OpenSea, the world’s initially and biggest non-fungible token (NFT) marketplace, is releasing a new copymint detection system that can find flips, fuzzy copies, and exact matches within seconds of an NFT mint. The tool was made to help make the NFT ecosystem safer, more real, and easier to trust.
Scammers often make fake copies of widely known NFTs that look like the original art in order to trick users into thinking it’s the real thing. Copymints are the name for these fake NFTs. Now, bad actors in the NFT space will have to get past OpenSea’s system for detecting copymints before they can scam users.
The news was shared by OpenSea on Twitter yesterday, along with a demo video. The video shows how the new tool can quickly find and delete an NFT that was made by copying Cool Cats NFTs.
In May, OpenSea sent out a tweet about copying and plagiarism in the NFT space. The tweet said that the company needed to build a fraud detection system that could act quickly and not give false positives. The first thing OpenSea did was update its verification system to include a system for verifying accounts and collecting badges. It looks like the new copymint detection tool is the second step.
NFT Marketplaces are a challenge to OpenSea
The NFT community and the No. 1 NFT marketplace are very excited about OpenSea’s new copymint detection tool. But OpenSea, which used to be the first and only NFT marketplace, has a lot of competitors now. This year, Rarity Sniper has written a number of stories about new NFT marketplaces. Here are our three favorite stories:
First, LG, a South Korean company that makes TVs and other electronics, opened its own NFT market called “LG Arts Lab.” On LG TVs with webOS 5.0, you can go straight to the marketplace from the Smart TV home screen.
Next, the PGA Tour just started working with Autograph to make a market for golf NFTs. Early in 2023, the NFT marketplace will open, and Tiger Woods will help make the PGA Tour NFT product.
Last but not least, the world-famous British auction house Christie’s announced that it was launching Christie’s 3.0, an NFT marketplace that will let it hold NFT auctions on the Ethereum network. The NFT art market was made in collaboration with Manifold, a startup that makes NFT smart contracts.
OpenSea is still the best secondary market for NFTs and digital assets, even though these and other markets are very competitive. Its new security tool to stop scams and protect NFT collectors and investors should make its stock worth more and give the NFT community a much-needed resource. We’ll keep an eye on it to see how it goes.