Non-fungible tokens (NFTs) have made it feasible for artists and creators to profit from their work without having to rely on art galleries or shows. However, it is important to verify the authenticity of NFTs. Digital producers can now sell various forms of media, including songs, films, photos, and GIFs, as digital collectibles thanks to the introduction of new NFT marketplaces.
Blockchain technology underpins both cryptocurrencies and NFTs. The main difference between the two is that, unlike cryptocurrencies, NFTs are non-fungible, which means that each NFT has its own independent value. There can’t be two identical NFTs. Its individuality is what makes it valuable.
Why should you check the authenticity of NFTs?
But why do NFTs need to be verified? Individuality is the explanation. Scammers are increasingly taking advantage of blockchain’s open-source nature. As a result, NFT collectors may end up with fake artwork. Validating each transaction also ensures that each NFT you buy or sell is genuine and transferred to the correct recipient for the correct amount of money. This entails verifying its validity, determining its worth, and then purchasing or selling it at the appropriate price.
You may examine who minted the NFT when it was minted, and how many people owned it using authentication. So, you know you’re getting the genuine article and not a knockoff. Every digital asset is verifiable thanks to blockchain technology, which includes a transaction log that can be used to prove ownership. Furthermore, blockchain provides security for these NFTs, ensuring that all data is secure and impossible to edit, modify, or duplicate.
How to verify NFTs
The legitimacy of NFTs can be verified using a variety of approaches. Here are various methods for confirming the authenticity of an NFT you want to sell or buy.
The first is a more technical approach to determining an NFT’s legitimacy. Users who are conversant with Blockchain can access an NFT’s smart contract. When a condition is met, smart contracts execute algorithms or a set of programs recorded on the blockchain.
You can check for the NFTs metadata in the ‘Details’ section of these contracts. When you click on ‘Details,’ you’ll see:
- The name of the NFT
- A Description of NFT
- The name of the blockchain that houses the NFT.
- Token ID for NFT.
- The metadata status of the NFT is either “centralized” or “frozen.”
- The ERC-721 encoding standard is used by the NFT.
NFT metadata, for example, cannot be changed or amended by anyone. You’ll be able to search the blockchain and marketplace archives for the owner’s address once you have access to token IDs. This way, you can keep an eye out for any new transactions or unusual activities.
NFT Verification Service
NFT verification services may be of assistance. If you utilize a service that is consistent with NFT’s coding standard, there are various NFT verification tools that will process the search for you.
These tools are simple to use and provide the quickest approach to verifying NFT ownership. Fake NFTs are also flagged by them. These services, however, are not without flaws. They are unable to demonstrate if a stolen work becomes an NFT.
Reverse check images
Using basic procedures, particularly in the case of artwork, might also be beneficial. A Google reverse check can help you find out essential information about a photo, such as the number of variants of an image that have been flying around the internet, how long the image has been around, and even the first upload date, for every NFT artwork you want to acquire.
Check the authenticity of NFTs on social media.
A creator’s social media accounts can reveal a lot about their work. It’s also a simple way to tell if someone is a con artist or a genuine artist. Examine their social media accounts, including Twitter, Instagram, Facebook, and Reddit. You might come across some useful information. Also, browse the comments section beneath their pieces to see what others have to say about their work.
Examine various NFT marketplaces
Before purchasing an NFT, look at all of the marketplaces where the NFT is being sold and at what price. Because each blockchain will have its own tags, an artist can mislead consumers by selling the same artwork on several blockchains. It’s important to note that a legitimate developer will only use one decentralized ledger.
For example, if a creator uploads an NFT to OpenSea and then to Rarible, and both mint on the Ethereum blockchain, it could still be legitimate artwork, even if it tarnishes the creator’s reputation as an NFT artist. If the same designer uploads to a different marketplace that uses, say, Polygon Blockchain, it’s almost certainly a scam.
Remember the old adage, “If it sounds too good to be true, it generally is.” Every work of art has a monetary value assigned to it. If you think you’re obtaining something at a terribly low price, way below its perceived value, it’s probably a fraud.
Last but not least
All of the aforementioned ways can assist you in determining whether or not an NFT is legitimate. Remember that while these tactics are not perfect, they can nevertheless save you a lot of time and money in the realm of scammers.