The number-one marketplace for non-fungible tokens, OpenSea has revealed that 80% of the NFTs created on the platform with its free minting tool were fraudulent, spam or plagiarism. OpenSea is now considering what strategy to take to eradicate these undesirable NFTs.
It's a significant figure for the platform: 80% of non-fungible tokens created for free turned out to be the work of scammers, and the sale of the token doesn't benefit any creator. To curb the phenomenon, the platform announced that it would be limiting the number of new creations to 5 NFT collections and 50 tokens for each user. But faced with criticism from the platform's users, the company, newly valued at $13.3 billion, backed down. Many project managers complained that they were faced with an unexpected obstacle and were unable to change their strategy in such a short time.
The approach of offering new creators the opportunity to quickly enter the world of non-fungible tokens seems to cut both ways for the platform. While its user base is growing (and already has more than a million accounts), the scam artists are still getting in.
The dramatic rise of the NFT market, which is still largely unregulated, offers unique opportunities for scammers to do whatever they want without great risk. Some artists are no longer surprised to find their own artworks in the OpenSea gallery being sold by an anonymous stranger looking to make some coin.
