The Future of NFTs: How AI is Revolutionizing Verification and Combating Fraud

HomeNFTThe Future of NFTs: How AI is Revolutionizing Verification and Combating Fraud

Last Updated on May 16, 2023 by newseditor

The Future of NFTs: How AI is Revolutionizing Verification and Combating Fraud:

NFTs are experiencing an unprecedented boom, with record-breaking sales of $50 billion in 2022. But with this growth comes a new wave of challenges, particularly in combating the rising tide of fraudsters and counterfeiters that threaten the market’s integrity. In fact, a recent report revealed that over 50% of NFT activity on the Ethereum blockchain in 2022 was fraudulent, highlighting the need for advanced tools and solutions that can effectively detect and combat such activity.

Artificial intelligence analyzes vast amounts of data and identifies patterns and anomalies quickly and precisely. AI is fast emerging as a game-changing technology in the fight against fraud in the NFT market. From AI NFT projects to AI fraud detection and beyond, the future of NFTs is set to be transformed by these cutting-edge tools and solutions.

  • The Battle Against Fake NFTs: How AI Fraud Detection Revolutionizes Verification

Fake NFTs pose a significant threat to the booming NFT market, causing financial losses, legal and reputational consequences. With investors losing trust in the ecosystem, NFT prices are likely to drop, adversely impacting the entire industry. In such a scenario, AI fraud detection tools can prevent investors from investing in fake content. Due to recent AI tech developments, NFT analytics provider bitsCrunch has launched an innovative solution to detect copycat and forged NFTs across major blockchain networks and marketplaces. The tool effectively traces an NFT’s history and ensures its authenticity, preventing NFT collectors from falling prey to fraudulent activities.

  • Revealed: The Shocking Number of Copycat NFTs on OpenSea

After scrutinizing over 800,000 assets listed on OpenSea, bitsCrunch discovered that 144 NFTs were exact duplicates of the popular Bored Ape Yacht Club collection. In addition, 231 NFTs were flagged as near-exact copies, while 814 were deemed extremely similar forgeries. This isn’t just a problem for BAYC, either. AI-driven analytics have uncovered tens of identical copies in other trending NFT collections such as Azuki, Otherdeed, and CloneX. bitsCrunch’s cutting-edge technology scans blockchains and marketplaces in real-time, making it possible to detect counterfeit NFTs, both old and new.

  • Decoding NFT Pricing Mysteries with AI and Machine Learning

Valuing NFTs can be tricky for sellers due to the complexity of market factors determining digital collectible prices. The floor price – the lowest price point listed in a collection – is often not a reliable indicator. BitsCrunch has developed an innovative solution for NFT buyers and sellers using an AI-powered NFT Price Estimation tool. The tool analyzes a range of historical and metadata information about an NFT, coupled with social media trends surrounding the collection, to provide more accurate price estimates. With machine learning algorithms trained on over 30 million NFTs from over 2,200 collections, the tool offers advanced data analytics, benefiting users in buying or selling decisions.

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