Following the massive hype around the metaverse, we have seen enormous growth in the NFT sector, with investors doling out millions of dollars for unique digital collectibles. However, with the increasing demand, NFT markets became prone to various NFT scams and other malicious activities. So, to curb these activities and authenticate sellers on its platform, OpenSea has taken steps with the introduction of new features. Here are the details.
OpenSea Takes Significant Steps to Detect Fake NFTs
OpenSea recently shared a couple of blog posts to announce the new changes on the platform. These include a two-part fake NFT detection system, verification of OpenSea profiles, and updated collection badges.
Starting with the two-part system to detect fake NFTs or “Copymints,” it uses AI-backed automated image-recognition system as well as human assistance to detect whether an NFT is original or not. The automated system analyzes NFTs to check for tilts, flips, rotation, and other changes and matches the scans with a set of authentic collections. The company will also use human moderators to handle removal recommendations and improve the working of the automated system.
These changes will ensure the security of authentic NFTs and prevent scammers from re-minting them with some changes on the platform. The popular NFT market believes that the steps will “improve trust in the NFT ecosystem by elevating authentic content and removing plagiarized works.”
Coming to the changes in the profile verification and badging process, OpenSea has introduced several changes in the segment to verify legitimate sellers and helps collectors identify them on the platform. The company announced that it will open invite-based account verification for any creator with at least 100 ETH worth of NFT collection, which roughly translates to Rs 1,47,068.
Furthermore, to get their accounts on OpenSea fully verified, creators will need to provide a profile image, a username, a verified email address, and a Twitter account. Although it is a wise move to improve verification on the platform, implementing these changes would be difficult for OpenSea as one of the key factors of the NFT market is anonymity.
There’s also the introduction of the updated collection badges, which will provide a badge to those who have at least 100 ETH of volume. Much like the verification program, this will expand too.
It will be interesting to see how OpenSea implements these changes on its platform and how these affect the NFT-scamming scenario in the market. OpenSea also stated that it will continue to take further steps to ensure the safety and security of creators’ digital items, going forward. So, stay tuned for more on that, and let us know your thoughts on the new steps by OpenSea in the comments below.