While reports of counterfeit digital arts continue to make the news, it is not a problem peculiar to the NFT space. Since time immemorial, art collectors and enthusiasts have always faced the problem of authenticating their collectibles.
Imagine a collector travels from Australia to Paris to buy an expensive Monet painting. Then, he finds out (after a few months) that he paid millions of dollars for a fake. We know it is breaking news material, but what happens in the aftermath?
- Victims share their experiences on mass media.
- The museum/gallery (business) has lost its credibility.
- Collectors and creators look for new and trustworthy marketplaces.
Unfortunately, this sequence happens too frequently in the NFT market. People regularly fall victim to bad actors, but a simple solution – a system to authenticate collectibles – can help avoid this problem.
The question is, how can you create a reliable system of NFT value transfer? The simple answer would be to figure out a way to identify and deal with fake-proof NFTs. This article explores these issues and offers solutions to NFT enthusiasts.
Managing NFT scams
People typically ignore NFTs and avoid engaging in the industry after falling victim to NFT scams. Fake and hoax NFTs end up as worthless JPEGs in your wallet. And the negative media coverage of the NFT industry worsens the fear, uncertainty, and doubt (FUD) that accompany each scam project.
How would a solution to build trust and maintain transparency help the NFT industry?
REV3AL introduces a unique identification technology to the NFT market. This innovative system offers a solution that protects marketplaces (as businesses), brands (as creators), and value (as collectors).
Managing NFT scams using REV3AL
NFTs are online collectibles and assets. Bad actors who create and distribute counterfeit NFTs will duplicate fast-selling items. Most people believe NFTs are safe because they are minted and stored on the blockchain. NFT technology proves ownership on the blockchain.
The fantastic art and images are just visual representations of the token. Anyone can save the image and use it on another token, and it would be almost impossible for the untrained eye to tell the difference. An unsuspecting buyer may end up as the owner of an expensive fake while the original is safe in the owner’s digital wallet.
REV3AL provides a robust solution that extends to marketplaces, creators, and collectors to deliver reliable and consistent results in response to authenticity queries.
How does REV3ALtechnology work?
Centralized exchange accounts double as digital wallets, especially among active traders. While decentralized wallets rely on mnemonic phrases and private keys, centralized exchanges use more relatable measures such as OTPs texts, e-mails, authenticators, etc., which could be annoying but worth it.
REV3AL runs on the same framework, but it is faster and less annoying. How does it work?
REV3AL embeds digital signatures, stamps, and watermarks into NFTs as an extra layer of authentication. Retail buyers can easily verify and upload the authentication layer of the purchased NFT. These additional layers are like adding a different lock to your doors.
The tech also adds hidden encryption as extra security layers. The layers of confidential encryption are verified and stored in a secured archive.
REV3AL breeds trust. As a business, working with REV3AL allows your users to operate in accessible, safe, and secure open markets, which ultimately improves the faith among all participating parties.
According to reports, about 80% of free mint NFTs on OpenSea were fake collections. If it continues unchecked, NFTs and marketplaces will remain vulnerable to counterfeits. REV3AL is the solution that brings peace of mind to the NFT community.
Creation with authentication, collection with verification.