REV3AL To Resolve Authenticity Issue With Its Anti-Counterfeiting Technology

In March 2021, when Beeple announced to sell his digital artwork “Everydays: The First 5000 Days”, no one ever expected that it would be auctioned for $69 million. As soon as the news broke in public, the google search was stormed with questions related to NFT.

Beeple’s news was not even composed yet, and just in a few days, Jack Dorsey announced that he sold his first tweet as an NFT for over $2.9 million. This news developed more curiosity among people and by the end of 2021, the NFT market surpassed the value of $40 billion.

It just came as a great surprise, because many people, initially had claimed that these digital assets are an embarrassment to the world and carry a lot of risks. However, now it appears that those same people are ready to take this risk, by purchasing an NFT.

Why NFTs Are Popular?

NFTs are blockchain-based unique digital tokens that represent art, sports cards, videos, music, and even real estate, and can be bought and sold using cryptocurrency. Each NFT developed by an artist is different from the other, therefore, can not be directly exchanged with one another. Also, these digital assets could be verified.

The uniqueness of NFT is incredibly useful in a wide range of applications, from proving ownership to making digital art available for sale on a platform.

The NFTs have opened up a world of opportunities for creating and distributing content with the added benefits of tracing how things are being used and distributed.

The distribution of digital information is not always foolproof, but now, it is being believed that NFTs have the potential to transform the industry. The unique nature of digital assets continues to drive its popularity, globally.

Are NFTs Really Resolving Authenticity Issue?

NFTs has been introduced to authenticate the work of an artist. In Q1 of 2021, the market value of NFT reached $2 billion and since then, it has been accelerating.

Do you know why? Because of its authenticity, which is provided by the decentralized and transparent blockchain technology.

But here it is to be noted that, even though an NFT is built on a blockchain network, some of its aspects can easily be modified by scammers. The technology does make it difficult for scammers to replicate the content, but not impossible.

Therefore, it could be said that NFTs do not guarantee authenticity.

A single NFT is integrated with great diversified types of data, which could be created by anybody in different ways. This ultimately leaves many NFTs vulnerable as it can be hard to differentiate between the fake one and the original.

Counterfeiting Issues Rising

As mentioned above, earlier not many people were aware of NFTs, therefore, the fear of getting scammed was a bit less among the initial players. However, as the digital assets gained popularity, it opened a new gateway for counterfeiters.

Who imagined, a scammer could modify an NFT? None of us!

There are many ways a counterfeiter can scam a person, like:

• Replica Stores- If you’re interested in investing in NFTs, the first thing is to find out WHERE you can buy and sell NFTs. When searching online, you’ll be flooded with millions of search results, but there are many fake NFT trading websites among them. It can be hard to tell these scam websites apart from genuine ones as they often look extremely alike.
• Artist Impersonation- Another major problem plaguing the NFT world is artist impersonation. These kinds of scams are expected to see an increase, with domains like banksynft, getting registered recently. The buyers need to be careful about what they want to buy.
• Fake Bidding- This scam has emerged recently on the OpenSea Marketplace. The scammers approached the sellers on the marketplace and placed bids on the NFTs with USDC. Yet, they tricked the sellers into believing that they are bidding in WETH (wrapped Ethereum) by using the WETH logo as their profile photos.
• Giveaways/Airdrops- Scammers deceive buyers by posing as employees from famous NFT trading platforms via social media (e.g. Discord or Telegram). They contact buyers saying they are holding giveaway campaigns. They promise the individual free NFTs as long as the person spread the giveaway messages and sign up for the campaigns — through scam/phishing NFT websites!
• Insider Trading- Insider trading is also a major problem that concerns NFT traders and collectors. In the context of NFTs, insider trading refers to the purchase of the NFTs before they are put on sale to the general public.

REV3AL Technology has pledged to resolve these issues, therefore, we are presenting a first-of-its-kind Copyright Protection & IP Protection technology with self-verifying effects for digital assets. The technology protects artists, creators, and owners of Intellectual Property across the digital spectrum and into the physical world.

REV3AL’s Anti-Counterfeiting Technology

Since 2021, the NFT industry has been facing significant challenges related to authenticity, copyright violation, scams and etc. REV3AL has introduced a multi-layered authentication and copyright protection technology with self-verifying effects, to protect the owner of digital assets.

NFTs might benefit artists by giving them greater control over their art, but in practice they may make it easier for malign actors to sell other people’s work online.

REV3AL Technology incorporates several layers of authentication features from each category to create a robust anti-counterfeit solution. The platform offers an extensive graphic and software based multi-factor level of protection.

Creators, Brands and selected platforms can leverage the REV3AL Technology via API, into their own minting or publishing process.

REV3AL will not only protect your digital assets from counterfeiters but also certify the NFTs and add value to the work.