OpenSea, the world’s largest NFT platform, is implementing additional protections to ensure authenticity and foster community trust.
With allegations of fake or plagiarized non-fungible tokens (NFTs) on the rise, one of the leading NFT markets, OpenSea, is providing new tools to assist, detect and recognize fraudulent NFTs. The feature focuses on eliminating copycat NFTs (also known as Copymints) and the possibility of counterfeit or pirated art being marketed as NFTs.
By introducing additional features, OpenSea hopes to “enhance the authenticity” of NFTs. In a number of recent blog postings on its website, the digital marketplace revealed a series of changes and additional features that will assist them achieve this aim.
To ensure the validity of exhibits on its platform, OpenSea is releasing two products. The first automates the authentication of creator accounts, while the second uses picture recognition to eliminate copymints or spoofs of current NFTs.
Verified badges are one of OpenSea’s “lighthouse” features that direct purchaser to genuine NFTs. However, the corporation claims that in order to collect more of them, its approach must become less opaque.
However, validating accounts is only one element of the equation in catching copymint scammers. Another is detecting copymints themselves, for which OpenSea claims it will now use artificial intelligence-powered software. The algorithm detects similar pixel-by-pixel duplicates and rotations, flips, filters, and other variations, for which the algorithm will be programmed to become more sophisticated over time. Human moderators will do the subsequent review.
Copycat NFTs, commonly known as “Copymints,” are tokens that replicate the artwork of other NFTs and have been a prevalent problem for not only OpenSea but also other digital markets. For example, the site had to cope with a bogus Bored Ape Yacht Club NFT collection in 2021 by banning it.
The false BAYC NFT collections were created by selling a mirrored replica of the picture. Even though ownership is verifiable on the blockchain, fakes remain at large.
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