Non-fungible tokens (NFTs) have been a hot topic in the cryptocurrency and blockchain industry for the last few years. While they are an exciting development, making digital art accessible to a broader audience and giving creators new ways to monetize their work, they have also brought unique security concerns. According to Chainalysis, scammers have profited millions of dollars from illicit NFT sales.
The different faces of NFT fraud
The NFT fraud menace is a headache for artists and marketplaces. However, it is linked to how most marketplaces allow anyone to create NFTs and auction them. Any user can list and sell NFTs without proving that they genuinely own the original art.
A popular tactic among scammers is creating replica stores. They duplicate legitimate sites to great detail to deceive unsuspecting users. The replica stores typically include codes that capture visitors’ login and payment info, with recent research revealing exponential growth in the number of stores with Rarible, Opensea, and Audius monikers.
Some scammers prefer to reproduce artwork and pass them off as original. An example is the sale of a fake NFT advertised as an original Banksy. Some scammers even set up non-existent airdrops through phony sites and pretend to reward customers with NFTs, and as the NFT market grows, there’s no telling the limits these fraudsters will push.
However, it is obvious that they are getting more sophisticated daily, and as an NFT enthusiast, you need to be on your guard. A tool like REV3AL can help you beat these scammers at their game and protect your NFTs.
How REV3AL can stop organized counterfeiting
One can quickly reproduce and share digital media, making many authentication tools and measures inefficient. NFT technology helps to prove the chain of ownership but not the actual provenance of creation. This shortcoming makes it arduous to enforce Intellectual Property, especially on tight budgets.
Additionally, owners of off-chain assets struggle with verifying the authenticity of their assets. Even NFT collectors can’t self-verify them without inspecting them on the blockchain. These inefficiencies create loopholes that scammers identify and exploit, which impacts the asset’s value.
NFTs also lack multi-factor authentication, and it’s challenging to link physical items to the blockchain. This forces users to depend on traditional contracts and agreements. The alternative is an honor-based authentication system.
The REV3AL project assesses these shortcomings to propose a single solution that addresses security fail points.
The REV3AL technology adopts a multi-layered protocol in digital assets protection. It uses three categories of security features – overt, covert, and forensic.
The overt features are visible to the naked eye, the covert ones are hidden, and the forensic features require in-depth technical knowledge to discover and understand. It embeds several authentication features within the layers as an extra security measure.
REV3AL’s self-verification feature
REV3AL technology uses a multi-factor approach that allows self-verification features that enable users to authenticate NFTs by themselves. They work through simple procedures on a user’s device and the REV3AL platform.
Besides, artists, brands, and platforms can use REV3AL’s API to integrate the technology into their minting and publishing processes. They can use the API for their NFT and non-NFT assets, giving them access to encryption and verification for their assets.
Making the world a better place
REV3AL is more than an asset protection platform; it also seeks to enhance human welfare globally. The platform will champion youth education, mental health awareness, cultural exchanges, and environmental protection with its partners. Part of its sustainable crypto agenda involves supporting causes that make the world better.