NFT EveningNFT Evening

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    NFTs By Lacollection.io x MFA To Feature Degas and Monet Artworks

    June 25, 2022

    Snoop Dogg and Eminem Drop A New Track At Apefest

    June 25, 2022

    Yuga Labs Files Lawsuit Against Ryder Ripps Bored Apes (RRBAYC) NFT

    June 25, 2022
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • Home
    • News
    • Crypto Art
    • Collectibles
    • Blockchain games
    • Interviews
    • Guides
    • NFT Calendar
    • NFT Conferences
    NFT EveningNFT Evening
    News

    OpenSea Spam is Out of Control! Company Admits 80% of their Content is Junk

    By TheoJanuary 29, 2022Updated:January 30, 20223 Mins Read
    Share
    Twitter WhatsApp Reddit Email Facebook LinkedIn

    Following a series of controversies, OpenSea revealed the critical metric driving their recent decisions. Apparently, 80% of the items created with their free minting tool were plagiarized works, fake collections, and spam. This is a surprising figure given that the platform is the biggest marketplace in the space. Last December 2021, NFT sales volume surged past the $4 billion mark, with OpenSea transactions accounting for over $3 billion of the sales alone.

    OpenSea Reveals 80% of NFTs from Free Minting Tool are Spam
    OpenSea finally revealed the shocking reason behind its controversial decisions the past few days. Credit: Daily Advent

    OpenSea’s Spam Listings

    OpenSea received huge backlash after announcing a 50 item limit on their free minting tool. The so-called “lazy minting” feature on the site lets users skip paying a blockchain gas fee when they create an NFT on OpenSea. So it’s a good option for new content creators jumping into NFT. As such, the new cap caused an uproar in the NFT community.

    Eventually, OpenSea reversed its decision because of the negative feedback. In fact, some users threatened to move their NFTs to another marketplace. Some projects also complained that this was a showstopper for them as they still needed to mint NFTs but suddenly couldn’t.

    To all the creators in our community impacted by the 50 item limit we added to our free minting tool, we hear you and we're sorry.

    We have reversed the decision.
    But we also want to offer an explanation ↯ pic.twitter.com/Y3igaE1RM2

    — OpenSea (@opensea) January 27, 2022

    Once things had settled, OpenSea revealed the reason why they wanted to implement a cap in the first place. The free minting tool is being used extensively 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.”

    So what’s the next step? OpenSea assured its users that in addition to reversing the cap, their team is working on a number of solutions to ensure that they support creators while deterring bad actors. Moving forward, the platform plans to preview future decisions with users before implementing them.

    GM 🌞

    This is the first edition of weekly threads we’ll be doing to announce platform updates to the OpenSea community.

    Let’s dive in!

    — OpenSea Support (@opensea_support) January 28, 2022

    Is the #1 Spot Up for Grabs?

    For the first half of January 2022, OpenSea generated nearly $2.7 billion in volume. So it is on track to surpass the $3.4 billion high it notched in August 2021, according to data from Dune Analytics. Unfortunately, issues are piling up. Aside from the controversial free minting tool decision, users discovered a listings-related bug on the platform. Over the past week, many collectors found their blue-chip NFTs sold for ridiculously low sums way below the floor price.

    With how things are going, will competitors edge out OpenSea in the #1 spot this year? One candidate that’s been turning heads is the newly launched marketplace LooksRare. The platform claims to address the pain points of OpenSea. For example, it offers a lower transaction fee of 2% compared to the 2.5% fee on OpenSea. What’s more, it promises to give 100% of all platform fees to those who stake the $LOOKS token.

    In the two weeks following its launch, LooksRare generated 153% more trading volume than OpenSea. In addition, it yielded over 26 million $LOOKS ($104 million) in trading rewards in the same period. So clearly, there’s enough volume and userbase to encourage competition.

    At the end of the day, users stand to benefit regardless of what platform reigns supreme this 2022. As with other industries, competition drastically improves customer experience.


    Are you tired of missing important NFT drops?

    Check out our NFT Calendar!

    Receive the biggest NFT news of the day & recommendations in our Daily newsletter. 

    • All of our news is being sent daily on Telegram
    • We summarize the biggest news daily on Twitter & Instagram 
    • Learn with video tutorials and subscribe to our Youtube Channel 

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    Free Minting Tool OpenSea
    Share. Facebook Twitter Pinterest LinkedIn Email Reddit WhatsApp
    Theo
    • LinkedIn

    Theo is NFTevening co-founder. He has been in the digital marketing & Media industry for the past 7 years and is involved in several big publishing companies - Reaching 35Millions users monthly across 20 different countries. He is a nostalgic gamer, a Witcher-fan and a huge NFT-enthusiast !

    More great NFT Evening content:

    NFTs By Lacollection.io x MFA To Feature Degas and Monet Artworks

    June 25, 2022 News

    Snoop Dogg and Eminem Drop A New Track At Apefest

    June 25, 2022 News

    Yuga Labs Files Lawsuit Against Ryder Ripps Bored Apes (RRBAYC) NFT

    June 25, 2022 News

    Jay Chou x Paris Saint-Germain Tiger Champs NFT: What You Should Know

    June 24, 2022 News
    Latests NFT News

    NFTs By Lacollection.io x MFA To Feature Degas and Monet Artworks

    June 25, 2022

    Snoop Dogg and Eminem Drop A New Track At Apefest

    June 25, 2022

    Yuga Labs Files Lawsuit Against Ryder Ripps Bored Apes (RRBAYC) NFT

    June 25, 2022

    Jay Chou x Paris Saint-Germain Tiger Champs NFT: What You Should Know

    June 24, 2022



    • Follow @NFTevening


    By signing up, you agree to the our terms and our Privacy Policy agreement

    NFT evening is the biggest website for NFT news. We are dedicated to supporting mainstream NFT adoption by making content fun & accessible. Learn about NFT collectibles, NFT art and the best blockchain games that even let you earn free crypto! Whether you want to invest in NFTs, create NFTs or simply collect them, NFTevening is the first stop for all the NFT news you need!

    Facebook Twitter Instagram YouTube
    Article Categories
    • Blockchain games
    • Collectibles
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • News
    • Sponsored Content
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Collaboration and Press Releases
    • Job Opportunities
    • About Us
    • Contact Us
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.