The digital revolution has modernized global systems, ushering in the golden age of global communities as it removes physical and traditional barriers. However, due to technological advancements, traditional vices such as theft, fraud, and counterfeiting have evolved and gained sophistication. Hence, as technology provides novel solutions, it simultaneously motivates fresh concerns.
A market dominated by frauds
Following the bull run of 2021, fraudsters, scams, plagiarisms, and thefts continue to plague the NFT market space. There have also been increasing reports of thefts and artwork reproduction without the artist’s consent or knowledge.
Marketplaces like OpenSea have become the site of unregulated bots and human activities. OpenSea permits the creation of NFTs using “lazy minting.” That means users can create NFTs without writing them to the blockchain. Scammers can also list as many stolen items they want since sellers do not pay fees until their NFT is sold.
These growing concerns have negatively affected the public perception of the market. The deteriorating reputation of the NFT space has also impacted other industries in the online space.
How anti-counterfeiting tools work
Industry watchdogs have quickly reacted, introducing different anti-counterfeiting solutions with varying degrees of success. REV3AL’s technology looks like the most effective tool right now. REV3AL prevents fraud and theft in the digital world, and its solution extends to all participants and asset classes in the digital asset space.
Their team has developed a method to protect the authenticity and originality of NFTs based on on-chain and off-chain technologies. It protects creators, brands, collectors, and IP owners through a multi-layered authentication and copyright protection system.
The REV3AL anti-counterfeiting tool integrates numerous levels of authenticating features optimized for different categories in the industry to provide a robust solution. The technology employs various graphic and software-based multi-factor levels of security to exclude even the most sophisticated frauds and scams.
Industries that can benefit from REV3AL’s anti-counterfeiting mechanism
REV3AL’s solution can benefit many industries, with the NFT industry at the front of the queue. Since its debut, its influence has spread to other established sectors, including entertainment, gaming, education, etc.
NFTs have proven popular among governments, NGOs, charity organizations, and profit-oriented businesses. Fraudulent donation websites and counterfeit NFTs are also part of the package. REV3AL helps validate art originality, monitor transaction history, and check the authenticity of NFTs.
The gaming industry has undergone significant change and innovation as play-to-earn games have grown more popular. The market is also vulnerable to hack and fraud attacks at multiple levels. REV3AL offers solutions that authenticate and protect in-game items like avatars and skins.
Enterprises with decentralized technologies have pioneered education in the blockchain sector, allowing students access to limitless learning materials. REV3AL’s anti-counterfeiting technology may be helpful in different ways –
- Students can authenticate their degrees on the blockchain.
- Educational professors may utilize the tool to safeguard the intellectual property rights to their educational materials and content as NFTs.
Medical records are very sensitive data. Healthcare enterprises can use REV3AL to safeguard patient records and treatment plans. Medical researchers may also use it to protect the validity and ownership of clinical trials and medical discoveries.
Since Satoshi Nakamoto launched the Bitcoin network in 2009, the crypto market has seen significant worldwide adoption. The NFT industry has the same potential, and REV3AL’s anti-counterfeiting mechanisms may be the final piece of the puzzle. The technology outperforms most of the available tools by a wide margin.
REV3AL technology can help you uncover frauds and scams by authenticating NFT marketplaces, collections, and even physical items, whether you are a business, artist, or collector.