Tech

New OpenSea measures hope to prevent fake NFTs


OpenSea is rolling out a new system for detecting fake NFTs and verifying accounts, in an effort to cut down on industry growth cheating problem. In one couple of the blog poststhe NFT marketplace details the changes users can expect, including opening up the verification process to more users, automated and human-assisted deletions of so-called “duplicators” or fake copies of authentic NFTs and changes to how the collection badge – identifying NFT collections with high sales volume or interest – is marketed.

First, OpenSea will use a two-part system to detect counterfeits that combines both image recognition technology and human reviewers. The company says its new system will continuously scan all NFT collections (including newly minted assets) to detect any potential counterfeits. Reviewers will review any proposed removals.

“Our new copy prevention system uses computer vision technology to scan all NFTs on OpenSea (including the new mint). The system then matches these scans against a set of authentic collections, starting with some of the most copied collections – we’ll look for flips, rotations, and permutations. others,” wrote OpenSea’s Anne Fauvre-Willis in the post. The company says it has detected a number of counterfeits with its copymint detection system and plans to scale up the technology in the coming weeks.

The company has also made some updates to its badge and verification system. OpenSea will open account verification to any creator with a collect volume of at least 100 ETH, currently equivalent about $205,000 USD. Essentially, this means that merchants will have to own a substantial collection of NFTs to be verified by OpenSea. Marketplace announced that it plans to expand the eligibility criteria for verification as it continues to learn more. NFT collectors will also receive a collection badge if they have generated a trading volume of more than 100 ETH. OpenSea will also ask for your profile name, username, verified email address, and connected Twitter account for account verification.

All these changes will likely create some obstacles for NFT scammers. Scammers are growing delicate in their tactics – some go so far as to create fake Discord server and websites or pretend to be actual employees of NFT companies. Verification of a seller’s real identity is a longstanding problem in the world of NFTs, where incognito is an important part of the culture. NFT artists often pass by aliases instead of their real names, and so do NFT buyers. Unfortunately, it’s a culture that has allowed NFT thieves and imitation artists to flourish.

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