Autor Cointelegraph By Brian Quarmby

OpenSea reverses limits on minting after community backlash

NFT marketplace OpenSea has backflipped on a controversial decision to limit the number of NFTs and collections creators can mint using its 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 OpenSea’s collection storefront contract.The unexpected announcement from OpenSea’s Twitter Support account, posted on Jan. 27, stated the lower limits came after it had “addressed feedback received about its creator tools.” .A follow-up tweet asked the community to “share how this affects your creative flow.”NFT creators hit back, some arguing that their unfinished collections would now never be completed due to the change, with others noting that they were part-way through creating collections numbering in the hundreds to thousands.One creator, who goes by “HamsterNFT” on Twitter, shared a screenshot showing how they couldn’t upload any more of their NFTs, stating their frustration that they’re now stuck at 96 pieces out of the 100 piece collection.Well… For instance, I committed myself to a 100 piece collection. I’m currently at 96 out of the 100… And now I’m stuck with this message and I can’t complete it. Ever. Thanks! pic.twitter.com/DdLRNpiucI— Hammy.eth | Hamster NFT Collections (@HamsterNFT) January 27, 2022Creators could still deploy their own smart contract to circumvent the limits imposed by OpenSea, but with smart contract deployment costing between US$1,000 and US$2,000 in gas fees, some stated they will move their collections to competing marketplaces.OpenSea reversed the decision today, tweeting their apologies for not previewing the decision with its community. It stated the reason for the limits was that its smart contract was being misused, and that “over 80% of the items created with this tool were plagiarized works, fake collections, and spam.” OpenSea added that it’s “working through a number of solutions to ensure we support our creators while deterring bad actors.”To all the creators in our community impacted by the 50 item limit we added to our free minting tool, we hear you and we’re sorry.We have reversed the decision.But we also want to offer an explanation ↯ pic.twitter.com/Y3igaE1RM2— OpenSea (@opensea) January 27, 2022In a separate controversy, an email was sent to OpenSea users who still had “inactive listings” on their accounts, asking them to cancel any old listings due to a recently found exploit that allows attackers to buy NFTs for old listing prices.Related: More evidence game devs hate NFTs and cryptoProminent crypto influencer “dingalingts” in a thread, warned his 75,000+ followers, that following the advice in OpenSea’s email would lead to easier execution of the exploit, labeling the advice from OpenSea “incredibly irresponsible” and “makes things 100x worse”.Dingalingts argues that following OpenSea’s advice allows exploiters to view the cancellation order for previously listed prices on the blockchain, attackers can then pay higher gas fees to have their order executed before the cancellation in a practice known as “front-running”, thus buying the NFT for a cheaper price.To prevent this, dingalingts advises to “transfer all the NFTs with “inactive Opensea listings” OUT of your address first before canceling the live listings in your original address.”“Only after all the listings are canceled are you safe to transfer it back,” they said.However OpenSea claims to have addressed these issues by changing the default listing duration from six months to one month, building a dashboard to show users their listings, and alerting them when an NFT transferred from their wallet has an associated active listing.The changes were made so users could more easily view and be alerted to listings associated with their NFTs, in an attempt to limit the number of listings that remain active long after they’re relevant.Cointelegraph approached OpenSea for comment.

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Flushing it: $8B New York commercial bank to offer Bitcoin services

