The OpenSea marketplace has lifted the limit on the number of NFTs that can be released for free using the Collection Manager tool.
The platform found out that the Collection Manager is actively used to create fake collections and allowed users to issue no more than 50 non-fungible tokens without commission. However, the crypto community criticized this decision of the company, and the organization was forced to cancel the limit.
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
OpenSea will develop additional anti-plagiarism mechanisms that will not infringe on the rights of conscientious authors. Apparently, the platform will begin to block producers of copies of the sought-after NFTs for violating intellectual property rights. This fate has already befallen the PHAYC and PAYC projects, which created analogues of the Bored Ape Yacht Club (BAYC) tokens.
This week, attackers took advantage of the OpenSea vulnerability and bought several NFTs at a price well below the market price. For example, a user named jpegdegenlove paid $133,000 for seven tokens and quickly sold them for $934,000. Marketplace workers contacted the victims and promised to compensate them for financial damages in the amount of $1.8 million.
Despite the hack, trading volume on OpenSea reached $3.7 billion in ATH in January. BAYC sales have increased by 50% over the past seven days to 74,471 ETH ($179 million at current exchange rates). Turnover of NFT Mutant Ape Yacht Club increased by 48% to 64617 ETH ($155.4 million). The top three in terms of popularity is closed by Azuki tokens, whose owners earned 63,746 ETH ($153.3 million).
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