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OpenSea unveils new authentication features for NFTs

OpenSea, the largest marketplace for non-fungible tokens (NFTs), is planning to adopt features that will boost NFT authenticity. OpenSea plans to tame NFT theft and scams through these new features, as detailed in several blog posts released by the firm.

OpenSea to roll out NFT verification features

The NFT sector has grown significantly over the past year. However, the sector’s growth has also increased the rate at which people are losing their money by being duped into buying fake NFTs. OpenSea is now coming up with a plan that will bring authenticity to the sector.

According to the series of blog posts published by OpenSea, the objective of these new features was to detect and get rid of fake NFTs created after scammers copy valuable collections in the market. The updates will also change the account verification process.

NFTs created as copies of other valuable pieces are known as “copymints.” Such NFTs have plagued the space, and they are rampant in all leading marketplaces, including OpenSea. In 2021, OpenSea halted trading for two collections that copied the popular Bored Ape Yacht Club NFTs. The BAYC NFTs had been slightly changed such that some buyers would not notice the difference between the two.

One of the top reasons NFTs are loved in the art industry is because they guarantee authenticity because the owner of a particular NFT can be seen on the blockchain. However, this has not prevented fakes from appearing in the market.

In February, OpenSea released a report saying that more than 80% of the NFTs on the platform banned for violation of terms had been created via its free minting tool. At the time, OpenSea had hinted at shutting down the tool, but community backlash led to the marketplace reversing the decision.

OpenSea has now said that it will adopt a two-part system that will detect NFT copies. The marketplace said that increased copymints made it hard for buyers to find authentic pieces in the market. The company has said that it will use image recognition tools to scan the listed pieces to recognise these authentic collections. OpenSea will also have human reviewers who will decide on delisting copied NFTs.

Besides removing copies, OpenSea is also planning to remove offensive content. “We’re committed to threading the needle between removing copymints and giving space for those substantively additive remixes to prosper,” OpenSea added.

OpenSea is updating account verification

OpenSea is also planning to update the account verification process. The company is planning to have an invite-only verification application process exclusive to accounts whose collection holdings are worth more than 100 ETH. When a collection is owned by a verified account, it will receive a blue badge.

OpenSea has been committed to promoting user safety over the past few months. The platform has been in the spotlight over increased scams and theft, and prioritising user safety can allow the platform to maintain its vast user base.

In February, OpenSea announced that it would verify all of its customer support staff. The move came after reports of fraudsters impersonating the company’s support team and accessing cryptocurrency wallets.

Ali Raza

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