Is OpenSea losing the trust of the NFT community?
NFT marketplace OpenSea has reversed its decision to limit the number of NFTs that can be minted using its free minting tool, following backlash from the community. This is not the first time the NFT marketplace has been criticized by its users. Is OpenSea losing the trust of the NFT community?
OpenSea reverses free NFT minting limit
The NFT marketplace OpenSea has announced that it will reverse its minting limit. The platform gave a detailed explanation for its decision on Twitter on January 28. The free minting tool allowed creators to make NFTs without worrying about this cost. However, OpenSea found that this feature was being abused. Over 80% of the works created were plagiarized, fake collections, or spam. OpenSea believed it could solve this problem by limiting the number of NFTs minted. Still, after community reactions, OpenSea apologized to its creators for limiting the number of free mints to 50.The platform is still considering measures to prevent malicious actors from exploiting the system. This is one of the problems that the NFT market is currently facing, but the community believes that there are more critical issues that OpenSea should work on
The marketplace failed at saving people's NFTs
On January 27, OpenSea also faced criticism from its community when it tried to solve a problem that resulted in expensive NFTs being sold at much lower prices. The problem was that users who had listed their NFTs at a low price months ago were moving them to another wallet instead of cancelling the offer. It looks like the offer was cancelled on the OpenSea website for the user. However, when they move the NFT back to that wallet, users often do not know that the original offer is valid.OpenSea has attempted to address this issue in several ways, including providing users with more information about the status of their NFTs and any offers. The NFT marketplace had also started sending emails to inform users about older listings that have not yet been cancelled. The email asked users to cancel them, but this advice caused more users to lose their NFTs. If users wanted to cancel their NFT listings, they were exposed to the fact that the old offer was still available, and flashbots took advantage of this by buying the NFT before the user cancelled the listing. However, OpenSea claims to have resolved these issues by changing the default listing duration from six months to one month, creating a dashboard that shows users their listings, and notifying them when an NFT transferred from their wallet has an associated active listing.
How will OpenSea regain the trust of its community?
In both cases, the community feels that OpenSea did not handle the situation appropriately. And it looks like OpenSea itself also knows that the community is slowly losing trust in the platform. The company recently created a new Twitter account called OpenSea Support to get more involved with the community. Many prominent crypto personalities have also pointed out security and technical issues that threaten OpenSea's dominance. It looks like it will be really important for OpenSea to listen to its community in the coming months & some people argue that releasing the airdrop of a token might also allow OpenSea to win back its users.The recent vampire attack by the new NFT marketplace LooksRare, which claims to be a community-oriented marketplace that develops new features based on its users' requests, may also play a role in OpenSea feeling that it is more important to engage with its users. Crypto exchange Coinbase also wants a piece of the pie that OpenSea holds with its own NFT marketplace. For now, OpenSea is still the dominant NFT marketplace, but it looks like it will not be easy to keep that spot given the amount of competition and pressure from the NFT community.
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