There is no denying that the NFT industry is rife with plagiarism. Scammers are running rampant with dozens of fake NFT collections created every day which ultimately get sold to unsuspected customers.
I understand this space can be daunting. But don’t worry, I am here to help. In this article, I will be going over how NFTs are authenticated and how to avoid fakes. So without further ado, let’s dive right in.
How to authenticate NFTs?
Users can authenticate NFTs by examining the smart contract. You can do this by using a blockchain explorer to search for the metadata tied to your NFT address. This includes the token ID, transaction history, and the collection address. Once you have verified this information you will need to check it against the original creator’s contract. You can do this by examining the blockchain and market places histories. If it matches then it’s authentic. It is also worth checking the transaction history for suspicious activity.
Best platforms for NFT verification
Etherscan – If you are using Ethereum then you can check the on-chain information through Etherscan. Simply enter your wallet address in the search bar. You will then find the contract information for your NFT. This includes the time your NFT was sold and the corresponding wallet address.
Solscan – this is a great alternative if you are using Solana. Users can easily verify NFTs by searching for collection contract addresses and matching them with their own NFTs. Not to mention, it is also paired with Magic Eden so you can easily navigate between the two.
How to avoid fake NFTs
Check Social media – follow the NFT creator’s social media profiles to check for announcements. They may include key information ahead of time such as the total supply, collection address, and the marketplace it will be released on. Usually, they are released on one platform. It is worth noting that scam accounts dominate social media so be vigilant. Check for verification if possible. It’s also usually a good sign if reputable crypto influencers are following and supporting the accounts. One major red flag is if there are a large number of bots following the account.
Research the Team – You can avoid fake NFTs by picking established teams with a proven track record. Avoid anonymous teams at all costs as they can easily scam users without any backlash. It’s also worth checking the website. Ask yourself if the website looks professional and well-developed. If it’s slow, poorly written, or plagiarized then this raises concerns.
Examine the selling price – this is an obvious way to spot fakes. Ultimately, if the selling price is too good to be true then it’s probably fake.
Although there are many fake NFTs in this space they are relatively easy to verify. From etherscan to solscan there are plenty of platforms that allow you to verify your precious NFT collection. So with this information, you can hopefully rest easy tonight knowing your NFT collection is legit. Thanks for reading.
Want to learn about 5 reasons NFTs are bad for artists? Click here to view my previous article.