Although OpenSea, the biggest NFT marketplace, previously opted to restrict the number of NFTs that may be minted using its free minting tool to 50, it has now reversed that decision.
OpenSea users had previously been allowed to mint as much NFTs as they desired on the platform using the site’s own internal collection storefront contract. Nevertheless, the recent revelation of a limit on the production and collection of NFTs was a surprise to everyone.
For now, each NFT wallet or user is limited to just five collections, each with a maximum of 50 items or NFT collectibles, according to a message from OpenSea’s new Twitter support account on January 27. “We recognise this change may affect our community, so please don’t hesitate to discuss how it impacts your creative flow,” said OpenSea’s principal Twitter account immediately after retweeting the original message.
To address feedback we’ve received about our creator tools, we updated our collection storefront contract limits to only support the creation of up to 5 collections and 50 items per collection.— OpenSea Support (@opensea_support) January 27, 2022
The Reason Behind Cap Decision
After resolving challenges with its creation tools, OpenSea decided to place a limit on these goods, its Twitter team said. Although the NFT platform was surprised by the amount of dissatisfied consumers who replied to the company’s second tweet,
Some customers bemoaned the difficulty of completing their unfinished NFTs. Using Twitter, one customer complained to the support staff that his NFT upload was stalled at 96, although he was trying to upload a total of 100 photographs. It’s possible for creators to develop a smart contract to aid them in this process, but it’s difficult.
Words From The Public Users
Gas expenses for deploying a smart contract on the platform are said to cost approximately $2,000. Anger has been expressed by several users, who have threatened to remove their work off the site and post it elsewhere.
Will the Security of NFT Systems be a Primary Priority?
Several recent instances have damaged OpenSea’s reputation, which has suffered a significant knock. Bored Ape NFTs worth $2.2 million were stolen, prompting a freeze on all assets. This is the most noteworthy example. Trade volume at OpenSea reached its highest level ever in January 2022, notwithstanding the events that took place that year.
A severe security breach occurred last week when three hackers exploited a weakness and stole NFTs worth $1.3 million. NFT is becoming a target for criminals as more and more individuals invest in it.
OpenSea’s supremacy is under jeopardy because of these security and technological concerns highlighted by prominent crypto professionals. That being said, it is evident that NFT markets must change the way they concentrate in order to sustain momentum.As a result, the decision has been overturned, and the OpenSea Twitter team has issued an apology to its customers and followers. OpenSea’s communication to users urging them to remove their previous postings was another irritant. Due to the suspicion that a glitch permitted bad actors to acquire NFTs at previous rates rather than the current ones, this was done.
While the platform has reversed the free restriction, it is still considering methods to prevent undesirable actors from taking advantage of the system. The NFT market is now dealing with one of the most pressing difficulties, although it isn’t the most critical one.