OpenSea’s new measures hope to crack down on fake NFTs

OpenSea is putting in place a new system to spot NFT fakes and verify accounts, in an effort to cut down on the industry’s growing fraud problem. In a couple of blog posts, the NFT marketplace detailed what changes users can expect, including opening up verification to more users, automated and human-assisted removal of so-called “copymints” or fake copies of authentic NFTs and changes to how collection badges — which identify NFT collections with high sales volume or interest — are doled out on the marketplace.

First off, OpenSea will use a two-part system to detect fakes that combine both image recognition tech and human reviewers. The company says its new system will continuously scan all NFT collections (including newly minted assets) to spot any potential fakes. Human reviewers will vet any removal recommendations.

“Our new copymint prevention system leverages computer-vision tech to scan all NFTs on OpenSea (including new mints). 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,” wrote OpenSea’s Anne Fauvre-Willis in the post. The company says it has already spotted some fakes with its copymint …read more