• Spam on OpenSea is out of control! The company admits that 80 percent of its content is garbage

  • Following a string of disputes, OpenSea revealed the key metric guiding their recent judgments. According to reports, 80 percent of the things made with their free minting tool were plagiarized works, phony collections, or spam. Given that the platform is the largest marketplace in the area, this is a shocking figure. Last December 2021, NFT sales volume surpassed $4 billion, with OpenSea transactions accounting for more over $3 billion of the total.

    Spam Listings on OpenSea

    After introducing a 50-item limit on their free minting tool, OpenSea experienced a massive criticism. The site’s “lazy minting” function allows users to avoid paying a blockchain gas price when they establish an NFT on OpenSea. As a result, it’s a wonderful alternative for new content makers getting started in NFT. As a result, the new cap sparked outrage among the NFT community.

    Because of the unfavorable criticism, OpenSea eventually altered its decision. Indeed, some consumers threatened to transfer their NFTs to another marketplace. Some projects also complained that this was a show-stopper for them because they still needed to mint NFTs but couldn’t because of the outage.

    After things had calmed down, OpenSea disclosed why they intended to put a quota in the first place. The free minting tool is widely used for the purposes of fraud or spam.

    “We make every decision with our creators in mind.” “We originally designed our shared storefront contract to make it simple for creators to get started in the space,” OpenSea wrote in a tweet thread. “However, we’ve recently noticed an exponential surge in the misuse of this feature.”

    So, what comes next? In addition to restoring the cap, OpenSea told its users that their team is working on a number of ways to ensure that they promote creators while discouraging unscrupulous behavior. In the future, the platform intends to test future decisions with users before implementing them.

    Is the number one spot up for grabs?

    OpenSea generated over $2.7 billion in volume in the first half of January 2022. According to Dune Analytics, it is on course to reach the $3.4 billion record set in August 2021. Regrettably, problems are stacking up. Aside from the contentious choice to provide a free minting tool, users identified a listing-related problem on the platform. Many collectors have discovered that their blue-chip NFTs have sold for shockingly low prices far below the floor price in the last week.

    With the way things are going, will competitors pass OpenSea for the top spot this year? LooksRare, a freshly launched marketplace, is one candidate that has gotten a lot of attention. The platform claims to address OpenSea’s shortcomings. For example, it has a lower transaction charge of 2% compared to OpenSea’s fee of 2.5 %. Furthermore, it promises to pay out 100% of all platform fees to individuals that hold the $LOOKS token.

    LooksRare achieved 153 percent more trade volume than OpenSea in the two weeks following its launch. Furthermore, it generated almost 26 million $LOOKS ($104 million) in trading incentives during the same time period. As a result, there is certainly enough volume and userbase to stimulate competition.

    In the end, users will profit regardless of whether platform reigns supreme in 2022. Competition, like in other businesses, greatly improves the customer experience.

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