OpenSea Implements New Measures to Better Detect Fake NFTs
Fraud has become increasingly problematic for the platform.
OpenSea is now looking to combat the rise of fake NFTs on its platform by implementing several new measures.
To bolster the website’s detection of fakes and copies of actual authentic NFTs — also known as “copymints” — OpenSea will now introduce a two-part system that combines computer image recognition with human reviews to filter out as many fraudulent listings as possible. The recognition system will continuously scan all NFTs offered on the platform and recommend flagged ones for removal. Actual human operators will then review those recommendations and delete them accordingly. “Our new copymint prevention system leverages computer-vision tech to scan all NFTs on OpenSea (including new mints),” said Anne Fauvre-Willis. “The system then matches these scans against a set of authentic collections, starting with some of the most copy-minted collections — we’ll look for flips, rotations & other permutations.”
Validating listings and collections aside, OpenSea will also be changing how it verifies accounts registered on the platform. To become a verified account as a creator, you’ll now have to hold at least 100 ETH of collection volume, which currently translates to around $205,000 USD’s worth of work. At the same time, only NFT collections that have generated more than 100 ETH in trading volume will now receive badging.
“Today’s announcement is another step in making a more trusted and authentic OpenSea experience,” Fauvre-Willis concluded. “For those who don’t yet meet the requirements, please know that we’re working on your behalf to expand eligibility. We’re committed to a goal where any authentic creator’s account can be verified while keeping scammers out of the system – and we know that we have more work to do to reach this goal.”
Elsewhere in the world of NFTs, the Raven GT is a V12 supercar released only as an NFT.
