What is OpenSea?
OpenSea is a decentralized marketplace for buying and selling NFTs that is changing the game. NFTs stand for Non-Fungible Tokens, which are unique, collectible digital items such as in-game assets, avatars, trading cards, and art.
OpenSea generated approximately $3.5 billion in NFT trading volume in August 2021 alone. Given that it only had $21 million in volume for the entire year of 2020, the 12,000 percent increase in trading activity is a clear sign of success.
Mark Cuban, Kevin Durant, Ashton Kutcher, and crypto juggernaut a16z have all contributed to OpenSea’s $1 billion value, giving the nascent NFT platform unicorn status virtually overnight.
OpenSea enhancing its features
OpenSea stated today in a series of blog postings that it is putting out tools to “enhance authenticity” on the digital marketplace. A new mechanism to detect and eliminate imitation NFTs, as well as an overhaul of the account verification procedure, are among the upgrades.
“Copymints” are tokens that plagiarise other NFTs, posing a difficulty for systems like OpenSea. Last year, the site outlawed two collections that matched the Bored Ape Yacht Club NFTs by flipping them. Fakes abound, despite the fact that the owner of an NFT is recorded on the blockchain. OpenSea claimed in February that its free minting tool was responsible for over 80% of the products it removed for breaches.
OpenSea is deploying a new two-part copy detection system, claiming that copies make it more difficult for consumers to find genuine content. Image recognition technology will be used to scan NFTs on the platform and compare them to authentic collections, looking for flips, rotations, and other deviations, according to the business. Human reviewers will also consider removal proposals, according to OpenSea.
Preventing scams and fraud
The blog post states that “We’re committed to threading the needle between eradicating copymints and allowing substantively additive remixes to thrive.” According to OpenSea, it has already begun to eliminate objectionable content and will accelerate the process in the coming weeks.
OpenSea’s account verification is also getting an upgrade. Accounts with a collection of at least 100 ETH volumes will be eligible for an invite-only verification application, which the business aims to expand soon. When owned by a verified account and trading volume of 100 ETH, collections can get a blue badge.
Following allegations of scams and fraudsters on or associated with the site, OpenSea has added additional security safeguards in recent months. Scammers impersonating OpenSea workers were gaining access to people’s cryptocurrency wallets, so the company established a validated customer assistance mechanism in February.