Opensea Adds New Icons To NFTs To Combat Knockoff Projects
Opensea added additional badges and icons onto NFTs to reduce the risk of buyers purchasing fraudulent knockoff projects.
“In the interest of further reducing fraud on the platform, we now show verified checkmarks directly on asset cards for verified projects (along with a few other icons indicating asset properties), Opensea Head of Product Nate Chastain tweeted.
The new icons that will appear on NFTs on Opensea connotate which blockchain the piece is on and the status of the NFTs metadata.
“This is big,” Vivek (ravishanker.eth) tweeted. “Bad actors were making bundles with a combo of one real NFT from the blue-check collection and several fakes. This ends that.”
NFTs, such as the Bored Ape Yacht Club, will now have an Ethereum logo badge to show that the NFT is on the Ethereum blockchain. Real BAYC NFTs will also have a snowflake to show that the metadata of the project is frozen.
The NFT community near universally applauded Chastain and Opensea for this update. Creator of Veefriends and fellow BAYC Member, Gary Vaynerchuk celebrated the update and explained that new spaces, like NFTs and crypto, need time to evolve.
“More progress,” Vaynerchuk tweeted. “Young spaces need time to evolve. I’m happy about this update.”