OpenSea announced today in a series of blog posts that the company is rolling out digital marketplace features that “enhance authenticity.” The updates include a new system to detect and remove fake NFTs, and overhauls to the account verification process. “Copymints” are tokens that steal other NFTs and have been shown to cause identity security issues for platforms such as OpenSea.
Last year, the platform banned two series that mimicked Bored Ape Yacht Club NFTs by flipping pictures. While the owners of NFTs are recorded on the blockchain, counterfeiting remains rampant. In February, OpenSea said that more than 80 percent of the offending projects it removed were created with its free minting tool.
OpenSea says it is implementing a new two-part copy detection system, noting that copies make it harder for users to find authentic content. The company said it will use image recognition technology to scan NFTs on the platform and compare them to real collectibles, looking for flips, spins and other variations, while human reviewers will also look at takedown recommendations.
“We’re committed to removing replicas and making room for those substantial value-add retrofits,” the blog post reads. OpenSea said it has begun removing offending content and will expand that process in the coming weeks.
Account verification for OpenSea will also be updated. The invite-only verification app will be available to accounts with at least 100 ETH in amount, and the company says it plans to expand eligibility soon. Collectibles can earn blue badges when the verified account owns and meets the 100ETH trading volume.
OpenSea has rolled out other security features in recent months as there have been reports of scams and fraudsters on or in connection with the platform. In February, the company announced a verified customer support system, a response to fraudulent criminals posing as OpenSea employees and gaining access to people’s cryptocurrency wallets.
