gmt":"2022-01-30T22:16:26","slug":"opensea-pulls-back-its-controversial-nft-minting-limit-decision","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1536","title":{"rendered":"OpenSea pulls back its controversial NFT minting limit decision"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Following community backlash, OpenSea decided to reverse its decision on limiting free NFT minting using its collection storefront contract.<\/p>\n<p>The world\u2019s top NFT marketplace previously allowed unlimited mints, however, changed its policy and set a cap at five NFT collections with 50 items per collection.\u00a0<\/p>\n<h2><strong>Backpedal\u00a0<\/strong><\/h2>\n<p>The NFT marketplace apologetically announced on Twitter it is revoking the 50 item limit recently added to its free minting tool.<\/p>\n<p lang=\"en\" dir=\"ltr\">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&#8217;re sorry.<\/p>\n<p>We have reversed the decision. <br \/>But we also want to offer an explanation \u21af pic.twitter.com\/Y3igaE1RM2<\/p>\n<p>\u2014 OpenSea (@opensea) January 27, 2022<\/p>\n<p>\u201cWe hear you and we\u2019re sorry. We have reversed the decision,\u201d wrote OpenSea, offering a detailed explanation for imposing the limit.<\/p>\n<p>The platform\u2019s free minting tool enabled users to create NFTs without worrying about costs, however, according to OpenSea, the feature ended up being heavily abused.<\/p>\n<p>Minting NFTs is a way for artists to monetize their work, and the platform explained it originally built the shared storefront contract to \u201cmake it easy for creators to onboard into the space.\u201d<\/p>\n<p>Unfortunately, OpenSea claims, \u201cover 80% of the items created with this tool were plagiarized works, fake collections, and spam.\u201d<\/p>\n<h2><strong>Backlash\u00a0<\/strong><\/h2>\n<p>The platform introduced the limit in order to curb the misuse, but failed to run the decision by the community before rolling it out.<\/p>\n<p lang=\"en\" dir=\"ltr\">Opensea once again showing how they don\u2019t care for their creators and only care for profits! Do you even realize that this is against everything Web 3.0 independent artists stand for? This will severely impact 1:1 artists.<\/p>\n<p>\u2014 Women Rise NFT (@WomenriseNFT) January 27, 2022<\/p>\n<p>Many creators criticized the decision, outraged by the fact that there was no warning ahead\u2013leaving them completely blindsided and in the middle of uncompleted collections.\u00a0<\/p>\n<p lang=\"en\" dir=\"ltr\">I am literally 1 away from my final piece in the project, almost made it \ud83e\udd37\u200d\u2640\ufe0f pic.twitter.com\/hKniY1vESm<\/p>\n<p>\u2014 Seal Club NFT (@SealClub_NFT) January 27, 2022<\/p>\n<p>While announcing the reversal, OpenSea assured it will continue to work on solutions for \u201cdeterring bad actors,\u201d but committed to previewing any future changes with the community ahead of rolling them out.\u00a0<\/p>\n<p>OpenSea started the year strong. Already in mid-January the platform broke its monthly transaction volume record of $3.5 billion with two weeks left to spare.<\/p>\n<p>However, the platform is apparently struggling with open communication.\u00a0<\/p>\n<p>\u201cWe wish we had been clearer and more proactive in educating users on the risks of leaving orders uncancelled before transferring an NFT,\u201d wrote OpenSea in its official blog this week.<\/p>\n<p>In the blog, the platform released important updates for listing and delisting NFTs\u2013faced with an issue that allowed bad actors to buy NFTs for old listing prices.<\/p>\n<p>\u201cWe understand the community\u2019s frustration that we haven\u2019t been more public in our communication on this topic. Simply put, we were concerned that the more attention we drew to this mechanism, the more it could be abused by bad actors. As a result, we focused our efforts on reaching out 1:1 with affected users rather than announcing this news more broadly,\u201d explained OpenSea.<\/p>\n<p><h2>CryptoSlate Newsletter<\/h2>\n<\/p>\n<p>Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.<\/p>\n<h2>Get an edge on the cryptoasset market<\/h2>\n<p>Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/opensea-pulls-back-its-controversial-nft-minting-limit-decision\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following community backlash, OpenSea decided to reverse its decision on limiting free NFT minting using its collection storefront contract. The world\u2019s top NFT marketplace previously allowed unlimited mints, however, changed its policy and set a cap at five NFT collections with 50 items per collection.\u00a0 Backpedal\u00a0 The NFT marketplace apologetically announced on Twitter it is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-1536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1536"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1536\/revisions"}],"predecessor-version":[{"id":1538,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1536\/revisions\/1538"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1537"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}