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Well, only one thing really is for sure right now, and that is the fact that NFTs are a pretty murky area for even the experts in the area.
Open Sea just closed down their free feature that allowed users to mint new NFTs due to theft and fake NFTs flooding their marketplace.
So, if they can’t filter out the good from the bad, how are we as potential NFT investors going to do that?
It’s a tough situation, and Open Sea’s decision to close off this valve has angered more than a few users. Yet, as Engadget reports, this is probably a good move on the company’s part.
How did we get here? Initially, the company decided to limit minting to a set number and, when this upset their user base, they decided to go into some more detail about why they needed to make this change. To justify the new limit, the “company said more than 80 percent of the NFTs recently created through its free minting tool involved either plagiarized work or spam” and in a later tweet further revealed that, “[the company] didn't make this decision lightly. We made the change to address feedback we were receiving from our entire community.”
Presumably, having a marketplace full of legitimate NFTs is way better from a business standpoint. Then again, a lot of this seems to be kicked off by the absolutely massive amount Beeple made for his digital art last year.
That was a watershed event for the niche and it seems like more than a few people want to get rich, and quickly if possible. It’s typically not a story that ends well for most people involved.
Are you into NFTs? Do you think they will be a future benefit for photographers? Let us know what you think about NFTs in the comments.
Kehl is our staff photography news writer since 2017 and has over a decade of experience in online media and publishing and you can get to know him better here and follow him on Insta.
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