More than 80% of OpenSea’s Free NFT Mints Were Copied, Spammed, Or Fake.

OpenSea, the world’s largest non-fungible token (NFT) marketplace, reported late last week that more than 80% of NFTs minted using its free minting tool were plagiarized, spam, or false.

The free NFT minting option, known as “lazy minting,” was first introduced by OpenSea in December 2020 to enable artists to distribute NFTs without incurring upfront gas expenses. To address abuse of free minting, the platform implemented a new restriction on January 27 that limited free minting to five collections of up to 50 NFTs each.

Users reacted the following day, reporting that they were unable to complete their collections. As a result, OpenSea has reversed its plan to impose the cap and is “working through a number of solutions to ensure we support our creators while deterring bad actors,” according to a tweet from the firm.

“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.” 

In addition to the community outrage for the restriction and for failing to prevent suspicious transactions, OpenSea is dealing with user interface difficulties that can lead some NFTs to be listed thousands of dollars under market pricing — and the poachers who take advantage of the situation.

While OpenSea had a solid start to 2022 with significant NFT sales, people have begun to seek to alternative platforms such as LooksRare. Since its January 10 debut, the startup has made more than $2 billion in sales, but it has run into problems with wash trading.

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Patrick

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