With reports of fake or plagiarized non-fungible tokens (NFTs) starting to spread, OpenSea, one of the top NFT marketplaces, is introducing new features that will help detect and spot fake NFTs.
The feature aims to eliminate copycat NFTs and eliminate the risk of fakes or stolen art being sold as NFTs.
OpenSea Aims to 'Improve Authenticity of NFTs Through New Features
According to the story by The Verge, OpenSea aims to "improve authenticity" of NFTs through adding new features. The digital marketplace announced a series of updates and new features that will help them reach this goal in a number of different recently posted blog posts on their website.
The blog posts talk about OpenSea's new features, which includes an account verification process and new systems in play which will help detect and automatically remove fake or copycat NFTs.
The Rise of 'Copymints' Have Been a Widespread Problem
Copycat NFTs or "copymints" are tokens that steal other NFT art and have been a widespread problem not just for OpenSea but also other digital marketplaces. In 2021, the platform had to deal with a fake Bored Ape Yacht Club NFT collection and ended up banning it.
The trick used to make the fake BAYC NFT collections was by selling a mirrored version of the image. Fakes, as per The Verge, remain at large despite ownership being traceable on the blockchain.
Free Minting Tool Exploited and Used for 80% of Items that Violated OpenSea Terms
OpeanSea announced in February that its free minting tool was used in more than 80% of items that violated their terms. As per the digital marketplace, authentic content is now harder to look for due to copies and thus, they will be "implementing a new two-part copy detection system."
The system will be looking for variants, flips, and even rotations of authentic content. As per Opensea, removal recommendations will also be overseen by their human reviewers to help make the detection process more effective.
OpenSea to Update Its Verified Account Process
As per the blog post, OpenSea announces their commitment when it comes to finding fakes while still allowing "substantitively additive remixes" to be able to prosper. Users will be able to see the platform's new security and authenticity measures in play over the course of the next few weeks.
OpenSea is also updating its account verification process. Only collections with at least 100 ETH in volume will get the "invite only verification application" which the company expects to broaden quite soon.
Read Also: OpenSea's Discord Got Hacked to Spread YouTube NFT Scam! $18K Worth Stolen?
Blue Badge to be Added to OpenSea Verified Accounts
Collections with over 100 ETH in trading volume will be getting a blue badge to show buyers that the NFT collection comes from a verified account. As scam and fraudster reports have started to pop up, OpenSea aims to release the features update in the course of the upcoming months.
A verified customer support system was also included in a previous announcement on February. 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.
