Fake or Counterfeit NFTs Full Explanation guide | How to check and authenticate originality of NFT-Process, Steps, guide, points
NFT, Non-Fungible token has taken its peek within year 2022 as the amount rose to $25 billion plus and counting according to report by Crypto financiers. With the rise in valuation, scammers and fraudsters finding new ways to cheat buyers with fake, circulated, copied or in basic terms Counterfeit NFT’s.
To acquire an NFT Asset online there are certain measure and authentication you need to check for the originality to keep yourself away from getting scammed. NFT scammers are creating fake NFT and make it appear original to the new buyers as the understanding of NFT has not been that much in the market yet. Let’s understand the concept of Counterfeit NFT and how to authenticate NFT.
What is NFTs ?
An Non-Fungible token ,a type of electronic cryptographic token that is been created for particular asset and is been sold to the buyers on a particular block chain. Understanding the fungibility by example, if your mate owes $100 in cash to you, it doesn’t matter which $100 bill they give you-they are fungible. Same scenario is been replicated on crypto tokens for denoting their value.
Because of this, NFTs are not interchangeable as all the NFTs have their unique identity which makes them powerful tools used as a proof of authenticity within the digital spaces. After the valuation of NFT has become popular in the market ,scammers have found their way to cheat buyers with many methods. Users are not aware of the knowledge or having no attention to detail which makes it more prone to scammers side. We are going to understand what is it need to authenticate yourself for NFT and how it can be done to protect yourself from the ongoing fraud and scams in the NFT industry.
What is Fake NFT | Counterfeit NFT | How to know
Understanding the behaviour of counterfeit NFT as we know all NFT’s are unique and different but how will you make out which on is original and fake. What happens here, Creator created a unique NFT identity and scammers copied the creators work ,minted the NFT project and sold it to the buyers on official release claiming that it is the original. However, in this scenario, The original creator don’t approve this practise and there is no consent of original creators. In simple terms, your work stolen by scammers and minted it to get profit. To avoid this it is necessary to do NFT authentication for everyone while buying NFTs.
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NFT Authentication -Guide, full explanation
NFT authentication is a simple process by which you can easily check the validity of original NFT can be verified to make sure it is legitimate.A step by step process to make sure thay you are buying an originla NFT not a fake one.
There are basically 2 points checked for legitimacy of the NFT which are as below :
Authenticity : Authenticity of NFT means that ownership of NFT creator can be traced backed to its supposed created source from where it is been told by the creator person who created it.
Originality : It play an important role in deciding the rarity value of NFT token. It describes that NFT work which is created is unique or different than the fake NFT which is being copied and then minted for scamming.
How to authenticate NFTs | How to check the originality of NFTs
How to authenticate Nfts |How to check the originality of NFTs
Checking Fake Nft’s
To check the authenticity of NFTs many suppliers and platforms have brought out some guidelines which are as below :
Direct Contact
Some NFT marketplace take their own responsibility to check the authenticity of the NFT you are purchasing with them .Generally it happens to be available for the higher bid value NFT token ,in such scenarios ,you can directly communicate with the creator,auction houses or Marketplaces etc.
Digital Authenticity Certificate
Second tool to check the authenticity of the NFT token is to look for the NFT digital certificate which holds the information like Token identity
creators digital signature
Collection serial number
All NFT in the market have this information released .
Block chain Explorer
Third Tool is the important relying source in the Industry.Blockchain explorer gives you the information about the
transactions
wallet Info
Token data
minting info
rarity of minting process
all these above points can be checked in blockchain explorer of any exchange.It is widely available in all the exchanges now for the users to use publicly available data for validating ownership and originality of NFT.
FAQ’S
Can we check Nfts originality ?
Yes
Is there any fake Nfts also ?
Yes
How to check the authenticity of Nfts ?
Read the process in above article.
Can we check Nft digital certificate ?
Yes
