OpenSea Launches New CopyMint Detection Tool!
The biggest NFT Marketplace by volume has just recently announced their newest tool to help battle against the ongoing issue of art theft in the NFT space.
The New Tool
In the NFT Marketplace’s recent efforts of helping bring more authenticity to their platform, OpenSea has recently announced the launch of their new Copymint detection tool.
We’re launching a new copymint detection system today that can identify exact matches, flips, and fuzzy copies within seconds of a mint.
Check out this video from Mitch, one of our engineers, showing the system in action! ⚡️
More info 👇 pic.twitter.com/IPKo0eJlac
— OpenSea (@opensea) October 31, 2022
For many years now, Copymints have been a big issue that plagued many NFT marketplaces, scamming many investors out of their money. Scammers would do this by ‘copyminting’ or ‘copycatting’, posing their own NFTs to look like an NFT from another larger project, causing investors to purchase the fake replica NFT that would often look and/or have the same name as another collection.
OpenSea’s new Copymint detection tool aims to help solve this massive issue by quickly detecting and flagging any NFTs or projects that it views to be exact replicas or flipped and fuzzy NFTs seconds after its launch.
OpenSea’s New Features
This new tool follows a number of changes and new features that the NFT Marketplace has been adding to its platform in an attempt to improve users’ experience.
Just earlier in October, OpenSea also added some new massive changes including new analytics features which are currently still in its beta stages and available only for a handful of users.
Although it’s known to be the number one NFT Marketplace in the world, OpenSea’s total daily users have been seen to have significantly drop in its numbers these past couple of months compared to that of earlier this year. It’s perhaps because of this reason that OpenSea has seriously taken to tackle some of the biggest issues on its platform including copymint and wash-traded collections in order to improve users’ and investors experience on the platform.