NFT related scams are a reality now which is likely to hamper the growth and adoption of this technology. More NFT frauds are likely to emerge as more creators adopt NFTs and are exposed to this new technology and revenue streams. To be secure, remember that NFTs are a new technology that needs to be improved, and that NFT frauds and crypto scammers are a fact of the current situation.
For new to this space, NFT is a technology for registering original creations like paining, video, music, and cartoon characters on a blockchain, creating scarcity and adding value to them. They can be sold and resold, providing creators with a new source of income as well as the assurance of ownership and rights.
According to NBC , in 2021 alone crypto scammers stole $14 billion largely due to the boom in decentralized finance. This comes on the back of over $22 billion being spent on NFTs in the same year, according to Data from DappRadar, a firm that tracks NFT sales. So while more people than ever are entering the NFT and crypto space, there’s also cause to be weary and educated yourself on the pitfalls of using NFTs.
UREEQA, a digital validation company helping creators to protect, manage and monetize creative work, launches a new service, Validation-as-a-Service (VaaS), which is designed to tackle NFT fraud and protect NFT creators.
According to the company, any solution to overcome this challenge will involve validating a creator’s identity. UREEQA, on the other hand, was founded on the belief that validating the authorship and ownership of every product was equally vital, an element that is currently missing from most NFT platforms, which are primarily concerned with the ease with which creative pieces may be created and sold. This approach may be adopted to bring on board maximum number of creators.
The company claims that its new platform, Validation-as-a-Service (VaaS), fixes this by generating “a Package-of-Proof and a Responsibly Minted NFT, which serve as proof that the creator and the creation have been validated and are legitimate”.
UREEQA CEO Kirk Fergusson pointed out that the “initial exchange models were adopted by NFT marketplaces on the fly, hurried and so demand-focused that it enabled bad actors to take advantage of the situation”.
“Efforts need to be made to curb the abilities to perpetrate fraud as easily in the first place. Then, we have the answer with a patented process and blockchain-based solution that can be integrated into most NFT platforms.”
Kirk Fergusson
The company said that its new solution has been tried and tested by renowned artists on the company’s own marketplace. According to that UREEQA, its NFT VaaS is a creator-centric hybrid approach to validation and IP protection.
“The platform’s patented validation process enables verification via a centralized model, while generating a Package-of-Proof on the blockchain for anyone to see in decentralized fashion.”
All the ETH-based NFT marketplaces can easily incorporate the UREEQA platform’s basic components. Any auction house or creative organisation can do the same.
Once a creator comes to list his NFT, participating marketplaces can easily identify products that have undergone this rigorous evaluation procedure, showing the extra efforts that the creator has made to reassure potential buyers.
UREEQA is engaging with creators across the globe to help them explore NFT and generate new source of revenue. Last year the company offered access of UREEQA’s Closed Beta to budding music artists of Cyprus to explore its NFT marketplace.
The company is continuously working to make NFT space even more secure. In a series of collaborations announced last year, the company partnered with 0Chain, a world leading decentralized storage solutions provider to create a solution to ensure secure and private data storage of NFTs in the UREEQA marketplace.
Read Also: Blockpass and UREEQA Bring Identity Verification to Creators