OpenSea reveals that over 80% of the NFTs on its platform are fake

OpenSea reveals that over 80% of the NFTs on its platform are fake

OpenSea, the largest non-fungible token market in the world, revealed late last week in a Twitter thread that over 80% of the NFTs minted using its free minting feature were plagiarism, spam, or fakes. OpenSea originally released the free NFT minting feature, called “lazy minting”, in December 2020 to allow artists to release NFTs without paying, but to combat the misuse of free minting, on January 27 OpenSea introduced a new rule that limited free minting to only five collections of up to 50 NFTs each.
OpenSea has now reversed its decision to impose the limit and is “working through a number of solutions to ensure that we support our creators by discouraging bad actors,” the company wrote on Twitter. “To all creators in our community, hit by the 50-item limit, which we added to our free minting tool, we listen to you and we’re sorry.”

In addition to facing community backlash for the limit and failing to prevent fraudulent transactions, OpenSea is also faltering with UI issues that can cause some NFTs to go on sale for thousands of dollars below the price of. market – and poachers take advantage of the situation. As OpenSea started 2022 with strong NFT sales, users started looking to other platforms like LooksRare. The upstart has amassed more than $ 2 billion in sales since its January 10 launch, but faced problems with wash trading.