Non-fungible tokens or NFTs are rocking the art world and catalyzing cryptocurrencies.
Like cryptocurrencies, you can’t taste or touch NFTs. Yet, some of these digital images are selling for as much as six and seven figures.
NFTs are a new frontier and attracting a lot of attention – good as well as bad. There’s an emerging problem with counterfeits, and that problem takes on a whole new dimension when you consider the stakes.
However, this asset class is so new it’s attracting a rush of would-be “early investors,” who are heedless of the risks in the hunt for profits.
One company is playing the role of “new sheriff in town” in this digital Wild West, and it could quickly rise to a dominant position…
Why Counterfeit NFTs Are a Problem for Investors
Over the past few years, you may have been a victim of identity theft, or a scammer online. Well, this criminal activity continues to expand even in the financial space.
Last year alone, people reported they lost $5.9 billion to identity theft and fraud.
Now, that is a lot of money that some people lost and makes them have less trust in some fields.
Cryptocurrency investors lost even more and it was reported at $7.7 billion. So, hopefully, this does not deter you or them from investing more because this is an industry that is only growing and we are just getting started.
Then the NFT space is projected to reach $26 Billion at the end of this year. Just think, these only made an appearance just a few years ago.
And in 2021, NFT sales reached $17.7 billion. Out of these sales, a few reported losses to thieves, and scammers, some of which are known as rug pulls.
A rug pull is when a developer abandons a crypto project and either runs away with the investor’s funds.
In this instance, a NFT seller may claim to have a valuable collectible for sale. After the payment is made, then the seller mysteriously vanishes without sending the exact digital image.
In the NFT industry, there has been fraudulent images and deception as well as criminal have profited.
The One Company That’s Tackling the Problem
Let me introduce you to REV3AL. This company provides digital copyright protection and has anti-counterfeit technology for artists, creators, and owners of intellectual property.
You see, when someone buys a NFT, there is no way to verify its authenticity.
Well, REV3AL provides that and much more.
With decades of counterfeiting experience and brand protection, this company wants to put buyers at ease.
They provide a multi-layered and multi-factor approach for copyrighted media files. Also, they certify the authenticity of the media.
Lastly, REV3AL ensures the product maintains its value and purchase in the marketplace. Of course, the value changes with market conditions that this company has no control over.
Partnered with Origin Marketplace
ORIGIN Metaverse is an online platform allowing users to connect to the metaverse that is compatible with cryptocurrencies. Recently, they partnered with REV3AL to provide better security for their systems.
EcoCREDIT and Umbrella Network are other partnerships with the security company to verify the authenticity of transactions and prevent potential discrepancies.
This company has a bright future in the emerging NFT and cryptocurrency space.
Right now, I’m watching one cryptocurrency and two small stocks I think could be the top Metaverse “triple play.” In the coming years, all three are due for a 1,000% run, and here’s why…
Cheers and happy investing,