The NFT space is the cherry on the blockchain cake at the moment. According to Nonfungible.com, sales of non-fungible tokens surged to $17.6 billion in 2021. A recent report by the NFT data company details the growth in NFT trading volumes from a mere US$82 million in 2020, representing an increase of about 21,400%.
NFT Scams
This level of growth, financial investment, and enthusiasm has attracted different classes of participants, including criminals. These bad actors target businesses because they are sure reservoirs for investor funds. These crimes are becoming more common, with another scam in excess of $1 million uncovered in March.
In a different case, a leading online NFT marketplace reported that most of the NFTs minted with its free tools were not authentic.
Another research by Bolster reported that copycats and replica stores often copy designs and graphic elements of legitimate NFT stores, and cloned domain registrations rose by nearly 300% in March 2021.
The evolution of security in the NFT space
Security infrastructures in the NFT marketplaces are evolving to combat the growing threats to projects in the NFT space. An innovation like REV3AL technology has the potential to impact the entire NFT sector by providing a solution that allows projects, creators, IP owners, and collectors to add secure authentication layers to their assets.
Companies can now access REV3AL’s anti-counterfeit technology and digital copyright protection to secure their assets…
