80% are counterfeit, and the encryption market OpenSea wants to “fake” NFT

In recent years, Web3, which seems to have been "singing forward" all the way, now seems to be poured cold water on its head. The collapse of Bitcoin has dimmed the light of the once "encryption myth". The house leaked every night when it rained. On the other hand, the popularity of NFTs was not as popular as before, and "fake goods" were becoming more and more rampant.

▲ Picture from: Getty Images

As a non-fungible token, NFT's unique and unique characteristics mean that each work uploaded to the trading platform is independent. As a result, many "fakes" have also been born. As long as a piece of work is slightly modified, it is an irreplaceable new project.

▲ Picture from: Reuters

So not long ago, OpenSea announced that it was going to "fight counterfeiting". On the one hand, it was necessary to update the account verification and collection badge system, and expand the number of creators who are eligible for verification. On the other hand, there will also be a system to reduce "copymints" (duplicates) by identifying and deleting them.

Regarding account verification, OpenSea plans to switch to an invitation-based system, where any account currently collecting more than 100 ETH will be invited to apply, and the number of creators eligible for verification will be expanded in the future. Changes to this system are expected to enable verification of any real creator's account in the future, while keeping scammers out of the system.

▲ Picture from: OpenSea

As for the system for identifying works, OpenSea uses computer vision technology to scan all NFTs on OpenSea, and the system matches those scans to a set of real collectibles. Over the next few months, the platform will expand the collection of works and continue to train our models to improve detection.

Interestingly, for this image recognition technology to work, it requires a dedicated person to review the deletion recommendations made by the system, as well as continuous training of the model (it seems that Web3 is also inseparable from human beings).

▲ Picture from: OpenSea

As one of the largest NFT trading platforms, countless NFT projects are uploaded and transferred on OpenSea every day. The platform is flooded with “counterfeit goods” similar to the original, disrupting the market and confusing users who want to buy NFTs.

These floods of "fake goods" can also be regarded as the platform's suffering, but most of them are caused by the platform itself. Not long ago, the OpenSea stated in a Twitter post that more than 80% of NFTs created for free on the platform were plagiarized or spammed by other artists.

▲ Picture from: OpenSea

Such a large number of "fakes" come from the "inert coinage" tool previously launched by OpenSea. Users can easily create their own NFT without charging miner fees or prepaid fees such as ETH, but if the work infringes on protected intellectual property rights, the created NFT will be deleted by the platform.

▲ Picture from: OpenSea

Such a creative process also leads to abuse by people with ulterior motives. From this point of view, OpenSea's announcement to "crack down on counterfeiting" is also expected. Many of the platform's initiatives were originally intended to make it easier for more people to enter the NFT market, but now it seems a bit like "doing bad things with good intentions".

▲ Picture from: OpenSea

Going too fast is easy to fall, whether it is Web3 or NFT, there is still a long way to go to be "brilliant" for a long time.

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