The NFT-hosting platform OpenSea has revealed some mesmerizing statistics about the platform, claiming that eighty percent of all free NFTs being minted on the platform are completely fake and/or plagiarized.
Imagine things going so bad for someone or something that they have to publicly denounce themselves as frauds in order to avoid a larger problem brewing. That’s the sort of predicament OpenSea found itself in the midst of, though you’ll forgive my lack of sympathy I hope. OpenSea is no stranger to controversy, and the fact that the company’s so open-faced about this particular development means that maybe it’s just trying to get itself ahead of the story. At any rate, only a few months back, the company’s product lead Nate Chastain was forced to resign after it was revealed that he utilized insider information in order to buy front-page NFTs before they were even published to the platform. He was mostly left untouched from a legal point of view because the world at large doesn’t really have much regulation in terms of NFT purchase and selling.
OpenSea’s decision to reveal the fact that eighty percent of free NFTs on its platform are, well, fake was one that came from the company’s arm being twisted a tad bit. Recently, the online exchange revealed that it will be placing a fifty item limit on its free minting tool, which is what allowed users to access free NFTs. Of course, no one likes the addition of limitations, only their removal, and the OpenSea community was understandably peeved by the development. If this was met at face value, all an individual would suspect is the fact that OpenSea was trying to tunnel its userbase towards paying gas prices: an upfront amount typically needed for the generation of NFTs. However, the company’s method of redirecting such controversy was revealing that it actively and knowingly harbors fake tokens, so I’m not quite so sure that this is a win for the company.
At any rate, the most suspicious part of OpenSea’s entire drivel is the fact that NFTs are both rather fraudulent as well as being harmful for the environment. They’re low-quality, easily impersonated, and come with the added effect of blockchain using up so much electricity that it’s downright dangerous. So, maybe it’s best to ignore your middle aged uncle or that cool twenty-something millennial, and just left NFTs be as a whole.
Read next: Over Two Thirds of Google Search Results Are Top Stories Duplicates, New Data Reveals
Imagine things going so bad for someone or something that they have to publicly denounce themselves as frauds in order to avoid a larger problem brewing. That’s the sort of predicament OpenSea found itself in the midst of, though you’ll forgive my lack of sympathy I hope. OpenSea is no stranger to controversy, and the fact that the company’s so open-faced about this particular development means that maybe it’s just trying to get itself ahead of the story. At any rate, only a few months back, the company’s product lead Nate Chastain was forced to resign after it was revealed that he utilized insider information in order to buy front-page NFTs before they were even published to the platform. He was mostly left untouched from a legal point of view because the world at large doesn’t really have much regulation in terms of NFT purchase and selling.
OpenSea’s decision to reveal the fact that eighty percent of free NFTs on its platform are, well, fake was one that came from the company’s arm being twisted a tad bit. Recently, the online exchange revealed that it will be placing a fifty item limit on its free minting tool, which is what allowed users to access free NFTs. Of course, no one likes the addition of limitations, only their removal, and the OpenSea community was understandably peeved by the development. If this was met at face value, all an individual would suspect is the fact that OpenSea was trying to tunnel its userbase towards paying gas prices: an upfront amount typically needed for the generation of NFTs. However, the company’s method of redirecting such controversy was revealing that it actively and knowingly harbors fake tokens, so I’m not quite so sure that this is a win for the company.
At any rate, the most suspicious part of OpenSea’s entire drivel is the fact that NFTs are both rather fraudulent as well as being harmful for the environment. They’re low-quality, easily impersonated, and come with the added effect of blockchain using up so much electricity that it’s downright dangerous. So, maybe it’s best to ignore your middle aged uncle or that cool twenty-something millennial, and just left NFTs be as a whole.
Read next: Over Two Thirds of Google Search Results Are Top Stories Duplicates, New Data Reveals