OpenSea Brings New Changes to Crack Down on Fake NFTs

Written by C, Fiona

Last updated: 2022-05-12

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OpenSea – the biggest NFT marketplace, hopes its new changes will help detect fake NFTs.

At long last, OpenSea may have finally fixed its fake NFT problem. The largest NFT marketplace announced some new features in a series of blog posts today. All in all, it believes these updates will both smooth out its verification process and reduce instances of copymints and fake NFTs.

Will These New Updates Make a Difference?

The two issues that OpenSea is attempting to tackle have plagued it for months. Namely, its vague verification process, and the mass of fake or plagiarized NFTs on its platform. To be sure, these are issues that the NFT community has long clamored for OpenSea to solve.

Of course, verification is a huge deal for NFT projects. It’s one of the primary ways users can tell real NFT projects apart from fake ones on OpenSea. As a matter of fact, OpenSea acknowledges its verification issues in one of the announcement blog posts, saying:

“We’ve heard from our community that eligibility for verification and badging is opaque and the process is slow and cumbersome.”

As a result, OpenSea is retooling its verification system, laying it out so people know more about the process. The steps it’s taking are as follows:

Switching to an invite-based system, expanding the number of NFT creators who can verify over time
Updating the collection badge process for verified accounts to request badging
Streamlining the way creators get notified to begin the account verification process
A 7-day time frame for responding to verification and collection badging applications

As for the mass amount of fake NFTs and copymints, OpenSea is also trying to create a safer platform for users. In the same announcement, the platform stated that it will use image recognition technology. In addition, it will add on more human review to act on user reports.

Hopefully these new updates will solve some of the long-standing problems OpenSea has faced with fake NFTs. Although NFT holders have complained about OpenSea in the past, if these new updates are successful, it will obviously be a good thing for the entire NFT community.