From the artwork to the sports world, an alarming rise in forgeries over the last decade has been destroying the value of the collectibles markets. Some have even compared investing in collectibles today to gambling as the odds of having a forged baseball card or Modernist painting steadily rise.
Fortunately, non-fungible tokens (NFTs) are restoring value to the collectibles market by providing a transparent and traceable record of the authenticity of a digital asset. NFTify is adding even more value to digital collectibles with its NFT AI Services to help protect copyright and other NFT attributes.
In 2018, numerous scams rocked the sports trading card world. Cards altered to falsify grades, fake autographs, and stolen sports memorabilia are among the most common frauds.
As investors lost faith in the authenticity of their sports assets, the value of the sports collectibles market plummeted, after tripling in the previous five years.
At the same time, intellectual property lawsuits in the sports card industry skyrocketed — copyright, patent, trademark, and false markings were among the most common. With the launch of the MLB Baseball Card NFT Collection this month, Topps is one of the many top sports trading card companies leaving this litigious world behind.
Only a year ago, Dapper Labs revolutionized the sports collectibles industry with the launch of NBA TopShot, today the best-selling NFTs — one-of-a-kind digital assets, and in this case, video snippets of top NBA moments. The upshot is, backed by NFTs proving authenticity, sports collectible goods are enjoying a strong rebound in valuation.
NFTs are also reviving the art world, another collectibles market significantly devalued by forgeries, estimated to represent one-third of artworks in circulation.
The symbolic value of a snippet of digital code to preserve the value of NFT artwork through proof of authenticity and provenance was appraised at $69.3 million dollars when digital artist Beeple famously sold his collage of NFT works Everyday: The First 5000 Days in March at a Christie’s auction, placing it among the top 100 most expensive artworks ever sold.
NFTs are restoring value to art, sports, and other digital collectibles by creating a trackable digital footprint, but they do not completely eliminate copyright risk.
The similarity in content, for example, can be both intentional and unintentional.
Other content risks such as that deemed to be of an appropriate sexual or political nature also plague digital content providers, from Facebook to Twitter.
NFTify has developed an AI Service for NFTs that also reduces intellectual property and related risks. The NFT AI services are built into the back end of NFTify and help users detect:
Whether selling art, sports, or other digital assets, the NFT AI services engine will help NFT e-commerce platforms hosted on NFTify protect the originality and quality of the content posted by NFT shop users.
Users can experience this powerful AI engine providing an unparalleled search engine for NFT-backed digital content through the live demo.
You can test the app and NFT AI Services demo here: https://ai-live-demo.nftify.network/
Go ahead & open your NFT stores via: https://nftify.network/