Home Shayne Heffernan on Investments 7 ways to verify the authenticity of NFT collectibles

7 ways to verify the authenticity of NFT collectibles

by Avery Smith

Non-fungible tokens have proven to be a force to reckon with in the digital space. It has fascinated a lot of NFT enthusiasts and non-NFT enthusiasts with unique artworks, videos, and other amazing collectibles.

Digital artists can now easily sell their artworks through the NFT technology, safeguard their ownership, and get handsomely paid for them.

But even with the massive success of this space, there are also some issues prevalent in the NFT space among them is the issue of authenticity and authorship.

There are a lot of copycat NFTs flooding the marketplace, deceiving people into buying worthless NFTs,  but there are still ways for you to verify the authenticity of an NFT. They include the following;

1. Certificate of authenticity

Generally, you can verify an NFT collectible from the issued digital certificate of authenticity which is similar to a hardcopy certificate, but the former is built on a blockchain.

The certificate of authenticity contains information like the name of the creator, serial number, date of creation, and other vital info.

This should normally help a collector track and verify a piece against counterfeits, but not all NFTs are built on the blockchain, and some who claim to have it built on it may be fake. So don’t limit yourself to just this method of verification.

2. Verify the metadata

This is done on the smart contract. What you should look out for on the smart contract are the unique hash, token name, symbol, and link to the collectible.

3. Verification services

You can verify ownership with a standard NFT service provider. They work with most legitimate NFTs creators, so if an NFT is a counterfeit they will detect it.

The downside is that they can’t tell whether an NFT collectible was stolen before it became an NFT. This can lead to copyright infringement charges in future

4. Google

Google is your friend, so before buying any NFT collectible or artworks use Google to verify that there are no other replicas or copycats of the artworks.

This is because NFTs are rare items and it will defect the whole purpose if copycats of them are being sold to other people

5. Social media background check

We are in a digital era which means most people display things about themselves online. To verify whether the NFT artist is a scam or not you can detect it from their social media page.

What do they post about and what are people saying about them? All these you can easily verify from their social media page if you look deeper

6. Check different NFT marketplace

This is to ensure that the artist you want to buy an NFT from is not selling the same artwork or collectibles on other platforms.

7. Verify the price from a legitimate NFT marketplace

This is because if the price of a piece seems too good to be true, most likely it is a scam, so verify it before buying a useless piece.

Conclusion

The NFT space is still maturing, so, understandably, there will be authenticity and authorship issues. We hope that in the nearest future a standard verification system for NFT is built.

But before then ensure you conduct thorough authenticity research with help of the above tips before collecting NFTs. If you have any tips on how to verify the authenticity of NFTs kindly share them in the comment section.

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

© 2023 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.