OpenSea Rolling Out Features to Block ‘Copymint’ Bandits
Categories: US NFT
As the NFT garden continues to blossom, issues such as fraud and plagiarism are inevitably hindering trust in the space. To address this, OpenSea, the world’s largest NFT marketplace, is putting measures in place to reduce fraud while improving authenticity. The marketplace announced in a series of blog posts that it would be introducing two changes to the platform:
OpenSea says it will be implementing a new two-part detection system as copies make it more difficult to find authentic content on the platform. It will also use image recognition technology to scan NFTs on the platform and compare them with authentic collections, looking for flips, rotations and other variants.According to one of its blog posts, OpenSea is “committed to threading the needle between removing copymints and giving space for those substantively additive remixes to prosper”. The marketplace has already started removing offending content and will scale up the removal process in coming weeks.
The changes OpenSea aims to implement come at a good time, as the marketplace has suffered various blows to its reputation in 2022. Earlier in the year, a former Bored Ape Yacht Club owner announced he would be suing OpenSea for US$1 million in damages after his Bored Ape was stolen from his crypto wallet. Mintable, another NFT marketplace, also recovered three NFTs stolen in a phishing attack on the OpenSea platform.