OpenSea, one of the largest online NFT marketplaces, announced this week that 80 percent of the NFTs they sell through their free creation tool are fraudulent.
OpenSea reversed its decision to limit free NFT minting in a recent Twitter thread because NFT fans were livid over the restrictions, but the company did offer an explanation for making the choice in the first place.
Every decision we make, we make with our creators in mind. The shared storefront contract was built to make it easy for creators to get into the space. Over 80 percent of the items created with this tool were plagiarized.
One artist in the replies accused an anonymous NFT creator of stealing their work and selling it for a profit online.
Someone made a profile on Open Sea and took everything from my account. This is not me! I would appreciate it if you could report this person.
It isn't new in the NFT space. Artists have been complaining about theft. It's not a scam, and last week famous rock singer Ozzy Osbourne accidentally helped people out of thousands of dollars incryptocurrencies.
What do we do? The Wall Street Journal advocated for regulation of the market. The point of the project was to be a free market, but it isn't working out for talented artists and buyers who purchase fraudulent NFTs.
Facebook is trying to sell off its botchedcryptocurrencies.
Are you interested in supporting clean energy adoption? At UnderstandSolar.com, you can find out how much money you could save if you switched to solar power. Futurism.com may receive a small commission if you sign up through this link.
All Rights Reserved © 2024
