The non-fungible term determines that something is unique. And the major distinguisher among an NFT and a cryptocurrency, even though they are both run via blockchain technology, is that every NFT has its own unique value. A creator may build two different NFTs of a similar piece of art. Both pieces can vary in value (for instance, the one that is created first will be sold at a higher price than the other).
This authenticity for every digital asset is practicable because every token has verifiable metadata and transaction log that can assist in proving the record of ownership. And the blockchain offers the security for these tokens, maintaining every data safe and nearly impossible to replicate.
There are many ways you can check to see if the NFT you’re looking at is genuine or a copy meant to entrap enthusiastic buyers. Some of the best ways to verify the authenticity of an NFT include:
Google’s reverse-check tool: Using Google’s reverse-check tool you can find out important information about any photo or image, like how many different variants exist, how long the image has been online, and when the image was first uploaded.
Play detective on social: Social media has a way of revealing a lot about people. Go to the image’s creator’s social sites. Creators typically post content related to their works and other activities they’re interested in. This is a great way to see if the person claiming to be the creator is, in fact, the creator – or a thief. Skim the comments section under posts and see what others have to say about the creator’s works.
“You only want how much?“: It’s often said – if it sounds too good to be true, it probably is! And too inexpensive can mean stolen. An NFT thief, because they’re not a true, honest artist, won’t know how much a piece should sell for and so marks it low just to make a buck.
Every artwork is different, but every piece has value. If a specific NFT you’re watching is ridiculously low-balled, it might not be the bargain you think it is. It’s likely plagiarized.
Aside from knowing that the NFT you’re buying is genuine, you also need to be able to verify that it is unique and worth the price you’re paying for it. Some ways to check the uniqueness and rarity of an NFT include:
Browse several NFT platforms: Is the creator selling the same NFT on multiple platforms? This is one of the slickest ways sellers use to attempt fraudulent “unique” sales. By putting an NFT on different platforms, the artist skirts the tagging issue. See, each platform has its ledger and tags each NFT upload uniquely. A true, legitimate artist will choose and stick to just one blockchain. Now, this doesn’t mean that artists can’t market on multiple platforms, just that all sales should flow through only one.
Read project outlines thoroughly: One of the best ways to learn about how unique, rare, or useful an NFT will be is to read the project outline or whitepaper associated with it. These resources will tell you about the goals of the project, the technology behind it, and other critical data points.
Check the performance of past projects: You should also check out past projects from the NFT creator to see how they performed over time. If the project you’re looking at is too alike something the artist already created in the past, it may not be as unique as it appears. Data from past projects can also help you decide what factors made for successful NFT offerings.