OpenSea’s Lazy Minting Feature Paves Way for More Than 80% Fake or Spam NFTs
OpenSea publicly apologizes to the community for the repercussions of its “lazy minting” feature.
OpenSea mentioned in a tweet that more than 80% of the NFTs minted with the feature were fake or spam.
- OpenSea decides to cap its NFT minting tool.
- Scammers and bots were misusing its “lazy minting” feature.
- NFT thefts, fake arts, spam, and plagiarized works have risen more than 80% on the platform.
OpenSea’s attempt to make the entire process of buying and selling NFTs easier has backfired.
The lazy minting feature allowed users to enter the NFT realm without paying any upfront gas fees.
OpenSea has said, “A few weeks ago, we shared a stat about spam and plagiarized content on OpenSea created through our lazy minting offering. And we messed up.”
With several artists being put in a tight spot, OpenSea had no option other than limiting its NFT minting tool.
Following the previous tweet, OpenSea put out a series of tweets in a thread stating the repercussions of the feature and how it affected the artists.
How does lazy minting affect the artists?
Lazy minting allowed users to sell NFTs without the transaction being written on the blockchain. The feature allowed sellers to list unlimited NFTs and allowed users to pay fees only when an NFT was sold.
The tricky part of this feature is that it allowed scammers to list stolen pieces of NFTs in a sequence hoping that they will sell at least one. Even though other NFT platforms provided this feature, OpenSea became a breeding ground for bots and scammers because of its popularity.
OpenSea responded by capping the feature
OpenSea announced that it would be limiting its lazy mint feature to 50 items per creator. This will ensure to avoid bulk selling or listing of stolen NFTs.
“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.
They added that whatever decision they have made is for the best interest of creators and to deter bad actors.
With tools like Protect by DeviantArt, users can use its image recognition tool for best use. It notifies users about copyright infringement on NFT marketplaces, which can help artists to keep track of their art.
As the realm of NFTs and metaverse grow, scammers are becoming an ever bigger problem.
Artists can keep regular track of their art and report it to the platform in case of any mischievous activities, but is that enough?
OpenSea’s policy also ensures that it doesn't promote selling plagiarized content. It also assures that it will delist or ban the accounts if they deal with unauthorized activities.
The information provided on DecentReviews does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Do not treat any of the websites content as such. DecentReviews does not recommend that any cryptocurrency or blockchain asset should be bought, sold, or held by you. Conduct your own due diligence and consult your financial advisor before making any investment decisions.