More Than 80% of NFTs Created For Free On OpenSea Are Fraud Or Spam, Company Say
Published on January 29, 2022 at 08:33AM
An anonymous reader quotes a report from Motherboard: OpenSea has revealed just how much of the NFT activity on its platform is defined by fakery and theft, and it's a lot. In fact, according to the company, nearly all of the NFTs created for free on its platform are either spam or plagiarized. The revelation began with some drama. On Thursday, popular NFT marketplace OpenSea announced that it would limit how many times a user could create (or "mint") an NFT for free on the platform using its tools to 50. So-called "lazy minting" on the site lets users skip paying a blockchain gas fee when they create an NFT on OpenSea (with the buyer eventually paying the fee at the time of sale), so it's a popular option especially for people who don't have deep pockets to jumpstart their digital art empire. This decision set off a firestorm, with some projects complaining that this was an out-of-the-blue roadblock for them as they still needed to mint NFTs but suddenly couldn't. Shortly after, OpenSea reversed course and announced that it would remove the limit, as well as provided some reasoning for the limit in the first place: The free minting tool is being used almost exclusively for the purposes of fraud or spam. "Every decision we make, we make with our creators in mind. We originally built our shared storefront contract to make it easy for creators to onboard into the space," OpenSea said in a tweet thread. "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."
Published on January 29, 2022 at 08:33AM
An anonymous reader quotes a report from Motherboard: OpenSea has revealed just how much of the NFT activity on its platform is defined by fakery and theft, and it's a lot. In fact, according to the company, nearly all of the NFTs created for free on its platform are either spam or plagiarized. The revelation began with some drama. On Thursday, popular NFT marketplace OpenSea announced that it would limit how many times a user could create (or "mint") an NFT for free on the platform using its tools to 50. So-called "lazy minting" on the site lets users skip paying a blockchain gas fee when they create an NFT on OpenSea (with the buyer eventually paying the fee at the time of sale), so it's a popular option especially for people who don't have deep pockets to jumpstart their digital art empire. This decision set off a firestorm, with some projects complaining that this was an out-of-the-blue roadblock for them as they still needed to mint NFTs but suddenly couldn't. Shortly after, OpenSea reversed course and announced that it would remove the limit, as well as provided some reasoning for the limit in the first place: The free minting tool is being used almost exclusively for the purposes of fraud or spam. "Every decision we make, we make with our creators in mind. We originally built our shared storefront contract to make it easy for creators to onboard into the space," OpenSea said in a tweet thread. "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."
Read more of this story at Slashdot.
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