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Focus Shifts to NFT Authentication as Blockchain-related Cybercrimes On The Rise

Focus Shifts to NFT Authentication as Blockchain-related Cybercrimes On The Rise

NFT Authentication is the need of the hour. Non-fungible Tokens or NFTs are gaining global acceptance in the cryptocurrency marketplaces. Yet, it is far from gaining the confidence of users and regulators due to security reasons. NFT fraudsters are just as active as their peers and allies. These allies are leaving no stone unturned in milking the loopholes in traditional financial systems. The recent blockchain-based crimes are hampering the growth and promotion of NFTs and cryptocurrencies.

According to some of the latest reports on cybercrime and crypto frauds, NFTs caused major mishaps. In February 2022, cyber attackers exploited a blockchain bridge called the Wormhole network. It was reported that 120k wETH were exploited. Since the beginning of the pandemic, crypto crimes have caused a flurry of attacks on notable firms, and the resultant loss is pegged at close to $3.2 billion USD in 2021. There is no doubt that cryptocurrency usage is on the rise. But, are owners and merchants doing enough to stop crypto crimes. The answer is, “No.”

Crypto-based transactions grew by over 550% in 2021 compared to 2020, resulting in $15.8  USD trillion worth of net exchanges. Of these, $14 billion USD were routed to ‘illicit addresses’, according to Chainalysis. Businesses and owners stand to lose more without strong crypto security frameworks.

So much money and resources are invested in the crypto market, Yet, it is still a distant dream to guarantee trust, security, and safety to every user. That’s why it is important to focus on technology to get the job done. Companies like REV3AL are providing NFT Authentication systems to secure digital assets that often prey to blockchain-based cybercrime. Sometimes, these assets are also used as vectors to breach into crypto markets. With NFT Authentication, only verifiable and protected NFTs would be transacted.

Features of an NFT Authentication Platform

Some of the unique properties of NFT Authentication tools are:

  • NFT creators and owners can label their assets with authentication channels such as multi-factor authentication for devices using blockchain / non-blockchain capabilities
  • Self-encrypted protection technology that can be verified by a buyer in real-time
  • Enhanced user experience with gamified interaction with NFTs as well as other digital assets
  • Superior brand reputation with solid foundations for cyber security, licensing, copyrights, and publishing of NFTs in the digital world.

Companies like REV3AL and others can truly enable NFT businesses to use blockchain in a more productive manner so as to verify identity, verify, and regulate crypto-related activities on their platforms. NFT Authentication facilitates transparent, secure, and consistent value exchange between collectors and creators in marketplaces.

Read Also: Finansiv Launches a Prime Brokerage for Digital Assets

[To share your insights with us, please write to sghosh@martechseries.com]

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