Similar-image scan - the scan uses a basic AI module to look for similar items in the Ethereum network and returns the associated product page.The Ethereum scan - this scan looks for items with the same CID in the Ethereum network and returns the product page.NFT Scan analyses a subset of NFTs at 3 levels: It’s also made it easy for questionable actors to copy NFTs from other platforms - typically NFTs from the Ethereum ecosystem such as OpenSea.Īfter applying various methods to clamp down on this problem such as making it easier for the community to report on scams they knew they had to go bigger! This is where on a regular Friday night, during a catch-up call with Featured - the idea of an integration sparked. The advantages of making it easy and cheap to create NFTs also comes with it’s flaws. However, as a platform that is still essentially “open” they encountered a lot of scams on the marketplace. We have also partnered with various platforms and marketplaces in order to implement features to clamp down on this problem.įeatured by Binance is a decentralized NFT platform providing creators with the tools to mint, sell and showcase NFT creations. Web 3.0 badge: To help users check if the NFT has properly stored on Web 3.0, for example, if the asset file is decentralized, if the metadata matches the spec, etc. Multiple token detection: To help users identify how many tokens are associated with the same image. Numbers NFT Search Engine currently has 2 features that aim to neutralize the fraud we see in the industry.
I mean, one can always check the contract verification on Opensea, but that’s the “centralized” verification controlled by OpenSea.
The NFT Search Engine provides the full picture of NFTs so that users can more easily see what is good and what is not good in a decentralized way.
How Numbers is Solving This? NFT Search Engine
If you were to go into a watch store to buy a Rolex there would be a certificate of authenticity, if you were to go and buy a designer handbag it would come with serial numbers, brand tags or authenticity labels that point to whether you’re buying a real or fake. The difference between the real world and the NFT space is we have the infrastructure in place to authenticate valuable items. Frontier Economics estimates that the global value of counterfeiting and piracy is close to $2.8 trillion annually! And due to supply chain issues from Covid-19, demand for goods- counterfeit or not- has skyrocketed. We aren’t pointing fingers at the Web3/NFT space as we are well aware this is happening in the real world too. However, this doesn’t stop the problem altogether it just minimizes the volume of counterfeiting and fraud.
To curb this they’ve changed their policy to only allow a max of 5 NFT collections with 50 items per collection. While other marketplaces allow “lazy minting” too, OpenSea’s popularity and poor vetting system make it an ideal place for bots to lurk. Sellers don’t pay fees until an NFT sells, allowing scammers to list stolen items in the hopes of selling them onto unbeknown buyers. They used to allow the creation of NFTs using “lazy minting”, where users list NFTs for sale without writing them to the blockchain. OpenSea themselves revealed the shocking statistics after reversing course on a popular feature on their platform.