OpenSea may be closing the book on its fake NFT problem. The largest NFT marketplace revealed numerous new features in a series of blog posts published today. Overall, the company believes that these adjustments will enhance its verification methods and lower the amount of instances of copymints and fraudulent NFTs.
Could new OpenSea enhancements safeguard us against fraudulent NFTs?
OpenSea has been troubled for months by the two issues it intends to fix. Specifically, its confusing verification technique and the vast amount of fraudulent or copied NFTs on its website. Undoubtedly, the NFT community has asked OpenSea to solve these issues for a long time.
Verification is obviously essential for NFT projects. It is one of the primary ways users on OpenSea identify between real and fraudulent NFT projects. In actuality, OpenSea discloses its verification weaknesses in one of its blog announcements, stating: “We’ve heard from our community that eligibility for verification and badging is opaque and the process is slow and cumbersome.”
As a consequence, OpenSea is reworking its verification methodology in order to make the process more transparent. The following actions are being taken:
- Changing to an invite-only system and progressively expanding the number of NFT developers who can verify
- Modifying the procedure for collecting badges for verified accounts seeking credentials
- Streamlining the notification mechanism for creators to initiate the account verification procedure.
- A response time of 7 days for application verification and collection
OpenSea is attempting to make its platform safer for users in reaction to the prevalence of fraudulent NFTs and copymints. The platform declared in the same press release that it will use image recognition technology. In addition, complaints from users will undergo further human assessment.
These most recent enhancements ought to assist in resolving some of OpenSea’s long-standing fake NFT issues. Regardless matter how much NFT holders have complained about OpenSea in the past, the success of these new enhancements will undoubtedly benefit the whole NFT ecosystem.
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