Popular NFT marketplace where users can discover, collect, and sell blockchain-based digital assets, OpenSea, announced it is introducing a new copymint detection system capable of detecting flips, fuzzy copies, and exact matches within seconds of an NFT mint.
OpenSea claims that this tool will make the NFT ecosystem more secure, real, and trustworthy.
Imitation and plagiarism are rising problems that undermine trust in the non-fungible token (NFT) ecosystem. They lead to scams and thefts – the most significant barriers to widespread NFT adoption today. NFT scams occur when users sign a message after connecting their wallet to a malicious website that claims to offer free mints or other (false) benefits. While these malicious links can be found all over the internet, including on Twitter and Discord, scammers also try to spread them on NFTs marketplaces, like OpenSea, via fraudulent collection listings and unwanted NFT transfers, so OpenSea created this tool to keep the NFT community safe.
They announced this via a tweet along with a demo video that demonstrates how the new tool for NFT authenticity can quickly locate and delete an NFT created by copying Cool Cats NFTs.
Also, on May 11, 2022, OpenSea tweeted about plagiarism and imitation as a growing issue in the NFT space. According to the tweet, the company needed to develop a fraud detection system that could act quickly while avoiding false positives.
OpenSea said they updated their verification system to include an account verification and badge collection system while the new copymint detection tool appears to be the next step.
This new copymint detection tool has piqued the interest of the NFT community. It will prevent scams, protect NFT collectors and investors, and should increase the value of OpenSea’s stock, and provide a much-needed resource to the NFT community.
While this sets OpenSea apart from its competition: TokenTax, BlockParty, Rarible, Coinbase NFT, Crypto.com NFT, East NFT, Foundation NFT, GameStop NFT, Binance NFT, and others, we are keeping our fingers crossed for how they’ll choose to respond to this innovation.