We’ll continue working to improve this algorithm as time goes on,” CryptoSlam said.

Meanwhile, according to OpenSea, the large majority of the NFTs created for free on its platform are either spam or plagiarized.

On Thursday, the company announced that it would limit how many times a user could mint an NFT for free on the platform using its tools to 50. Soon after, OpenSea said that it would remove the limit, stating that the free minting tool is being used almost exclusively for the purposes of fraud or spam.

“We originally built our shared storefront contract to make it easy for creators to onboard into the space,” OpenSea said on January 28. “However, we’ve recently seen misuse of this feature increase exponentially.

That success has come with significant security issues, as the company has struggled with attacks that leveraged old contracts or poisoned tokens to steal users’ valuable holdings.

OpenSea was in the process of updating its contract system when the attack took place, but OpenSea has denied that the attack originated with the new contracts. The relatively small number of targets makes such a vulnerability unlikely, since any flaw in the broader platform would likely be exploited on a far greater scale.

Still, many details of the attack remain unclear — particularly the method attackers used to get targets to sign the half-empty contract.
Writing on Twitter shortly before 3AM ET, OpenSea CEO Devin Finzer said the attacks had not originated from OpenSea’s website, its various listing systems, or any emails from the company.

NFTs themselves the center of attention. In an announcement post on Thursday, the company says these redesigns are “just the start” of the company’s work to refine how its site works.

In my opinion, OpenSea’s refreshed profile pages look a bit like Twitter and Etsy’s. That’s not necessarily a bad thing, though. The old version could be a bit tricky to navigate at times, and it seems like the marketplace has smoothed out some of the edges.

The newly-designed Profile and Collection pages make it easier than ever to navigate OpenSea.

Our goal is to make it easier to highlight your favorite content, find new stuff from creators you love and discover more NFTs.

— OpenSea (@opensea) May 26, 2022

The collection page, which shows off groups of NFTs, has also gotten a touch-up.

OpenSea, the well-known NFT marketplace, has raised a $300 million round at a $13.3 billion valuation. Newcomer broke the news yesterday before the company confirmed the transaction.

For critics of the present-day cryptoeconomy and NFT market, the round was perhaps more evidence of how overheated things have become.

After all, OpenSea last raised at a fraction of its new valuation under a year ago, adding $100 million to its accounts at a $1.5 billion valuation in July.

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That sort of valuation appreciation must indicate prohibitive speculation among the investing classes, right? Well, let’s find out.

OpenSea is a pretty straightforward business to understand.

Removing LooksRare’s USD 8.3B in Wash-Trades, OpenSea is Still the Dominant NFT Marketplace

Non-fungible tokens (NFTs) data aggregator CryptoSlam has identified more than USD 8.3bn worth of wash trading on LooksRare, a new NFT marketplace. Subtracting this volume, it turns out that major NFT marketplace OpenSea is still the dominant player in the field.

As per data by Dune Analytics, LooksRare has exceeded USD 10.9 bn in trading volume since its official launch on January 10.
During the same span of time, OpenSea has recorded a volume of USD 3.9bn.

In the same Slack message, Finzer states the impacted staffers will get “generous severance” and healthcare coverage into 2023. Specifically, the company is offering 12 weeks of severance pay, accelerated equity vesting and six months of healthcare coverage among some other benefits.

In January the company raised $300 million in venture capital funding, which Finzer said it would use to hire 90 new employees and establish a fund for creators.

Finzer made no mention of the new investor dollars in his memo to employees.

Opensea joins a growing group of prominent crypto giants who have undergone layoffs this summer. Coinbase cut more than 1,100 jobs last month, also citing the crypto winter and tough economy.

With Russia’s invasion of Ukraine being the headliner of the times, US hard lining sanctions are pressing blockchain-based companies to comply with the rules in order to avoid getting under scanner.

OpenSea spokesperson said that “Users and territories on the United States’ sanctions list are barred from utilizing OpenSea’s services, including purchasing, selling, and transferring NFTs, and our Terms of Service expressly prevent sanctioned users or users in sanctioned areas from using our services.”

Further, the spokesperson said that “We have a zero-tolerance policy for sanctioned persons or businesses and anyone who lives in sanctioned countries using our services.

If we discover individuals who are breaking our sanctions policy, we immediately prohibit the accounts linked with them” .

The spokesperson gave the statement by elaborating the company’s approach on boycotting sanctioned countries. While getting candid with CoinDesk, another representative revealed, “OpenSea blocks users and territories on the U.S.
sanctions list from using our services, including buying, selling, or transferring NFTs on OpenSea.” They added, “If we find individuals to be in violation of our sanctions policy, we take swift action to ban the associated accounts” .

New York based OpenSea which was founded in 2017 by Devin Finzer and Alex Atallah, is not the first instance of impositions that were a byproduct of strained geopolitics.

OpenSea users in Iran will no longer be able to access the services of the leading NFT marketplace, thanks to US sanctions.

Although the company is yet to release an official statement regarding the restrictions, a representative of OpenSea reportedly told Decrypt that the users are located in sanctioned territories.

OpenSea blocks users and territories on the U.S. sanctions list from using our services—including buying, selling, or transferring NFTs on OpenSea—and our Terms of Service explicitly prohibit sanctioned users or users in sanctioned territories from using our services […] If we find individuals to be in violation of our sanctions policy, we take swift action to ban the associated accounts.

A number of OpenSea users with Iran IP addresses took to Twitter to complain about the issue.

In a Twitter thread spotted by Vice News, the company said more than 80 percent of the NFTs recently created through its free minting tool involved either plagiarized work or spam.

It’s a staggering number, but one that shouldn’t come as a surprise. Artists and photographers have complained for months that the company hasn’t done enough to prevent scammers and bots from profiting from their work.

In fact, there’s an entire Twitter account dedicated to documenting NFT thefts.

“Every decision we make, we make with our creators in mind. We originally built our shared storefront contract to make it easy for creators to onboard into the space,” OpenSea said on Twitter.
“We didn’t make this decision lightly.

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