OpenSea has overturned its controversial decision to impose a cap on the number of NFTs that inventors are permitted to mint.
Limits were imposed without prior warning
OpenSea issued a surprise announcement yesterday through Twitter, announcing that NFT minting through the platform’s collection storefront contract would be limited to 5 collections, each comprising up to 50 items. However, after receiving tremendously negative community comments, the NFT marketplace has opted to remove the limits again, and this time not even 24 hours later.
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 apologized for the incident and noted that the limits were put in place to avoid abuse, noting that more than 80% of the NFTs issued through the storefront contract were “plagiarised works, bogus collections, and spam”:
We didn’t make this decision lightly. We made the change to address feedback we were receiving from our entire community. However, we should have previewed this with you before rolling it out.
In addition, the platform stated plans to adopt more methods to combat bad players. OpenSea agreed to notify creators of any subsequent changes and solicit feedback on these implementation milestones.
The benefits and drawbacks of minting limitations
The promise of digital art NFTs is that their worth stems from their scarcity. However, with OpenSea’s connection with Polygon and free minting capabilities, NFTs are becoming mass-produced commodities. Aside from several bogus collections, there exist a plethora of genuine NFT collections with minimal artistic value.
On the other hand, overly stringent minting limits impede the ability of true NFT artists to promote their work while being ineffective against bad actors. Scammers and forgers can get around the limits by utilizing numerous addresses. As a result, legitimate creators are likely to suffer the most from minting limits.