Nonfungible tokens (NFTs) have become an integral part of the web3 ecosystem. An increasing number of projects, both within and outside the web3 ecosystem, are launching their NFT collections.
However, trust remains a major challenge for NFT adoption as scam projects are targeting investors and market participants. For this reason, the certificate of authenticity has become an important aspect of NFT adoption.
Despite that, centralized verification systems still have their limits and cannot fully protect investors. This is why the industry is turning to decentralized solutions to help verify NFT projects.
Wakweli Issues A Certificate Of Authenticity For NFTs
One of the leading decentralized solution providers for NFTs is Wakweli. Wakweli is an infrastructure protocol based on a decentralized consensus algorithm that issues certificates of authenticity for NFTs to secure the web3 ecosystem.
Authenticity issues are not uncommon in the NFT space. Since blockchain accounts are anonymous, it becomes easy for someone to claim to be who they are not or create and promote stolen artwork.
Scammers in the ecosystem are trying to impersonate original artists and make money by selling forged art. There are multiple collections popping up on OpenSea and other NFT marketplaces every day.
In February 2022, OpenSea claimed that 80% of the items created with its minting tools were plagiarized work, fake collections, and spam.
Wakweli is designed to eliminate the scams in the NFT ecosystem by providing a decentralized certificate of authenticity. While commenting on Wakweli’s features, Antoine Sarraute, Co-founder of Wakweli, said;
"We need more trust right now: morale is low due to last year's scandals, and millions were lost to NFT scammers. Centralized verification shows its limits and fails to turn the tide. With Wakweli, we developed the definitive solution to protect users: we empower and reward the community for finding and reporting fake data in a system where everyone protects each other, making it impossible to run scams."
With Wakweli, the whole community is needed to certify assets via an incentive to tell the truth. This model has several advantages, including;
- Increases the security of the ecosystem.
- Reduce the cost of verification and workforce.
- Facilitate authenticity verification.
- Increase asset production.
- Boost trust and reputation, and
- Increase income.
To participate in the verification process, actors would be required to stake WAKU, the native token of the Wakweli ecosystem. By staking WAKU and participating in the protocol, community members will have the opportunity to earn rewards.
Wakweli pointed out that the number of tokens staked in the certificate will determine its level of trust. Furthermore, its WAKU token will allow incentives and rewards for participants of the protocol who provide real value.
The WAKU token use case covers a wide range of industries including real estate, art, intellectual property, financial asset, equity, and ticketing.
Decentralizing the NFT verification system will help reduce scams in the ecosystem, and Wakweli’s features are perfect for this.