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OpenSea Announces Decision to Limit Amount of NFTs Creators Can Make –

High seas, Major NFT Marketplace announced yesterday that it has decided to limit its number NFT OpenSea users say, “About [its] “Creator Tool”, I read the company’s announcement. However, due to a great deal of backlash from creators, OpenSea overturned the decision within 24 hours.

Successful projects like the Bored Ape Yacht Club and similar PFP collections total about 10,000 NFTs, but with this update, OpenSea brings each user to five collections of 50 NFTs (or 250 totals) or less. Decided to limit. OpenSea users quickly began complaining because they hadn’t been given prior warning to plan this change that would affect some projects already in progress.

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One of the OpenSea users accessing on Twitter under the name HOLOHEADZ has been steadily creating NFTs over the months from a collection that is expected to be 1,000 NFTs. At the time of the announcement of OpenSea, they had only created 182 NFTs so far. “I spent months preparing the assets I was supposed to use for my collection,” HOLO HEADZ wrote in DM: ARTnews.. “This is a big obstacle.”

Some other NFT creators were on the same ship and were stuck with the assets they had been working on for months and could no longer be deployed. And they didn’t know why. OpenSea did not provide a description of this update other than addressing feedback from the community.

Some users, including HOLOHEADZ, speculated that OpenSea wanted creators to create collections that emphasized rarity rather than quantity, while others suspected that it might be related to technical issues. .. (apart from Be cherished The OpenSea site crashes frequently at $ 13.3 billion, so limiting the load can theoretically reduce the pressure on the technical infrastructure. )

OpenSea said it was the first way to prevent theft, only after announcing that it would overturn the decision to limit the amount of NFTs created. “All the decisions we make are made with our creators in mind,” read OpenSea’s January 28 reversal announcement. “We initially built a shared storefront contract to make it easier for creators to join the space, but recently we’ve found a sharp increase in misuse of this feature. Over 80% of the items created with this tool were plagiarized works, fake collections, and spam. “

The decision to set limits continues with OpenSea’s use of a portion of the $ 300 million raised in Series C funding to create a more robust customer service program. Users were constantly complaining that they didn’t have enough staff to process their support tickets. Some observers also suggest that OpenSea’s hasty announcement of NFT restriction decisions (and subsequent revocations) is an economic motivation. It has been ignored for a long time.

Pepi Martinez, a blockchain engineer who previously worked for digital production startup New Kino, was addressing the issue during development as the rapid creation of NFTs earned huge fees of tens of millions of dollars. Said it wasn’t. Was traded with. “OpenSea has the same vulnerability as Facebook that it can’t tell if anyone needs to create it on their platform,” Martinez said. “OpenSea wants this volume, so it doesn’t matter if the art was stolen, just as Facebook doesn’t exclude racist content because it wants clicks.” “Hey, we’ve tried something, but nothing is perfect. Let’s come up with something,” Martinez said.

As the controversy unfolded, OpenSea users pointed out that instead of limiting the number of NFTs created, they could have otherwise addressed theft and spam so that they didn’t control the scope of their collections. .. To do this, OpenSea validates all legitimate accounts created on the platform, not just well-known brands and artists, and uses machine learning algorithms to image on blockchain and third-party marketplaces. Includes scanning and its metadata to see if there is any potential for theft or piracy.

Such technology already exists in the NFT space. DeviantArt, an online art gallery, introduced an algorithm to identify NFT thefts last year. This is called the DeviantArt Protect Project. The program scans about 4 million NFTs each week and has sent over 90,000 alerts to DeviantArt users indicating potential NFT breaches since September, with tens of thousands of successful removal requests.

However, many users are simply confused. One of the OpenSea users run by BoY, a member of the anonymous Books of Ye NFT project, wondered what he was doing with the large investment the company received. “OpenSea has huge war chests from some of the best tech VCs in the world. What are they doing?” He’s on the current path of OpenSea being cut off from user needs. He added that if he continued, there could be a large spill from the platform. “We have other means of distributing assets, other markets. Fortunately, we are not turning our back on the wall.”

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