You wouldn’t want to buy an expensive painting without knowing that it was the original piece by the artist. The same thing applies to NFTs – digital assets managed on a blockchain. They have become popular among creators and artists to sell their work (music, images, videos, souvenirs, and even experiences) directly to collectors or fans.
Blockchain technology allows fans and collectors to own unique valuable digital assets. However, as with any traditional artwork, there is always a risk of counterfeiting or unauthorized duplicates.
Here are seven reliable steps to verify that you are buying a genuine NFT.
One of the best ways to verify authenticity is to ask the owner. If possible, try reaching out to the artist to ensure credibility. Typically, you can trace NFTs back to the original creator, so check social media pages to ensure the artist’s reputation. Most artists will share information about their work on their profiles. You can gauge excitement by their engagements.
2. Search other NFT marketplaces
Confirm the piece is not listed elsewhere by checking on other NFT platforms. If it pops up on another marketplace, that is a red flag! A legitimate creator will choose one platform to sell their work. The marketplace will promote the NFT drop, and buyers will place their bids there.
3. Reverse-search the image on Google
If the NFT you want to buy is an image, perform a reverse search on Google. You can do this on a desktop by uploading the image into the search engine or on mobile by pasting the URL of the image into the Google search bar. Check to make sure there aren’t several versions of the image and confirm its creation and circulation details.
4. Examine the on-chain data and transaction history
The on-chain data and transaction log can help verify the originality of an NFT. Use a blockchain explorer like Etherscan.io to check on-chain data. You will need to go to the smart contract of the NFT and look at the “Profile Summary” section to verify the official site and social profiles. If the smart contract address matches the one posted on verified social media accounts and the official site, you’re dealing with the correct NFT token address.
5. Check the NFT storage server
Fraudulent NFTs are typically stored on centralized storage like Google Drive or personal servers. Check the storage server of the NFT using tools like Check My NFT. If the NFT is stored in decentralized servers like Arweave or Filecoin, then you’re probably dealing with an original and authentic piece. If not, the NFT project may be fraudulent, and the developers could delete the attached files, leaving you with an ordinary hash on the blockchain.
6. Ensure that the price is at perceived value
Just like physical art, digital art prices reflect its value. An unusually low value for an apparently valuable NFT is not a bargain. It may be a fraudulent piece or plagiarized work. Look at similar pieces and verify their prices in the marketplace.These methods are not 100% foolproof, but they are a great start. As the future of blockchain technology includes increased demand for NFTs, the need to verify the authenticity of digital assets is at an all-time high.
7. Use REV3AL technology
REV3AL‘s technology allows you to self-verify the authenticity of your digital assets. Anyone can perform this verification through a simple multi-factor process on an easy-to-use interface on the REV3AL platform. Self-verification features as well as multiple levels of on-chain and off-chain authentication protect digital assets from alteration, misused, and duplication.
One of REV3AL’s authentication processes employs a similar system as GIA, the international diamond standard. The model etches a unique identifier to each diamond to verify its quality and value. This identifier provides an extra layer of digital asset protection for artists, creators, and collectors.