A backlash from forum members of the popular NFT platform, OpenSea, has resulted in the platform rescinding its decision to cap the number of minted NFTs using the free minting tool.
What Led To The Decision?
The OpenSea team decided to abuse the tool in creating plagiarized and fake NFTs. Before reversing the decision, creators were limited to minting up to 50 NFTs using the free minting tool. The notion behind launching the free minting tool was to enable creators to unleash their creativity without worrying about the costs of creating or listing their works.
However, the OpenSea team had to limit the number of minted NFTs after discovering that more than 75% of the minted NFTs were spam or plagiarized. Even though OpenSea creators can now mint an unlimited number of NFTs with the free minting tool, the OpenSea team considers various ways users won’t exploit the tool and platform.
While it hasn’t yet metamorphosed into a big problem, the NFT sector continues to be plagued with bad creators who churn out plagiarized, fake, or spammed digital collectibles. In its attempt to remove these back actors, the platform’s bot mistakenly erased a few inactive NFT listings. However, the listings were restored while the bot’s guidance policy was updated to prevent further recurrence and ensure that all assets remained secured on the platform.
Security Issues And NFT Marketplaces
OpenSea’s integrity has been called to question in the last few months, following many negative occurrences on the platform. One of such occurrences was when the platform paused all assets after hackers stole $2.3m worth of bored ape NFTs collection. Despite these negative occurrences, OpenSea’s trading volume so far this month is nearly $4b – their highest ever, and the month isn’t over yet.
NFT platforms have dealt with various security issues in the past seven days. During the aforementioned period, NFT platforms lost a combined $1.4m worth of NFTs to hackers. These incidents prove that scammers and hackers are now focusing on the NFT sector as this sector continues to grow in popularity and user funds.
Many crypto analysts opine that if NFT platforms do not take adequate measures in tackling security issues, this sector may no longer exist in the nearest future. Security and technical issues have become significant issues for NFT platforms recently. This sector is only second to DeFi platforms regarding technical, hacking, and other security issues.
Blockchain Gaming Company Launches First NFT Play-To-Earn Game
Monoverse (a blockchain gaming company) has launched its first play-to-earn NFT game (the Frutti dino) through the Binance platform. The good news is that Frutti Dino players can sell their NFTs outside the Binance platform.
Monoverse chief, Jaden Lee, stated that this launch is enormous for the company as it signals a new phase of growth. But more importantly, “our users can now profit from doing what they love the most.” Play-to-earn NFT games continue to be hugely popular in the NFT space. More than $32b worth of NFT transactions has already taken place in this sub-sector this year alone.