Thursday, June 8, 2023
HomeOpenseaCrypto Marketplace OpenSea Cracking Down on NFT Fakes

Crypto Marketplace OpenSea Cracking Down on NFT Fakes

NFT presentation "kiss" By Gustav Klimt of Belvedere.

The Belvedere Palace in Austria has released a limited edition NFT of Gustav Klimt’s “Kiss”.
image: Ouriel Morgensztern ((((AP).

Just as life imitates art, digital art imitates the real art scene. NFT The market is increasing the fraud problem of fraudsters making fake copies of non-fungible tokens and selling them online, but at least one company is fighting back.

High seas Implements a new system to help users find fake NFTs by excluding copies with the help of real people, companies publication on wednesday.

One of the largest NFT marketplaces is experiencing plagiarism and spam influx, especially through the misuse of free non-fungible token mining tools. Over 80% of items deleted by OpenSea Plagiarized works, fake collections, and spam were created using minting tools. Company I have written On Twitter in February.. OpenSea combines two parts to crack down on digital fake: computer technology that scans all NFTs and collates them with real collections, and good old human effort to see computer recommendations. Introduce the system.

OpenSea will also update its verification system to invite accounts that already have a collection of at least 100 ETH, or work worth about US $ 205,000. According to engadget.. In addition, collections with trading volumes already above 100 ETH are eligible to request a badge. Platform users must also provide their profile name, username, verified email address, and connected Twitter account in order to be verified.

“We are working to get the needle between getting rid of copy mint and giving space for those substantially additional remixes to thrive,” the company said in a statement. I am. OpenSea has already begun the process of removing fake copies from digital platforms and plans to gradually expand the removal process over the next few weeks.

Considering how fast NFTs have boomed in the past year, it’s no surprise that scammers are trying to get in on all the action. As these toddler marketplaces learn how to stand on their own two feet, I’m sure we’ll see a lot more companies roll out similar regulations to try and reel in this digital space.

A previous version of this story mistakenly stated that 80% of all fake NFTs on OpenSea were created using its minting tool, the company had corrected that information in a Follow-up tweets.


- Advertisment -
Google search engine

Most Popular

Recent Comments