Tuesday, May, 21, 2024 02:57:47

NFT Marketplace OpenSea is reportedly adding features to enhance authenticity on the platform. These updates include a system to identify and remove duplicate NFTs.

This development comes as an overhaul to the process of account verification. Copymints are tokens that rip off other NFTs and have caused problems like marketplaces like OpenSea.

A year ago, the platform barred two collections that duplicated Bored Ape Yacht Club NFTs by mirroring the images.

Although an NFT owner is registered on the blockchain, there has been a rampant rise in copycat NFTs. In February, OpenSea stated that 80% of items removed were created using the free minting tool.

OpenSea is executing a new two-level copy detection system that will leverage image recognition technology to scan NFTs on the marketplace and collate them with original collections. The system will look for rotations, flips, and other variants. The removal recommendations will also be assessed by human reviewers.

The marketplace is laser-focused on removing copymints and offering a thriving space for significantly additive remixes. OpenSea has already started to remove offensive content and will ramp up the removal process over the coming weeks.

OpenSea’s account verification is also receiving an update. An application for invite-only verification will be available to accounts with a collection volume of at least 100 ETH.

The company intends to soon expand eligibility. Verified accounts will receive a blue badge on their collections after meeting the trading volume of 100 ETH.

In recent months, the company launched other safety features following reports of fraudsters and scams on or associated with the platform. It rolled out a verified customer support system in February.

This comes as a response to scamsters who were gaining access to the cryptocurrency wallets of users by impersonating as OpenSea employees.

Meanwhile, NFT sales have dropped by 42.85% over the last seven days. Ethereum-sourced sales were hit the hardest as they witnessed a loss of 44.83% this past week.

Source credit: