The NFT hype is everywhere! The hunt for blue-chip NFTs is now a full-time position, and NFT collectors are always looking for rare digital collectibles for their collection. Reports of scams and frauds perpetrated through malicious websites, fake NFTs, etc., are at an all-time high, amounting to losses exceeding $1,000,000 daily. Unfortunately, with the current state of the market, this trend will only get worse.
This article will explore security in the NFT space and the best tool to protect yourself from fraud.
Security in the NFT space
The digital art space is an industry as old as household computers. However, since NFTs became hot property in 2021, the market has been dominated by reports of fraudulent NFTs.
There have been gallant attempts to curb this menace using tools (some that you may be familiar with already), but the success rate has not been near good enough. We continue to get new reports of NFT scams.
There may be some merit to a tool that acts as a universal ‘two-factor authenticator’ that works to protect every NFT buyer, seller, and creator.
Scammers are becoming more sophisticated
Scammers are evolving to stay ahead of the protection measures and tools in the market. For example, counterfeit marketplaces often copy the style and layout of authentic pages. People often buy counterfeit NFTs from these sites and even compromise the security of their wallets.
Some scams involve altering embedded data, a simple screenshot, fake pages or Discord servers, etc. Sometimes, it is as simple as duplicating an authentic artwork and listing it for sale without the creator’s authorization.
The market is ready for a product that offers a fresh perspective on security in the NFT space – a product like REV3AL. REV3AL prioritizes the safety and protection of the NFT community across all levels – creators, buyers, sellers, intermediaries, and marketplaces.
What is REV3AL?
REV3AL is the tool made for the NFT community to assure certainty and security. It creates multiple authentication layers that make it almost impossible for scammers to peddle fake NFTs.
Just as its stylized name implies, “REV3AL” confirms legitimate NFTs and reveals scams.
How does REV3AL work?
REV3AL creates a system that encrypts its underlying tech authentic NFTs to help anyone confirm its authenticity. It works like a biometric verification system for NFTs.
A sound biometric verification system will confirm or refute any identity claims using thorough background checks involving multiple authentication layers such as facial recognition, saliva testing, blood sample, etc. Statistically, the odds are not in your favor if you’re not 100% authentic.
REV3AL’s technology utilizes multiple authentication layers to accurately and promptly differentiate fake NFTs from real ones.
REV3AL’s security solution
REV3AL’s security solution is based on three core principles:
OVERT, COVERT, and FORENSIC
Overt – non-physical or non-interactive features.
Covert – features that are not openly displayed.
Forensic – features that need a thorough investigation to verify.
REV3AL incorporates these three categories in its protection and security framework.
- Artists and creators authenticate their work by adding watermarks, digital stamps/signatures, or images to their digital assets with REV3AL’s technology.
- Primary and secondary buyers verify and upload the REV3AL layer of their purchased digital assets.
- Hidden encryption will be verified against a registered archive for security.
As a creator or an investor, you want security because you invest money, time, and effort when dealing with NFTs. With a market that’s not fully matured, security is underdeveloped because of unreported theft, poor regulations, etc.
Solutions such as REV3AL’s authentication service provide market stability and give both creators and investors increased confidence to operate in the NFT industry.