Jul 21, 2022
Blockchain Analytics
Autentica Blockchain Insights — The search for NFTs
Do you want to find out if your NFT is a copy? If you don’t, keep reading to find out why you should.
After months of hard work, we’re pleased to announce the release of Autentica Blockchain Insights, a place to search for fake and duplicate NFTs on the Ethereum and Binance Smart Chain network.
When publishing this article, we scanned over 4.5 million NFTs and found that over 2 million (43%) are copies of 57,000 NFTs.
Our report is chronological, dating back to 2018, and the numbers show that this situation is becoming more problematic.
Why do we care?
Autentica is a technology company committed to empowering and safeguarding the creators of the world, and this is why we decided to create the Autentica Blockchain Insights. We want anyone to benefit from the value of blockchain technology and help bring mass adoption to the NFT industry. Newcomers looking to invest in an NFT project are unlikely to have the knowledge to do their own research and due diligence, and scammers exploitation techniques are getting increasingly creative.
How does it work?
We are able to scan the Ethereum and Binance Smart Chain network, using our technology to detect which NFTs are suspicious. We then identify if they are duplicates, which collection the duplicate NFTs are originally from, how many of them are there, and where they are listed.
This is an example of the BoredApeYachtClub (BAYC) NFT #1440 collection that, in the 4.5 million NFTs we have scanned so far, we identified there are three copies. By selecting the copies, users are directed to Etherscan (etherscan.io) to see full details directly from the blockchain, including the last sale price, the current owner and the marketplaces where the NFT is listed, which in this case were Opensea, LooksRare and X2Y2.
In this example, of the Otherdeed for Otherside collection, NFT #12740 was so far found to be copied four times and on the ERC-721 contract standard.
What do we do now?
Our goal is to grow awareness of this problem, and that is why we are offering our insights for free to anyone who wants to find out if an NFT is authentic or a duplicate.
Our work continues as we follow our roadmap to include Polygon and other EVM-based blockchains in our tech stack by the end of the year.
We’re seeing some movement from NFT marketplaces that have created technology to flag potential duplicate NFTs — a great step in the right direction.
We hope our insights report will help create widespread participation to solve the problem of fake NFTs in our industry.
