OpenSea, a popular marketplace for NFTs in both volume and collections, has announced new plans for tackling counterfeit NFTs on its platform.
These include opening the account verification and badging system and scanning for fake NFTs. OpenSea said it would use both the computer and human aided techniques to vet out fake NFTs and have only the legit ones prevail on its platform.
Spotting and Dumping the Fake NFTs
Being a simple art on a complicated system, the NFTs lately is seeing huge demand, with some of them being sold for millions of dollars! But a significant problem posing in this industry is the counterfeit goods, where scammers try creating fake NFTs of some popular items and sell them for profit.
So this becomes the responsibility of the platform that’s processing NFTs sales, to detect and thwart fake NFTs. OpenSea is one such platform that’s often tasked with things to spot counterfeit NFTs. In this pursuit, the platform announced new plans (1, 2) to cut off fake NFTs.
Starting with the account verification, OpenSea says it will verify the artist accounts with at least 100 ETH ($205,000 USD) of collection volume. Verification requires the seller to have his email ID, profile name, username, and a connected Twitter account verified.
This is important, as most people in the NFT marketplaces go with their alias names, making it hard to identify their real-life personalities. Next up is the usage of automatic and manual systems to detect and thwart the fake NFTs.
OpenSea said it would use the computer vision tech to scan all the NFTs on its platform (including the freshly minted ones) and compare them against a set of authentic collections to vet out the copy-minted collections. After this, they will pass through the human reviewers to remove them from the platform.
OpenSea said it had already put this system in place and spotted some fakes with its copy-mint detection system.
