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Improving NFT Sales and Fraud Prevention Without Compromising Security

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The NFT industry has enjoyed exponential growth to become a multibillion-dollar market in recent years. Rare collector’s items are worth several hundred thousand dollars.

Although popularity is at an all-time high, NFTs are relatively new and complex to use and understand. While experts regard them as blockchain adoption ramps, NFTs also provide lucrative possibilities for fraudsters because of their popularity and sheer trading volume.

The NFT marketplace report

The explosion in the popularity of NFTs motivated global curiosity in digital art and assets. It has also inspired exciting global communities of NFT creators, collectors, and speculators. However, recent evidence suggests that some lucrative deals and high-profile NFT “purchases” may not be completely organic. 

The most lucrative NFT transactions recorded in January 2022 totaled $1.3 billion. However, only two crypto wallets were responsible for these trading activities on LooksRare’s NFT platform. Over the same period, 16 wallets accounted for the top 100 most lucrative deals, worth about $2.3 billion.

The NFT space is poorly regulated, and there are currently no laws restricting this sort of behavior. NFT sales on OpenSea in January exceeded December’s by over one million, according to DappRadar, which tracks transactions on over 30 blockchains. The market value of NFT sales in 2021 amounted to $24.9 billion.

In the third quarter of 2021, NFT marketplaces were reported to have been used to launder over one million dollars worth of illicit money. The estimate comes from transactions by addresses linked to theft, fraud, malware, the dark web, or that were subject to legal bans.

Despite the increasing number of participants, the value remains concentrated in the hands of a few traders and investors. According to a recent study published in Nature, the top 10% of traders account for 85% of all NFT transactions.

REV3AL technology arrives on the NFT scene at a critical time. It incorporates social responsibility and security into a poorly regulated space using green technologies such as Hadera Hashgraph and HBAR foundation.

How to expand NFT sales territories

NFTs have made significant strides in the English-speaking world. They have also begun to make a mark on emerging markets globally. For example, the NFT-based game Axie Infinity, created by Sky Mavis in Vietnam, has gained popularity in the Philippines, where 40% of its players reside.

NFT marketing, as a novel and innovative concept, necessitates the abandonment of conventional marketing techniques from established enterprises. The NFT space is more reliant on strong communities than any other sector. Any NFT social media campaign should aim to establish a healthy and active community across Twitter, Telegram, and Discord. 

NFT creators also need to make two critical decisions – the marketplace and the blockchain to sell their creations. 

Navigating the NFT space with REV3AL

REV3AL also offers a marketplace of uniquely curated digital artwork. The platform allows creators and IP owners to post their artwork and digital assets on a secure system. The REV3AL platform unites NFT enthusiasts, creators, and collectors in dynamic digital environments. 

The marketplace incorporates digital collectibles developed in collaboration with leading artists and top personalities globally. 

REV3AL has multiple applications across several sectors and can be utilized in NFTs, gaming, education, medicine, stock image, footage, or any form of digital media. Protecting identity and avatar authenticity in the metaverse. Others include the merchandise and licensing industry and advertising or events. Ultimately the technology could evolve to become the standard for anti-counterfeiting in the entire decentralized ecosystem.

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