OpenSea Plans a System to Crack Down on Fake NFTs

OpenSea is soon looking to implement a system that helps the platform identify and spot the non-fungible token that is fake or copy-mint of the original work. Additionally, the system will assist OpenSea in verifying its users’ accounts.

Highly developed systems and trained humans will be deployed for the process. Authentic NFTs will retain their originality in the marketplace, courtesy of the upcoming system by OpenSea that works on two different levels.

In the first stage, the system will detect fake creations by scanning all the NFT collections. A combination of image recognition and human reviewers will be teamed up to ensure that the process is effective.

The collection of NFTs will include the ones that have been newly minted and the ones that have already been minted. The automated system will likely do most of the work to maintain consistency, and humans will look into recommendations that seek the removal of a particular collection or creation.

The second stage will have the system match the identified NFT with the original piece of art. If the match weighs higher on the non-unique portion, the platform will take relevant actions to help prevent a scam.

Users of OpenSea can expect a major change in the verification and badging system of the NFT marketplace. The platform will require its users to verify their accounts, provided they hold a minimum of 100 ETH of collection volume.

The eligibility criterion seems a bit thin, and OpenSea has committed to broadening the same in the time to come. NFT collections will also be given a verification badge if they have generated at least 100 ETH in trading volume. Users will be required to share a user name, profile name, Twitter account, and verified email address.

Scammers have become a lot more sophisticated with their attacks. To tackle them in an advanced manner, OpenSea has developed this system that created various obstacles for scammers. These make it nearly impossible for them to perform hostile attacks on the users.

An entry space remained in the industry under the circumstances of verification, remaining a problem for a long time. Since anonymity played a crucial role in the culture of NFTs, it wasn’t easy to verify who was selling and buying NFTs.

Thieves and copycats have thrived on this weakness for a long time. In the days to come, security will only be pulled up in the industry’s better interest. Based on how the system performs, OpenSea will look to scale it for other platforms. The macro impact could be much better as scammers will be left with no space to exploit. Users will begin to believe that the platform is reliable and free from spamming activities.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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