How to Validate the Authenticity of an NFT

Non-fungible tokens (NFTs) allow creators to monetize their work without relying on art galleries, centralized platforms, or show events. Digital creators can now sell songs, movies, photos, GIFs, and even tweets as digital treasures on many NFT marketplaces.

Blockchain technology ensures that collectors don’t buy duplicates, but there’s still one burning question behind the hearts of all buyers: How can I tell if the artwork is genuine, not just the downloaded copy? And how can you verify the reliability of your NFT?

Case Study

The fake Banksy NFT sold for over $ 300,000.

As cybercriminals and hackers spread the shores across the Internet, credibility becomes a major issue. For this reason, Illegal copy Or a fake NFT for sale.

Banksy is an anonymous creator who is considered one of the world’s top street artists. His real name remains a mystery, as much of the graffiti artwork he has done in public is illegal. Banksy hasn’t entered the NFT sector yet, but he believed that someone had accidentally entered.

according to CNBC, Banksy’s website posted a photo linked to the list of NFT Marketplace on September 1, 2021. NFT’s “Large Redistribution of Climate Change Disasters” was a photo very similar to the popular NFT collection CryptoPunks. OpenSea, one of the largest NFT marketplaces on the internet, was on the list. Sadly, it sold for 100 Ether and was worth over $ 300,000 at the time. The only problem is that the list wasn’t posted by Banksy or anyone related to him.

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However, because blockchain technology firmly supports NFTs, Verify the reliability of NFT It is possible to avoid such scams.

How?

Every token has its own token, so it is possible to validate all digital assets (substitutable and non-substitutable). Metadata When Transaction log, You can check. Every NFT always has information about when it was created, who created it, how many times it was flipped, and who created it. All transactions from the time a particular NFT was created to the present are always available on the blockchain by looking at its metadata.

What is metadata?

The NFT metadata contains the details of what makes up the NFT. We will disclose details such as the owner of the asset, the name of the asset, and its rarity. One of the easiest and fastest ways to verify the reliability of an NFT is to use to scrutinize the NFT’s metadata. Blockchain Explorer favorite Etherscan Or like NFT Explorer Solana Explorer..

All you need to do is find the NFT on the blockchain or ask for the seller’s wallet address. This wallet address must be the same as the address where the particular NFT is stored.This allows you to: confirmation If the supposed seller is trying to catfish.

In the case of fake Banksy NFTs, especially since he is a well-known artist, buyers can further investigate seller ownership claims in Blockchain Explorer that correlate with real artists.

Further notes

In some cases, it can be difficult to collect all the information from Blockchain Explorer and further investigation may be required. Here are some additional notes that NFT buyers can take to avoid fraud:

• Use a search engine: Technology has brought a lot of convenience.With a search engine like GoogleFor example, buyers can revisit important information about an image, such as the number of variations of the image on the Internet and other details. Information about big wigs across the industry is always available on the internet.
• Check the creator’s social media channels: It’s easy to learn a lot about artists just by looking at social media channels such as Facebook, Instagram and Twitter. In most cases, creators publish content related to their work and the latest releases. This is a solid strategy to see if a creator is posting an NFT on the marketplace or another catfisher loosely. Also, checking people’s activities under social media posts is a pointer to the uniqueness of the project.
• Another reliable and easy way to verify reliability is seek Other NFT Marketplace Platforms See if the artist is reselling the same work on another platform. Each distributed ledger has a unique tag that allows fraudsters to deceive many by selling the same artwork on multiple distributed NFT marketplaces. Genuine and legitimate digital art creators choose and adhere to a single marketplace to list their work.
• Low price: Popular NFTs listed at low prices are warning signs that NFTs can be stolen or duplicated. Uncast art is generally expensive, not to mention the rare and unique NFT art. If you are paying a small price, it is likely a scam.

Migrate to NFTs to stay credible and raise awareness among content creators, but know how to stay secure and protected so you don’t be fooled by fake NFT purchases. Is important.

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* All investment / financial opinions expressed by NFT Plaza are from the site moderator’s personal research and experience and are intended as educational material only. Individuals need to thoroughly investigate every product before making any kind of investment.

Technical writer, enthusiast of all blockchain and decentralized worlds.