OpenSea is putting in place a new system to spot fake NFTs and to verify accounts.
OPENSEA — In an effort to cut down on the industry’s growing fraud problem, the NFT marketplace is putting in place a new system to spot fake NFTs (non-fungible tokens) and to verify accounts.
OpenSea detailed what changes users can expect in a series of blog posts — including opening up verification to more users, automated and human-assisted removal of so-called “copymints” or fake copies of authentic NFTs (non-fungible tokens), and changes to how collection badges — which identify NFT collections with high sales volume or interest — are doled out on the marketplace.
First off, the NFT marketplace will use a two-part system in order to detect fake NFTs that combine both image recognition tech and human reviewers.
According to the company, its new system will continuously scan all NFT collections — including newly-minted assets — to spot any potential fakes and human reviewers will vet any removal recommendations.
“Our new copymint prevention system leverages computer-vision tech to scan all NFTs on OpenSea (including new mints),” wrote OpenSea’s Anne Fauvre-Willis in the post. “The system then matches these scans against a set of authentic collections, starting with some of the most copy-minted collections — we’ll look for flips, rotations & other permutations.”
The NFT marketplace also said that it has already spotted some fake NFTs with its copymint detection system and plans to scale up the technology in the weeks to follow.
Engadget reported that the NFT marketplace has made some updates to its verification and badging system as the company will open up account verification to any creator who holds at least 100 ETH (Ether) of collection volume, which currently is equivalent to roughly USD 205,000.
This essentially means NFT sellers will have to already own a significant collection of non-fungible tokens to be verified by OpenSea.
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The NFT marketplace also stated that it plans to broaden the eligibility criteria for verification as it continues to learn more. Also, NFT collections will get a collection badge if they have generated more than 100 ETH in trading volume.
OpenSea will require a profile name, verified email address, username, and a connected Twitter account for account verification.
All those changes will likely create a number of obstacles for NFT scam artists as NFT scammers have grown increasingly sophisticated in their tactics — some going as far as to create fake websites and Discord servers or pose as actual employees of NFT firms.
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