Is a fake NFT even a real thing? And, we’re not talking about all the NFT scams or rug pulls. No. We’re talking about actual counterfeit non-fungible tokens. Technically speaking, you could consider this rug pulls too! However, here we’re talking more about plagiarism, copying, and stolen artwork – something you do NOT want to invest in.
Understanding how to spot a fake NFT ensures that you put your money in collections that are really worth the money! Fakes and forgeries can be found in almost every single industry in the world, even a virtual one! Counterfeit NFTs started with the rise of the non-fungible token industry itself. And, it poses a huge issue to both creators and buyers alike!
WHAT IS A FAKE NFT?
First, you have to understand how the hell are people able to create a fake NFT under all these secure blockchains! Well, it all started with people abusing the minting mechanisms of NFT marketplaces – especially on OpenSea! OpenSea allows people to create NFTs with lazy minting that allows them to list NFTs without minting them. This means the NFT will not be “minted” on the blockchain until the NFT is already sold!
So, by the time anyone notices the red flag and the fraudulent account, it’s already too late! However, if OpenSea does get wind of the fraud, they use delisting and banning. And, they even took it a step further by adding strict limits to free minting.
This is what they said about it: “Over 80 percent of the items created with this tool were plagiarized works, fake collections, and spam.”
Rarible also took initiative by implementing a human-moderated verification system where sellers/creators link their social media accounts. Now, that’s great news for us! But, it is smarter to be aware and do your part just so you don’t fall victim to it! Keep reading to find out how to spot a fake NFT below!
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HOW TO SPOT A FAKE NFT?
NFT LEGIT CHECK
▢ A lengthy bio – One of the easiest ways to spot a fake NFT account is their bio! If it’s empty or looks extremely sloppy in describing the artwork, it’s probably stolen!
▢ Consistency – Also, another great point for authentic artwork is the consistency in what they have to offer. If the account seems like an NFT garage sale with random assortments, RUN!
▢ Description – Almost all reputable NFT marketplaces require that you put in a description of the artwork you’re selling. Someone trying to sell a fake NFT probably wouldn’t go through the effort of adding a legit description.
▢ Price to Value – One of the coolest things about this industry is that everyone knows what each NFT is worth. If you find a piece that is overpriced or suspiciously cheap, it’s probably a fake NFT! If the deal seems too good to be true, that’s because it probably is.
▢ Authenticity Check – Also, you can do a reverse Google image search to check the authenticity of the non-fungible token. And, most marketplaces feature a blue checkmark next to the creator’s account name if they’re the real deal! So, make sure you use a legit marketplace!
FAKE NFT TOOLS
And, to help you learn how to spot a fake NFT, you can always use different NFT tools! Some people have developed methods to automatically search for fake and counterfeit non-fungible tokens. Making the NFT world a better place… Not all heroes wear capes! These tools include:
It uses image recognition and automatically issues takedown requests on the behalf of artists and creators for a fake NFT. Its developers are trying to create a blockchain-scale system to verify legit collectors, artists, and sellers.
The vigilante of the NFT world! Their Twitter account documents plagiarism, fraud, any fake NFT, and other crypto issues! Basically keeping people in the know on all kinds of shady business in the industry!
– DevianArt Protect
Finally, another great tool to spot a fake NFT is DevianArt Protect. It is an image recognition software that helps safeguard artists from theft and counterfeit work. It works through takedown requests and notifying artists of art theft.