Home LATEST NEWS HIGH TECH OpenSea wants to curb the counterfeiting of non-fungible tokens

OpenSea wants to curb the counterfeiting of non-fungible tokens

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The company estimated in January 2022 that more than 80% of digital works created for free on the platform were fraud, plagiarism or fake collections.

But now the platform wants to limit this scourge by means of a system that will take care of detecting fake JNFs and will check the accounts that put them on sale.

What are non-fungible tokens?

Non-fungible tokens (non-fungible tokens, Where NFTs, in English) constitute a kind of certificate of authenticity for a work, whose ownership history is preserved and publicly accessible thanks to blockchain technology.

Among the changes announced for users are the removal of fake copies (copymints) of JNF using an automated image recognition system. This will constantly review all the collections published on OpenSea.

The system compares [les images] to a set of authentic collections, starting with the most copied collections – we look for inversions, rotations and other permutationssaid Anne Fauvre-Willis of OpenSea in a blog post.

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Spotted irregularities turn into takedown recommendations, which are then sent to a team of human beings responsible for reviewing them.

We are committed to finding the right balance between removing copies and allowing edits to thrive (remix) that make a substantial contribution. »

A quote from Excerpt from OpenSea blog post

The company said it had already managed to detect fake JNFs using its technology, which it plans to expand in the coming weeks.

Verified accounts

Accounts with a volume of at least 100 ethereum (a cryptocurrency, i.e. approximately C$267,000), on OpenSea will now be able to obtain badges which are used to tag particularly popular JNF collections. These accounts will have to be verified by the platform – as is done for example using a blue checkmark on a Facebook or Twitter account.

It will therefore be necessary to have a large collection to be invited by OpenSea to obtain this guarantee of authenticity, a criterion which will be extended in the future, according to the company.

A profile name, username, verified email address and connected Twitter account will also be required for account verification.

These new requirements should discourage thugs, who often choose to attack JNFs because of the anonymity (pseudonyms, fake websites, etc.) that prevails there.

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