NFTs are so easy & fun to use that even a 12 year old has made millions by selling her art as NFTs.
In October it was reported that NFTs were devouring all internet memes, while in November they allegedly mysteriously disappeared. Needless to say, there has been a lot of drama around NFTs & this latest news is no different.
Popular NFT marketplace OpenSea revealed via Twitter that almost 80% of NFTs created for free on its platform are spam or plagiarism.
System is abused
“We originally created our shared storefront contract to allow creators to easily enter into space,” OpenSea tweeted. “However, we have recently seen an exponential increase in the misuse of this feature. Over 80% of items created with this tool were plagiarized works, fake collections & spam.
Imagine the horror of going to the OpenSea digital gallery to find your art published under someone else’s domain. To avoid such incidents, OpenSea announced Thursday to limit to 50 the number of times a user can create an NFT for free on its platform.
This decision was not well received by the users of the platform and sparked a number of complaints. This prompted OpenSea to reverse its move, while stating that it would work hard to deter nefarious users from his platform.
“In addition to invoking the decision, we work in a series of solutions so that we support our creators while deterring bad actors,” tweeted Opensea.
The market place also announced that these new changes have been examined with its users before launching them & asked its supporters to offer comments in order to improve its services. The lesson here is that creators seem to be willing to take the possibility that their work can be plagiarised as long as they could continue to create new work.
This is a development that OpenSea could not expect and therefore had to learn the hard way through negative feedback. However, it is now well on its way to delivering the kind of product users can rely on & making NFTs more fun and accessible than ever.