NFTs or Non-Fungible Tokens today suffer from numerous shortcomings, and among these is the increasing prevalence associated with fraud. That’s right. A few aspects of an NFT are recorded on a blockchain, yet those aspects can be revised and recorded on different platforms, especially as ownership changes hands, while the characteristics and “payload” of an NFT can exist in different forms and in different locations. Or even, in a simple case, the content part of an NFT could be copied and recorded again as an NFT. In short, there exists a great diversity of types of data associated with NFTs, and several ways they can be created. This ultimately leaves many NFTs vulnerable as it can be hard to differentiate the original from a fake.
As our esports platform expands, we have been busy laying the groundwork for a major expansion of Proof of View to include Non-Fungible Tokens! NFTs are exploding in usage in many areas of sports, not just esports, and Proof of View can be applied quite readily to these digital assets.
Proof of View (POV) Patent for NFTs Challenge
POV can resolve today’s NFT challenges by creating a transparent and immutable record of the NFT throughout its lifespan, from the way by which it was created, moved, modified and stored, to its potential destruction. Our patent filing covers all aspects of how NFTs can be created and manipulated, including in ways that are often overlooked or not yet in common practice. This is forward-thinking coverage for an evolving asset class.
We are following the suggestions of our lawyers to extend the previous POV patent. This reduces the length of the patent approval procedure, and expands the scope of POV considerably.
POV includes a smart contract for recording NFT details and then produce an event hash and hashed database chunk that will be validated and recorded in a block on a decentralized blockchain, like Ethereum. The database chunk is a publicly auditable log that includes a wide array of information relevant to content views or NFTs. A Merkle hash tree will be used to reduce the data footprint while making sure the data was unaltered. The immutable and auditable character of this public record is key to its use in verification, precision and authenticity.
Transparent verification on a public blockchain provides an important guarantee for the market, enabling a great foundation of value. We are going to use EsportsFightClub as the preliminary showcase for all our technology, including POV and NFTs.
Verasity continuously aims to deliver on the promises of immutability and authenticity of blockchain with its innovative technology like Proof of View. We are excited to be expanding this to include the popular and constantly growing NFTs.
Verasity.io is a Protocol and Product Layer Platform for Esports and Video Entertainment. Verasity’s mission is to significantly increase engagement and monetization for video publishers on any video platform. Verasity products include: a proprietary ad stack and the VRA Rewards System integrated into SDKs for YouTube, Twitch, Vimeo and all major video platforms. Verasity’s patented Proof of View, a protocol layer technology offers transparency and immutability to defeat online ad fraud and NFT fraud.
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