Following the massive hype around the metaverse, we have seen enormous growth in the NFT sector, with investors doling out millions of dollars for unique digital collectibles. However, with the increasing demand, NFT markets became prone to various NFT scams and other malicious activities. So, to curb these activities and authenticate sellers on its platform, OpenSea has taken steps with the introduction of new features. Here are the details.
OpenSea recently shared a couple of blog posts to announce the new changes on the platform. These include a two-part fake NFT detection system, verification of OpenSea profiles, and updated collection badges.
Coming to the changes in the profile verification and badging process, OpenSea has introduced several changes in the segment to verify legitimate sellers and helps collectors identify them on the platform. The company announced that it will open invite-based account verification for any creator with at least 100 ETH worth of NFT collection, which roughly translates to Rs 1,47,068.
Furthermore, to get their accounts on OpenSea fully verified, creators will need to provide a profile image, a username, a verified email address, and a Twitter account. Although it is a wise move to improve verification on the platform, implementing these changes would be difficult for OpenSea as one of the key factors of the NFT market is anonymity.
There’s also the introduction of the updated collection badges, which will provide a badge to those who have at least 100 ETH of volume. Much like the verification program, this will expand too.
