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August 22, 2022

How to Verify an NFT - NFT Verification, Can It Be Done?

Since the emergence of NFTs and crypto, one of the most significant aspects they boast of is security. One of the most appealing aspects of NFTs is there can only be one, and when you own it, only you have the rights to it. How do you verify NFT art? Is it easy? Let’s find out.

How to Verify the Authenticity and Ownership of an NFT?

• #1: Check the Creator’s Social Media Accounts

The NFT transaction log is written on the blockchain network, so you can trace it back to the creator and the NFT collection it is from via the NFT’s identification number. The real NFT ID is unique to each NFT project. Once you know who created the NFT, you can look at the artist’s social media to verify their reputation.

• #2: Do a Reverse Image Search on Google

Search for other versions of the NFT you wish to purchase or already own. You can do this by doing a reverse search on Google. You may see another image of it, but that doesn’t mean it is a knockoff version. It may be a picture of your NFT, but it doesn’t someone else owns it. 

• #3: Check the Floor Price

Check the floor price of the NFT on NFT marketplaces. If the price seems too good to be true and below all other NFTs from the same collection, then something could be fishy about it and we recommend steering clear. 

Read more: NFT Floor Price

• #4: Inspect the Transaction History and Metadata

Another indisputable way to check the ownership and authenticity is through the NFT metadata. Each NFT has a unique one that helps you identify the NFT owner and creator.  

○ How to Check the Metadata of an NFT

You can access the meta NFT’s metadata by taking a look at the smart contract. Find the “details” section. You will then be able to see NFTs’ metadata, the token ID, and more.

• #5: Check the Storage Server

Where is the NFT stored? Illegitimate NFTs and NFT scams will usually store digital assets on something like Google Drive. True blockchain technology digital assets should be stored on decentralized servers.

• #6: Verify NFT Digital Certificate and ID

Does your NFT come with digital certificates? Some do, and these can be used to verify authenticity. You should find verifiable info on the certificate such as the token ID, serial number, and status.

How to Verify an NFT’s Uniqueness and Rarity

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• #1: Browse Secondary Marketplaces

In order to check rarity and uniqueness, you can browse other marketplaces. Do you see other art like it? Usually, unique art will command higher prices than 8-bit art (like CryptoPunks) which was very popular a while ago. A legitimate creator usually won’t sell their NFTs on multiple platforms 

• #2: Examine the Creator’s Past Projects

How do you determine the rarity of a digital asset? Another way is to look at the creator’s past history in the NFT space. What is their reputation in the NFT community? Is the artist creating the same NFT style or something completely unique? Do they have anything else in the pipeline? Upcoming projects may be listed on sites such as NFT Drops.

• #3: Research More About the Project and the Market

Another important way to understand the rarity of a token collection is to understand that not all NFTs are the same. Look at the proposal or whitepaper of a project. It will tell you the goals, the future plans or roadmap and what they wish to achieve in terms of milestones. You can then determine if there are similar NFTs out there that have been completed successfully.

Why it’s Important to Validate NFT Transactions + Red Flags to Know

Some may find that validating NFT platforms and token transactions is no big deal, but others may be very adamant on avoiding fake NFTs at all costs. If you verify ownership, then there is a bigger chance that you can avoid rug pulls and make sure you purchase legit NFTs. Otherwise, you are transacting at your own risk. 

Some glaring red flags to look and questions to ask how to verify an NFT’s authenticity are: 

  • There is no info about the development team (although not all legitimate NFTs have doxxed creators)
  • They don’t have much of a social media presence
  • Are the non-fungible tokens priced fairly?
  • What’s the NFT’s encoding standard?

NFT Ownership Verification in the Future

There is no doubt that there has to be some sort of verification system easily accessible in the future, so what can we look forward to? Keep in mind that nothing is foolproof in the digital world. Even if you don’t find a version of your NFT on a search engine, it doesn’t mean you shouldn’t try to trace NFTs all the way back to the creator for verification.

Whale this is something most people creating and selling NFTs can agree on, it hasn’t been implemented yet. We suggest keeping your eyes peeled and ears to the ground for new technological advancements for protection and verification. 

Conclusion

The biggest issues NFT artists and collectors have right now is how to verify an NFT. It’s more than using a blockchain explorer or checking your wallet address, or pasting your image in a search bar. Trading NFTs needs to be something people find safe. While we’re waiting for verification technology to emerge, you can follow the steps above to protect yourself. 

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