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OpenSea Update Leaves Some Creators Unable to Mint New NFTs

Simply put

  • Top NFT Marketplace OpenSea limits the number of NFTs each creator can mint using their own smart contracts.
  • The creators of the NFT talked about the decision to limit existing collections on the platform as well as new collections that use contracts.

Update: In response to the backlash against the new restrictions, OpenSea announced Thursday night that it overturned its decision to limit collections created with smart contracts. OpenSea attributed its initial decision to an increase in “misuse” of features, such as plagiarized artwork and fake collection mint. “We are sorry to hear you.” Read the tweet thread.. The Marketplace plans to explore other solutions to mitigate abuse and writes that it will share future changes in advance before adopting them.

High seas Leading NFT It’s been an industry for the past 6 months with a surge in trading volume and I’m enjoying it now Record-breaking month Even as There will be fierce competition When Cryptographic price goes down.. But today Ethereum NFT The Marketplace has confused many creators by limiting the number of NFTs that can be created using their own internal collection storefront contract.

New in OpenSea early this morning Twitter support account tweeted “Updated Collection Storefront Contract Limits” to allow only 5 collections (obviously per NFT wallet or user) and up to 50 items or NFT collections in each collection.

OpenSea’s primary Twitter account retweeted the original tweet this morning. A Subsequent tweets In the added thread, “I know this change can affect the community, so feel free to share how this affects your creative flow.”

The NFT community has a variety of creators and crypto industry personalities who criticize the market by effectively replying within hours of the first tweet and banning collections that use OpenSea’s own NFT. Smart contract.. A smart contract is a chunk of code that executes a set instruction, in which case the minting contract manages ownership and transferability.

The OpenSea contract change “restricts the onboarding of new creators’ collections and is an unnecessary update from a community perspective.” Twin Flames creator Justin Aversano Said Decryption..

Creators can still choose to use their own external NFT Smart contract To avoid the limits. For example, Manifold- Andreesen-backed smart contract startup Works with Steve Aoki When pplpleasr-Allow users Own and deploy Unique customizable NFT minting contract. Creators can also mint through competing NFT marketplaces such as: lovely..

However, as some creators Uglydoll co-founder David Horvath— Please note that this change will also affect existing collections using OpenSea’s NFT contract. Creators who have already created more than 50 NFTs in an existing collection can no longer continue to add to that collection. Also, the collection is limited to a total of five.

Horvath, along with his wife and collaborator Sun-Min Kim, has gradually added a single edition of NFT artwork to the OpenSea collection over the past year.he Tweeted today Due to the change, he is now “barred from creating new works and collections at OpenSea.”

“This is a big mistake from a company at the forefront of an incredible new world, like eBay says it ended three weeks after Beanie Babies,” Horvath said. Decryption Via direct message. “Only this time, it’s not a fad or a fad that can be collected, it’s something that can really change your life.”

For the past 21 years, Horvath has Ugly doll A toy and entertainment franchise he co-produced with Kim, and other works.He also has Casting about 1,000 artworks as NFT to date.Recently he joined Ethereum NFT project noun And co-founded Nouns Studio1 Build open source intellectual property As a set.

“I feel overwhelmed by all the independent creators there who quit their jobs after seeing the possibilities. [NFTs] It will be the first way to change our lives and support them, “Holbus said. Decryption“And for those who have probably jumped in and felt hope for the first time in a while, it feels even worse.”

OpenSea did not share any additional information about the move at the time of this writing, and the tweet only points out that changes were made “to address the feedback received regarding the author tool”. .. Decryption I contacted OpenSea for comments and more information, including whether they plan to review the decision, but didn’t get an immediate response.

However, if OpenSea sticks to the gun, other players in the NFT space may try to fill the gap.New rival Looks rare tweeted He plans to incorporate the casting function directly into the recently launched market, but tweeted that “it will take time to provide it.” in the meantime, Tweeted by Richerd Chan, co-founder of Manifold The company is considering the potential for users to move NFTs from OpenSea contracts to creator-owned contracts.

Horvath said he’s seen enough, even if OpenSea eventually changes course or tweaks limits.He is excited about the next release Coinbase NFT platformAnd when it’s live, I’ll explore the community there.

“This is probably the worst reaction to the emergence of some very nice competition and the impending competition of others. It’s very sad to see,” he said of OpenSea. “For me personally, it’s okay for them to reverse this after an hour. The fact that they put this out there and awaken it to people-I ended up with them.”

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