NewsNFT

Counterfeit NFTs Are Wreaking Havoc On Digital Platforms, But New Technologies To Detect Them Are On The Rise

Counterfeit NFTs are creating major problems for digital platforms but new tools to spot fakes are on the rise

The NFT community is increasingly using image recognition and data scraping technology to defend intellectual property online.

Nifty Gateway, an NFT online auction platform, tweeted in 2021 to promote a movie called House of Marcial, which portrayed a room full of Ai Weiwei’s famous sculptures. What’s the issue? The Chinese dissident artist did not create or endorse it.

Because of the meteoric rise in NFTs over the last year, incidents like these are becoming more regular, and fakes and forgeries have become a burden for markets. However, a new private technology aims to change that.

MarqVision, an AI-powered IP security tool, seeks to safeguard businesses and artists against counterfeit NFTs. It pulls data from NFT platforms like as OpenSea, Superrare, and Rarible to provide subscribers with a mechanism to identify probable forgeries and fakes.

The goal, according to its CEO, Mark Lee, a Harvard Law graduate and expert in brand counterfeiting and intellectual property theft, is to use bots to automatically report counterfeit listings to separate NFT platforms once a week.

“The NFT landscape is a new frontier,” Lee tells The Art Newspaper, “and it’s operating like the Wild West right now.” “Brands are attempting to strike a balance between using digital assets for marketing and sales while also protecting their intellectual property and preventing customers from buying counterfeit NFTs.”

The problem has gotten so widespread that some markets have developed internal systems to detect possible forgeries. DeviantArt introduced Protect, an image recognition programme that automatically alerts users about a copyright violation on NFT markets, earlier this year.

Rarible has addressed the issue by establishing a human-moderated verification mechanism, which allows sellers and authors to link to social network profiles to reduce NFTs from non-verified sellers showing in searches.

Scammers appear eager to take advantage of low laws and enforcement mechanisms on key NFT markets, with the entire market cap of NFTs now exceeding $10 billion. The problem has led to the development of a Twitter account, @NFTtheft, which has been chronicling some of the most egregious examples and accumulating a valuable thread of resources to assist artists whose NFT work has been forgeries.


---------------------------------------------------------------------------

Are you tired of missing important NFT drops? Just check out our NFT Calendar! Receive the biggest NFT news of the day & recommendations in our Daily newsletter.

  • All of our news is being sent daily on Telegram
  • We summarize the biggest news daily on Twitter & Instagram
  • Learn with video tutorials and subscribe to our Youtube Channel

All investment/financial opinions expressed by NFT cable are not recommendations. This article is educational material. As always, make your own research prior to making any kind of investment.

Leave a Reply

Your email address will not be published.

Back to top button