OpenSea is Laying Off Employees Amid 'Economic Instability'

With NFTs growing in popularity, scammers are using various tools to replicate the popular NFTs and sell them for profit. So to counter them, the biggest platform for NFTs trading – OpenSea, announced new plans.

These include verifying the NFT seller account and also the badging system. While this should limit the scammers’ participation on the market, OpenSea says it will also use both computer and human resources to scan and vet out the fake NFTs from it’s platform.

Thwarting Fake NFTs on OpenSea

The rise of blockchain-based digital art (NFTs) has also given rise to new types of scams. Some of which include replicating a popular NFT and selling to unsuspecting users for profit. Scammers, in some instances, have so far posed as the employees of a famous NFT company and sell unworthy art.

Thus, to cut off all such scams, OpenSea announced (12) new plans for it’s platform participants. This includes verification of seller accounts with at least a worth of 100 ETH (around $200,000). So anyone who wishes to sell with a verified badge should already have made sales or hold NFTs worth 100 ETH.

Verification includes noting and checking the seller’s profile name, username, email address, and a connected Twitter account. Further, OpenSea will use a combination of both computer and human resources to spot and dump fake NFTs.

It is said to use computer vision to scan through all the NFTs on it’s platform, including the newly minted ones, and compare them against a set of authentic ones in it’s database. And on spotting the fake ones, these would be rechecked by it’s human employees before deciding to delist.

OpenSea claimed to have put this into practice already and spotted some fake NFTs successfully.

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