TL; DR Breakdown
- OpenSea suspends plan to limit NFT minting
- Users reacted negatively to the first update
- OpenSea in deep waters
The non-fungible token is now flush, with a massive surge of members hoping to get their hands on the next best digital piece. While most of these people carry out their activities on diverse platforms, most of the market is still using OpenSea. In a recent event associated with the company, it has announced a reversal on the limit it earlier placed on minting NFTs on the platform per individual using its smart contracts.
Users react to the update
Before now, OpenSea users were open to mint as much as possible NFTs on the platform. However, the recent announcement of a cap on minting and collection of NFT came as a shock to the entire community. In its previous statement, the NFT marketplace mentioned that users were only open to just 5 collections per day, and during the course, they could only collect just 50 items at once.
This change was also effected on its storefront contract, the smart contract that users engage with. According to OpenSea‘s Twitter team, the decision to put a cap on these items was taken after it resolved issues relating to its creator tools. Another tweet encouraged users to tweet at them and tell them what they felt.
OpenSea in deep waters
However, the disgruntled users were too much for the company after its second tweet. Some users lamented about their incomplete NFTs and how it would be a challenge to see it to the end. One user took to Twitter to tell the support team that his NFT upload had been stuck at 96 while he was looking to upload a total of hundreds of images. While creators could create a smart contract to help them navigate that aspect, the challenge is very high.
According to some users, the platform charges about $2,000 in gas fees during a smart contract deployment. Some angry users have threatened to take their arts away from the platform to other places. However, the decision has been reversed, and the Twitter team has apologized to its users and community. Another issue that got users riled up was a message sent from OpenSea asking users to take down their old listings. This was because it suspected that a bug allowed some malicious actors to purchase NFTs for old prices instead of the current ones.