Authenticating Goods and Minimizing Counterfeits
Glancing back to 2021, the development of nonfungible tokens, or NFTs, are well noticeable. This phenomena is proposing a novel sense of creativity to the fields of art, entertainment, fashion, beauty, and retail, thanks to crypto-native finance bros and high-profile auction houses like Sotheby’s.
Nuts & Bolts of 一 NFTs
NFTs are units of digital content that are linked to the blockchain, which is the engine that drives cryptocurrencies like Bitcoin and Ethereum [or maybe others]. While you can nearly instantly trade one bitcoin for another, each NFT is distinct and often one-of-a-kind, and the blockchain allows buyers and sellers to verify its legitimacy and ownership.
NFTs (non-fungible tokens) have shown to be a viable solution for artists seeking to earn from their work without relying on art galleries or shows. With the various NFT marketplaces already accessible, content creators can develop and sell a wide range of media, encompassing music, movies, photos, souvenirs, and more.
Authenticity & Counterfeiting 一 A short story
Forged artwork has a thriving market. Unfortunately, the financial risks associated with the selling of fake artwork may fall on those who were not involved in the forgery. Fairlight Art Ventures LLP versus Sotheby’s & others was a cautionary tale arising from the English and Welsh case of Fairlight Art Ventures LLP v Sotheby’s & others (2020, EWCA Civ 1570). In this instance, an art investment firm was held accountable for its portion of the USD10 million sale earnings after delivering a counterfeit by Frans Hals on consignment to Sotheby’s, which then sold it to a collector. ‘The law has to fall on someone,’ one of the presiding judges said during the trial. ‘Obviously, it did not fall on the forge.’
In the United States, the Andy Warhol Art Foundation reputedly ousted its Authentication Committee in 2012 after having to face a number of lawsuits over the provenance of works attributed to Warhol, after the Authentication Committee had already famously remarked on the authenticity of those works and the opinions were used in sales of the said works.
If a buyer feels they have acquired a counterfeit in a common-law country [or in most countries], their remedy against the seller is usually limited to the law of misrepresentation, assuming there is any actionable misrepresentation at all.
The fact that in most states, there is no official record of source or entitlement to artwork to which a potential buyer can turn when evaluating the acquisition of renowned works of art adds to the debate over art authenticity & authentication. The smart contract of digital artwork as NFTs has reduced the risk of accepting a fake to some extent in the case of digital artwork. Because of the blockchain’s unchangeable and public nature, confirming the authenticity of digital artwork is easier and less questionable for a potential buyer. Buyers of blockchain — enabled digital art can use the blockchain to ascertain the provenance of the NFT-linked artwork and read the trail of each subsequent sale, which adds to their peace of mind throughout the evaluation process.
Now, since the concern of counterfeiting & authenticity of NFTs are discussed, ever wondered how to see if a piece of artwork has been cloned!?
- Of Course, technology comes to the rescue!
Always check to see how many copies of the particular artwork have been floating around the web, how long the image has existed, and even the earliest upload date, all from the comfort of your own devices.
- Analyse the developer’s social media accounts: The internet is a wonderful study of internal. You may learn a lot about an artist just by looking at their social media pages. Creators frequently publish content about their work and interests, either overtly or covertly. This is a simple technique to determine whether someone is merely a hit-and-run scam artist or a talented legend. Also, notice what people are saying about their work in the comment areas beneath their posts.
- Take a glance to see whether the artist is promoting the very same artwork on other platforms 一 Because each decentralised ledger will have unique tags, an artist can scam consumers by selling the same artwork on many decentralised ledgers. A genuine creator selects and adheres to a single blockchain. Buyers must come through one blockchain, even if he chooses to promote it on other markets in the same network.
- Price that is absurdly low 一 there is a familiar adage that “too cheap equals stolen,” and this is no exception in the case of NFTs. Every piece of art has a monetary worth, and if you’re paying a stupidly cheap price for it, you might not be getting a fantastic deal; you can be receiving copied artwork.
As we transition to NFTs in order to maintain authenticity and the counterfeiting stum block especially to enhance recognition for content producers, it’s critical to avoid becoming entangled in the counterfeit entanglement we’re trying to avoid. Always keep in mind that if anything is too cheap to be original, it is most likely poached.
To hardwire concerns of ownership authentication of a crypto asset concerns, rev3al comes into picture. We believe in being authentic because the world loves it. REV3AL Digital Copyright Protection & Anti-Counterfeit Technology protects artists, creators, and owners of Intellectual Property across the digital spectrum and into the physical world. REV3AL makes an appearance to protect, authenticate and verify beyond the blockchain. We make the best of our efforts to futureproof multi — factor authentication and anti counterfeit protocols ; and this applies to authenticate and interact with digital assets and NFTs in the physical world.
It is with REV3AL where you may experience technology based on decades of anti — counterfeiting & brand protection with a multi layered and multi factor approach for files, assets and the carbon world.
To know more and to “Keep it Real” check out our website: https://www.rev3al.io/