Autentica Blockchain Insights: Over 2M NFTs are copies | Hacker News Reader

Autentica Blockchain Insights: Over 2M NFTs are copies

insights.autentica.io

29 pointsarturgrigor4 comments

Hi,

This is Artur, Founder & CEO of Autentica.

After months of hard work, we’re excited to share our progress with the Hacker News community!

When publishing this post, 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 are unlikely to have the knowledge to do their own research and due diligence on NFT projects before investing, as scammers use newer techniques to exploit inexperienced newcomers.

How does it work?

We can scan the Ethereum and Binance Smart Chain network using our technology to detect which NFTs are suspicious. We’re then able to define if they are duplicates, which collection it is originally from, how many of them are there, and where they are listed.

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 steps in the right direction from NFT marketplaces that have created technology to flag NFTs that could be duplicates — 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.

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If you have any questions, please feel free to ask and we will happily answer them.

I’d like to see “signed” NFTs, where people can chose to have other entities testify who the owner is. People are free to use a centralized source of truth, or just a series of peers.

Of course copies can still be made, but a chain of signatures by reputable agents/entities could be valuable.

We actually created this mechanism; however, instead of relying on people, it is based on the data from the blockchain and the fingerprints that we generate for each of those NFTs. We call it NFT Certification and if you want you can read more about it on the Technology page from our website (https://www.autentica.io/technology).

If the title sounds pretty alarming: those 2 million are only out of the 4.5 million already scanned. At the scale of the current landscape..

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