The NFT sector has registered a huge growth in the recent years. But the illegal activities related to NFTs have also rose in the NFT marketplace. To be specific Non-Fungible Token marketplace, OpenSea has detected NFT frauds and has taken steps to stop such activities ensuring only genuine sellers stay on the platform.
OpenSea has taken significant steps to identify fake NFTs:
Few days’ ago, OpenSea has shared one or two blog posts to inform the changes on the platform for its users. These changes include verification of OpenSea profiles, two-part fake NFT detection system, and updated collection badges.
Let us first talk about OpenSea profile verification and badging process. To verify genuine sellers on the platform OpenSea has taken several measures. For any creator that have NFT collection of at least 100 ETH there will be invite-based account verification. And when converted into INR it will be somewhere about Rs 1,47,068.
Moreover, for creators to get their account completely verified on the OpenSea, they will need to supply a username, a profile image, a verified email address and a Twitter account. These requirements for the verification of the profile on the platform is a good move.
However, it will be difficult to implement these points on the platform as anonymity is one of the key factors for NFT marketplace. When talking about the collection badges, those who will have at least 100 ETH, a badge will be provided to those.
And at last, let us discuss the main changes that will be implemented on the OpenSea marketplace which is “Copymints.” The Copymints or we can say two-part system to detect fake NFTs uses Artificial Intelligence based automated image-recognition system along with the human aid to find out the Non-Fungible Token originality.
To elaborate further this automated system will check for the changes for flips, tilts, rotation, and other changes in NFTs and matches scans with other genuine collections. Also, this will become much better with involvement of human moderators in the process.
All these steps will ensure that the authentic NFTs will receive no damage from the scammers ensuring healthy platform for NFT marketplace.