Artificial intelligence will become a key component in taking action against the growing number of counterfeit non-fungible tokens.
It is considered that there are more than 90 million fake copies of NFT. To graph this situation: the 20 most copied NFT projects alone represent 8 million fake copies on the NFT markets.
NFT sales counts surpassed 101 million in 2022, nearly 67% higher than 2021 despite widespread downtrends.
Total monthly NFT transaction volume reached $1 billion across all markets by January 2023, and the industry is on track to become a $231 billion market by 2030.
Andrey Doronichev, co-founder of Optic, explained that AIs “can distinguish between originals and counterfeits to degrees impossible for the naked human eye” and that particularly with the increasing number of NFT projects, AI models are a game changer against the forgery. “These solutions can process hundreds of millions of assets per day with 99.9% accuracy,” he added.
In fact, some of the largest NFT marketplaces, including OpenSea and Rarible, have recently started using AI solutions to help with near real-time copymint detection. That means AI solutions can evaluate new and existing collections for a wide range of parameters.
“Although copymining currently worries stakeholders across the NFT landscape, innovative solutions like these can usher in a better future. By recognizing counterfeits against the immutable on-chain data of the originals, they can restore authenticity and originality of NFTs,” Doronichev added.
Source: Ambito
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