Monday, June 27, 2022

OpenSea’s new measures hope to tackle fake NFTs

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OpenSea is introducing a new system to detect NFT counterfeits and verify accounts in an effort to slow the industry’s growth. fraud problem† In a couple from blog messagesThe NFT Market has detailed what changes users can expect, including opening authentication to more users, automated and human-assisted removal of so-called “copymints” or counterfeit copies of authentic NFTs, and changes to the way collective badges – those NFT collections identify with high sales volume or interest – are distributed in the market.

First, OpenSea will use a two-part system to detect counterfeits that combine both image recognition technology and human reviewers. The company says the new system will continuously scan all NFT collections (including newly minted assets) to detect possible counterfeits. Human evaluators will investigate any recommendations for removal.

“Our new copymint prevention system uses computer vision technology to scan all NFTs on OpenSea (including new mints). The system then compares these scans against a series of authentic collections, starting with some of the most copied collections – we look for flips, rotations and other permutations,” OpenSea’s Anne Fauvre-Willis wrote in the post. The company says it has already spotted some 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 verification and badge system. OpenSea opens account verification to any creator who has at least 100 ETH in collection volume, which is currently equivalent to about $205,000 USD. Essentially, this means that merchants must already own a significant collection of NFTs to be verified by OpenSea. The marketplace stated that it plans to expand the eligibility criteria for verification as it learns more. NFT collections will also receive a collectible badge if they have generated more than 100 ETH in trading volume. OpenSea also requires a profile name, username, verified email address, and an associated Twitter account for account verification.

All these changes are likely to create some obstacles for NFT scammers. Scammers have gotten bigger and bigger refined in their tactics – some even go so far as to create fake Discord servers and websites or impersonating real employees of NFT firms. Verifying the real identities of sellers is a long-standing problem in the world of NFTs, where: anonymity is an important part of the culture. NFT artists normally pass by aliases instead of their real name, and the same goes for NFT buyers. Unfortunately, it’s a culture that has allowed NFT thieves and copycat artists to thrive.

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