The NFT marketplace OpenSea has backed away from a controversial decision to limit the number of NFTs and collection creators that can be created with a smart contract.
The platform previously allowed unlimited collections and items, but changed its policy to only allow five NFT collections with 50 items per collection when using the OpenSea Collection Store contract. This is a native smart contract that allows creators to create NFTs without having to deploy their own.
In a surprise announcement from the OpenSea support Twitter account, posted Jan. 27, the lower limits were put in place after the company “reacted to the feedback it received about its creator tools.”
In a follow-up tweet, the community was asked to “tell us how this affects your creative process”.
The creators of the NFT have hit back, with some claiming that their incomplete collections will now never be completed due to the change, and others noting that they are halfway through creating collections numbering in the hundreds to thousands.
One of the creators, “HamsterNFT” on Twitter, shared a screenshot showing how they can no longer upload their NFTs, stating their frustration that they are now stuck on 96 items from a 100-piece collection.
Well… For example, I made a commitment to create a collection of 100 items. I’m now at 96 out of 100… And now I’m stuck with this message and can’t complete it. Is always. Thanks!pic.twitter.com/DdLRNpiucI — Hammy.eth |Hamster NFT Collections (@HamsterNFT) January 27, 2022
Creators can still deploy their own smart contracts to get around the restrictions imposed by OpenSea, but since deploying smart contracts costs between $1,000 and $2,000 in gas fees, some have said they will move their collections to competing marketplaces .
Today, OpenSea reversed that decision, tweeting their apologies for not sharing a preview of the solution with their community. He stated that the reason for the restrictions was that his smart contract was being misused and that “more than 80% of the items created with this tool were plagiarism, fake collections and spam.” OpenSea added that it is “working on a number of solutions to ensure we support our creators while deterring attackers.”
In a separate dispute, OpenSea users who still had “inactive lists” in their accounts were sent an email asking them to cancel all old lists due to a recently discovered exploit that allows attackers to buy NFTs at old prices.
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Prominent cryptocurrency influencer “dingalingts” in a thread warned his over 75,000 followers that following the advice in the OpenSea email would lead to an easier exploit, calling OpenSea’s advice “incredibly irresponsible” and “making the situation 100 times worse.”
Dingalingts claims that following OpenSea’s advice allows attackers to view the cancellation order for previously specified prices on the blockchain, attackers can then pay higher gas fees to have their order completed before cancellation in a practice known as “preemption”, thereby buying NFTs at more low price.
To prevent this, dingalingts advises to “first move all ‘Opensea inactive listing’ NFTs FROM your address before canceling live listings to your original address.”
“Only after all listings are canceled can you safely bring them back,” they said.
However, OpenSea claims to have addressed these issues by changing the default listing duration from six months to one month, creating a Dashboard to show users their listings, and alerting them when an NFT transferred from their wallet has an associated active listing.
Changes have been made to make it easier for users to view and receive notifications of listings associated with their NFTs in an attempt to limit the number of listings that remain active long after they become relevant.
Cointelegraph has reached out to OpenSea for comment.