NFT scams: OpenSea is revising its verification process

The most popular marketplace for selling NFTs, OpenSea is also a mine for scammers. The platform has decided to change things.

A stricter system for creators

Faced with the wave of scams raging on the platform, it was only a matter of time before OpenSea responded. In fact, the advent of the Bored Ape Yacht Club collection, as popular as it is subject to an infinite number of scams, has constantly called into question the site’s security as well as its seriousness.

In order not to damage its reputation, OpenSea has finally decided to solve the problem by changing its verification process. The transformation will take place on two points: verification of creators and obtaining badges as well as automatic detection of fraudulent copies.

The creators of unauthenticated non-fungible tokens as well as their collections will thus be able to benefit from a badge as the eligibility conditions have been extended. To take advantage of it, you still need to offer quality content and above all wait for the marketplace to invite you to report.

To begin with, any account that has a collection of at least 100 ETH in volume will be asked to request confirmation. We plan to expand the eligibility soon and introduce additional factors, such as the presence and activity on Twitter and Discord, when deciding who is eligible for verification.

Excerpt from OpenSea’s press release changing its validation process

Source: OpenSea Twitter account

OpenSea hopes to soon be able to extend its badge system to all users, which means that every registrant must submit to verification.

Verification on Opensea: a double-edged sword for platforms

The large-scale verification strategy adopted by OpenSea is defined in the continuity of security that plays on the good faith of the creators. It is recommended that investors approach a collection with a badge to avoid possible fraud, and thanks to the extended badge system, each creator will be able to benefit from a quality guarantee, which should enable them to sell. As for buyers, they should be able to acquire their favorite work without having to fear fraud.

However, badges can also be easily counterfeited. The system could be further developed, for example, by verifying the identity of the creators, as exchange sites do with their customers, because the authentication criteria remain easy at the moment:

When users click on the banner, they will be directed to the “Profile Settings” page, which shows the four account verification requirements:
– A profile picture
– A username
– A verified email address
– A linked Twitter account

Excerpt from OpenSea’s press release changing its validation process

Therefore, to deter scammers and other less serious users, OpenSea relies on its creators’ means and the amount of collections to eradicate possible scams: a passionate creator will have no problem using Ethereum to publish, while a scammer will be more reluctant to get their fingers in the purse strings to publish fake NFTs. The marketplace system should therefore work unless the scammers decide to submit to it graciously in hopes of making even more money on the backs of their victims.

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