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

by AryanArtnews
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In 2021, Nifty Gateway, an NFT online auction platform, said Marshall’s house It depicts a room full of famous sculptures by Ai Weiwei. problem? It was neither created nor endorsed by a Chinese dissident artist.

With the parabolic rise of NFTs last year, such cases have become more and more common, and counterfeiting and counterfeiting have become a headache for the market. But I hope new and unique tools will change that.

Marq Vision, an AI-powered IP protection service, aims to protect brands and artists from counterfeit NFTs. It provides subscribers with a way to retrieve data from NFT platforms such as OpenSea, Superrare, and Rarible and flag potential counterfeit products.

According to CEO Mark Lee, a Harvard Law graduate and expert in brand forgery and intellectual property theft, the goal is through a bot that analyzes a new list once a week. , Is to automatically report counterfeit lists to their respective NFT marketplaces.

“The NFT landscape is a new frontier. It’s now acting like a wild west,” says Lee. Art newspaper.. “Brands struggle to balance how to use digital assets for marketing and sales purposes, how to protect intellectual property, and how to prevent customers from unknowingly buying counterfeit NFTs. I am. “

This issue is so pervasive that some markets have launched their own internal tools to flag potential fakes. Earlier last year, DeviantArt introduced Protect, an image recognition tool that automatically notifies users of copyright infringement on the NFT marketplace.

Another tool called SnifflesNFT also uses image recognition to automatically issue a delete request on behalf of the artist. Rarible is taking steps to address the issue by implementing a human-managed verification system. This allows sellers and authors to link to social media accounts if desired. How to prevent unidentified sellers from appearing in your search.

By market capitalization With currently over $ 10 billion in NFTs, fraudsters appear keen to take advantage of loose rules and enforcement mechanisms in the major NFT markets. This issue prompted the creation of a Twitter account, @NFTtheft, and documented some of the most malicious cases. , Edit a thread of useful resources to assist the artist if the artist’s NFT work is forged.

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