Flushing Financial Corporation, the parent company behind New York-based Flushing Bank has partnered with crypto firm New York Digital Investment Group (NYDIG) to offer Bitcoin (BTC) services to its customers. The bank was founded in 1929 and according to its Q4 report it held more than $8 billion worth of assets at the end of 2021, with a net income of around $200 million.According to an announcement, the partnership with NYDIG will enable the bank to offer its customers BTC buying, selling and holding services in a “safe and secure environment.” Flushing Bank stated that it aims to launch its BTC-related services later this quarter and will divulge further details of its roadmap soon. Flushing Financial Corporation CEO and president John R. Buran attributed the firm’s BTC adoption play to its desire to keep up with growing trends in financial markets: “As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends and consumer demand for alternate financial services.”NYDIG is a heavyweight in the crypto sector that primarily provides BTC-related services and products. The firm raised $1 billion worth in funding in December at a valuation of nearly $7 billion. On the banking front and credit union front, NYDIG states that it has more than 35 partnerships in the sector, including deals with Five Star Bank, Idaho Central Credit Union, STAR Bank, U.S. Bank and NYMBUS to name a few. NYDIG Chief Innovation Officer Patrick Sells stated on Jan. 25 that the firm is paying significant attention to partnering with traditional financial institutions as it’s “ready to show the world that banking is better with Bitcoin.” Related: The year for Bitcoin: A 2021 roundup of the flagship cryptoSells highlighted a growing demand for crypto exposure via organizations that users are already familiar with: “Our research is clear; consumers want Bitcoin and they want it through the banks and credit unions they already trust.”The firm has also been steadily growing its mainstream presence via partnerships with top sporting organizations such as the NBA’s Houston Rockets, along with Luxury Automobile Dealer Post Oak Motor Cars.

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Reddit is testing out NFT profile pics but ‘no decisions have been made’

Reddit is testing out NFT profile pictures on its platform, with the news coming just a week or so after Twitter implemented a similar feature. The popular social media platform had around 430 million monthly users in 2021, and is reportedly working on an NFT profile picture implementation that will enable users to set their profile picture to any non-fungible token with an attached image. In an Interview with Techcrunch on January 27 , Reddit spokesperson Tim Rathschmidt stated that: “We’re always exploring ways to provide value for users and communities on Reddit. At the moment we’re testing the ability to use NFTs as profile pictures (avatars) and verify ownership.”“It’s a small, internal test and no decisions have been made about expanding or rolling out the capability,” he added. Earlier in the week an app developer posted a banner from Reddit promoting the feature, suggesting the tests are already well advanced. #Reddit is working on #NFT profile pics as well! pic.twitter.com/l2cqfSuIbK— Nima Owji (@nima_owji) January 21, 2022Related: Crypto YouTubers fall victim to hacking and scamming attemptTwitter also introduced NFT profile pictures last week, available to Twitter Blue subscribers on iOS . However NFTs have met with a considerable backlash from gamers and Web2 devs recently. A day after the launch a github contributor shared a browser extension that automatically blocks Twitter accounts using NFT profile pictures.Reddit has been experimenting with various initiatives around NFTs for some time. It even set up a dedicated page for NFT-related activities at nft.reddit.com.In May 2020, the company introduced cryptocurrency tokens for its /r/cryptocurrency and /r/Fortnite communities. Those tokens were called MOONs and BRICKs and are based on Ethereum standards.

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MetaMask's new inbuilt multi-chain institutional custody feature

The institutional arm of the Consensys-owned MetaMask has integrated its first multi-chain digital asset custody solution called Cactus Custody.MetaMask Institutional (MMI) initially partnered with Cactus Custody owned by crypto financial service platform Matrixport in October last year to incorporate its “DeFi Connector” feature into MMI’s suite of services. The full integration with MMI was announced on Jan. 26, and Cactus Custody’s feature will now provide institutional customers with multi-chain connectivity to all Ethereum Virtual Machine (EVM) chains, sidechains and Layer 2s supported by MetaMask such as Ethereum, Binance Smart Chain, Avalanche, Celo and Polygon. MMI product lead Johann Bornman said that Cactus Custody’s multi-chain EVM support will enable institutions to “freely bridge digital assets across these networks.” “This is a profound DeFi offering for institutions.”The DeFi Connector feature will also provide additional security and compliance aspects, such as audit trails for transactions conducted on MMI, private key safeguarding and “role-based approval” processes during interactions with DeFi platforms. MMI was developed in December 2020 and its wallet differs from Metamask as it is integrated with additional security, compliance and custodial features that are vital for the growing number of institutions that are flocking to DeFi. The product aims to give institutional investors exposure to the entire DeFi ecosystem from within their MMI wallets. Its other current custodial partners include top crypto firms such as decentralized custody firm Qredo and multi-signature wallet providers BitGO. Related: Bithumb to block crypto withdrawals to unverified private walletsMetaMask has more than doubled the number of its monthly active users since August 2021, with its website tallying the figure at more than 21 million at the time of writing.

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