Today, OpenSea revealed in a series of blog postings that it will implement new capabilities to “enhance authenticity” in the digital marketplace. The upgrades include a new mechanism for detecting and removing imitation NFTs and a revamped account verification procedure.
“Copymints” are tokens that imitate other NFTs, posing a difficulty for systems like OpenSea. In 2017, the site prohibited two collections that imitated Bored Ape Yacht Club NFTs by mirroring their images. Unfortunately, this has become a common occurrence in the NFT marketplace. An OpenSea report stated that more than 80% of the products it destroyed for breaches were created using the marketplace minting tool.
OpenSea said that it is adopting a new two-part copy detection system, adding that duplicates make it more difficult for consumers to locate original information. In a bid to ensure the originality of products on the platform, OpenSea will begin using image recognition software to scan NFTs and compare them with the real collections in search of flips, rotations, and other deviations. In addition, OpenSea states that humans will also review removal proposals to ensure credibility and prevent loopholes in the removal process.
The blog post states, “We are dedicated to threading the needle between eradicating copymints and allowing substantively additive remixes to flourish.” OpenSea asserts that it has already begun eliminating objectionable information and will accelerate in the coming weeks.
More Sophisticated Protection
OpenSea’s account verification is also receiving an upgrade. Accounts holding at least 100 ETH will have an invite-only verification tool. The firm claims it will soon expand eligibility. In addition, when a collection is owned by a verified account and meets the 100 ETH trading volume requirement, a blue badge can be awarded.
In recent months, OpenSea has implemented additional safety mechanisms in response to scammers and fraudsters on or associated with the platform. For example, as a reaction to scammers impersonating OpenSea staff and getting access to individuals’ bitcoin wallets, the firm introduced a verified customer assistance system in February.