Connect with us

Hi, what are you looking for?

NFT

Community Outcry Forced OpenSea to Reverse Decision to Limit NFTs Created Using Free Mining Tool

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.

OpenSea to Reverse Decision to Limit NFTs Created Using Free Mining Tool

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.

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.

Final Words

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.

Click to comment

Leave a Reply

You May Also Like

NFT

A Quick Intro to Bored Ape Yacht What is the Bored Ape Yacht Club? Its very simple, its punk rock at its finest –...

CryptoKitties

CryptoKitties have really become one of the most famous Crypto games played on the internet as people are not only enjoying the game but...

NFT

When first dipping your toe into the world of non-fungible tokens (NFTs), it’s great to discover there are a variety of different marketplaces available...

CryptoPunks

The sudden increase in punkish prices is mainly due to the increase in cryptocurrency prices, the increasing popularity of the NBA Top Shot Dapper...

NFT

For a lot of us, trading and flipping is something we’ve done since childhood. From comic books, stickers, trading cards to toys, anything we...

NFT

Beeple, a name that sounds so Pokemon, and so was the Art world. Really, the art world before 2021 or before NFT was really...

NFT

Its 2021 and there is a massive explosion of the idea so called Non-Fungible-Tokens, all over the world. While many people familiar with the...

NFT

Non-Fungible-Tokens or so-called NFT’s have literally shocked the art industry and paved a way for Artists and Digital Artists to make good money from...

Advertisement