OpenSea is one of the biggest NFT marketplaces, and it has been chosen by a number of musicians to release their first non-fungibles over the last year. Now it’s facing some challenges, after launching a ‘free minting’ tool to help people create and sell NFTs without having to pay for the ‘gas’ fees traditionally associated with the process.
What challenges? “We originally built our shared storefront contract to make it easy for creators to onboard into the space,” wrote OpenSea’s Twitter account last week. “However, we’ve recently seen misuse of this feature increase exponentially. Over 80% of the items created with this tool were plagiarized works, fake collections, and spam.” Ouch.
OpenSea limited people to 50 NFTs with the new tool, but then faced a backlash – hence its tweets explaining the thinking, while also announcing that it was reversing the decision and ditching the limit. Which gives the company a headache now. “We’re working through a number of solutions to ensure we support our creators while deterring bad actors…”
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