As reports of fake or plagiarized non-fungible tokens (NFTs) begin to spread, OpenSea, one of the leading NFT marketplaces, is introducing new features to help detect and detect fake NFTs. The feature aims to eliminate copycat NFTs and remove the risk of counterfeit or stolen art being sold as NFTs.
OpenSea aims to “improve the authenticity of NFTs through new features”.
According to The Verge story, OpenSea aims to improve the “authenticity” of NFTs by adding new features. The digital marketplace announced a number of updates and new features that will help it achieve this goal in a number of different blog posts recently published on its website.
The blog posts talk about OpenSea’s new features, including an account verification process and new systems that will help detect and automatically remove fake or copied NFTs.
The rise of copymints was a common problem
Copycat NFTs or “Copymints” are tokens that steal other NFT art and are a common problem not only for OpenSea but other digital marketplaces as well. In 2021, the platform had to deal with a fake Bored Ape Yacht Club NFT collection by banning it.
The trick used to create the fake BAYC NFT collections was to sell a mirrored version of the image. According to The Verge, counterfeits remain at large even though ownership is traceable on the blockchain.
Exploited free minting tool and used for 80% of articles violating OpenSea regulations
ocean announced in February that its free minting tool had been removed from more than 80% of articles that violated its terms. According to the digital marketplace, copies are now making it harder to look for authentic content and as such they will “implement a new two-part copy detection system”.
The system looks for variants, flips and even rotations of authentic content. According to Opensea, removal recommendations are also monitored by their human reviewers to make the detection process more effective.
OpenSea is updating its verified account process
According to the blog post, OpenSea announces its commitment to finding fakes while allowing “substantially additive remixes” to thrive. Users can see the platform’s new security and authenticity measures over the next few weeks.
OpenSea is also updating its account verification process. Only collections of at least 100 ETH in volume will receive the “Invite Only Verification Application,” which the company expects to expand soon.
Also read: OpenSea Discord Hacked to Spread YouTube NFT Scam! $18,000 worth stolen?
Blue Badge is added to verified OpenSea accounts
Collections with trading volume over 100 ETH will receive a blue badge to show buyers that the NFT collection is from a verified account. As scam and scammer reports have surfaced, OpenSea intends to release the feature update over the coming months.
A verified customer support system was also included in a previous February announcement. This was in response to OpenSea employees being impersonated by scammers who were able to access people’s crypto wallets.
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Written by Urian B.
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