OpenSea implements new measures to tackle NFT Fraud

The foremost NFT Marketplace has made several changes to detect fake NFTs, verify profiles, and update collection badges.

May 14, 2022
by Michael
OpenSea implements new measures to tackle NFT Fraud
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OpenSea has announced its commitment to limiting fraud and detecting thefts on its platform by introducing features that will curb the menace mentioned above. These features will address the detection of fake NFTs, aid verification of Profiles, and update collection badges.

The newly designed measure to detect Fake NFTs is a two-part detection system using an AI-backed automated image-recognition system and human assistance to verify the authenticity of NFTs on the platform.

The automated system compares tilts, flips, rotations, and other modifications of NFTs with a set of authentic collections to analyze differences and confirm originality. Similarly, human moderators will also be employed to handle removal recommendations and improve the operation of the automated system.

Commenting on the changes, Anne Fauvre-Willis, head of special projects at OpenSea said:

“Our new copymint prevention system leverages computer-vision tech to scan all NFTs on OpenSea. 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.”

In addition, OpenSea has initiated new measures to verify legitimate sellers and help buyers identify them. The Company will open invite-based account verification for any creator with at least 100 ETH worth of NFT collection.

They will be required to provide a profile image, a username, a verified email address, and a Twitter account to get their OpenSea account fully verified. There will also be updated collection badges for NFTs with at least 100 ETH of volume.

The OpenSea head of special declared that they are working on expanding eligibility criteria to cover those who do not currently meet the requirements to achieve their objective of eradicating scammers on the platform entirely.

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