How Computer Vision Could Help NFT Authenticity

Computer vision is a new field of science that uses Artificial Intelligence (AI) to teach computers how to interpret visual data.

It’s currently used at the forefront of the autonomous vehicles industry to detect and classify objects like road signs, create 3D maps– and, recently, its technology is being explored to verify NFT authenticity.

The NFT market is worth $4.36 billion but has been criticized throughout 2022 due to faults in the minting process and scams. Since July 2021, over $137.6m of crypto assets have been stolen due to rug pulls and other crypto scams, with most investors losing everything in the process. 

Computer vision could help tackle these problems by proving the authenticity of an NFT before a purchase. By proving authenticity, buyers can be confident in their purchases, and NFT scams will be harder to pull off. 

This article will cover what computer vision is, common NFT authenticity issues and scams, and how computer vision can be used to solve them. 

What Is Computer Vision?

Computer vision is the process of creating a digital system that processes visual data in a similar way to people. The idea behind computer vision is to help computers understand images at a pixel level, picking up visual data that can’t be picked up by the human eye. 

The technology is commonly used for:

  • Object classification: When a computer classifies an object in a video or photo and assigns it to a category. For example, the system can help categorize images with a bird, a specific color, or with people in it. 
  • Object identification: When a computer looks through an image or video to identify a particular object. For example, a specific type of rock, the back of a vehicle, or a specific animal. 
  • Object tracking: when a computer looks through a video to search for certain criteria, which will then have its movement tracked. 

Computer vision is currently used in several industries including healthcare, automotive, agriculture, and retail, where it’s used to improve the efficiency of different systems. 

Common NFT Authenticity Issues

Double Minting 

A current issue within the NFT space is double minting. This is when a seller will double-mint their NFT collection.

Phishing

Phishing usually involves a fake ad, email, or pop-up from a website promising a high ROI NFT. To claim this NFT, users will be asked for their private wallet details. Once the scammers have this information, they can steal all NFTs and cryptocurrency in the wallet.

Airdrop

Airdrop scams are extremely common on social media. They usually advertise a free NFT for sharing a post with friends or signing up for an email list. When a user goes to claim their prize, they’re asked for cryptocurrency wallet information for the NFT, which hackers use to gain access to the account. 

Project Impersonations

NFT Iinvestors are sometimes taken advantage of by project impersonators due to the complexity of the industry’s fairly disparate moving parts. 

This is when an individual claims to be selling NFTs from a popular project, usually with an incentive such as a discount. They create a similar-looking website to make the project look legit and then sell a fake NFT to buyers. 

Unfortunately, even the most experienced crypto investors fall for project impersonations, such as Pranksy, who paid more than $336,000 for a fake Banksy NFT

How Can Computer Vision Solve NFT Authenticity?

It’s important to note that the result of applying computer vision technology to NFTs is largely speculation. The technology is still in its infancy and we don’t know exactly how it would work, but with that in mind, here’s how computer vision could work if applied to NFTs. 

Firstly, computer vision could solve authenticity by embedding verification codes into an NFTs image. 

This code would be so small it could only be picked up by software and so wouldn’t impact the image itself. Each time an NFT was sold, its authenticity could be verified by scanning it with computer vision software. 

The code would prevent scammers from replicating an NFT as they wouldn’t be able to replicate the code, making it safer for investors to buy NFTs. 

As well as authenticating NFTs on an individual level, NFTs could also be authenticated on a project basis. This would work with computer vision object classification, where an NFT would be classified by a certain project. 

The process would work much like the individual codes, however, would show that an NFT is actually part of a project. Therefore, if a scam project was created users could quickly verify if it’s legit. 

This technology is already being used by the likes of Google Cloud and Mobile Vision APIs, which help developers process images through machine learning models. Through an Optical Character Recognition (OCR) functionality, users can detect text in images that aren’t visible to the human eye. 

It’s also being used by Amazon Rekognition, a video analysis service designed to simplify the analysis process. It’s used to identify text, people, activities, and objects in an image. It’s currently used to detect inappropriate content; however, its technology could be applied to authenticate NFTs. 

Development platforms such as Althea AI and Fetch.ai are currently testing different ways computer vision can impact NFTs through smart computer vision. They’re looking for ways to incorporate language and speech into NFTs to create a dialog with owners. 

If successful, it could be used to authenticate an NFT through unique language exchanges or specific answers to questions that only a real NFT can provide. 

Final Thoughts: Could Computer Vision Be The Future of NFTs?

Although computer vision is yet to be applied to NFTs, it has plenty of potential to help overcome many of the scams currently occurring in the market, making it friendlier for new investors. 

As both NFTs and computer vision continues to innovate, it’s likely they’ll have additional applications for NFTs and Web 3. 

Although few claims are definitive, computer vision is an exciting concept that could play a significant role in adding legitimacy and structure to a rapidly evolving market of digital art.

World of Women NFT Explained (Read Before Buying)

World of Women is an NFT project that Yam Karki created with 10,000 NFTs on OpenSea. The collection consists of 200 visual assets drawn by hand and aims to create a community that encourages women to explore Web3 and cryptocurrency. 

As of September 2022, World of Women has a sales volume of 72.7k ETH on OpenSea and has caught the attention of celebrities such as Steve Aoki (DJ, record producer,) FaZe Banks (Gamer, FaZe Clan,) and Dez Bryant (NFL free agent.)

Since selling out, the project continues to provide its owners with several unique benefits, including access to exclusive clubs, gala access, and much more. 

This article will cover what World of Women is, how it works, how you can buy, and the benefits of owning a World of Women NFT. 

What Is World of Women?

World of Women is an NFT project designed by Yam Karkai to empower women and increase their representation throughout Web3 and cryptocurrency. 

According to a recent ArtTactic report, women account for only 16% of the NFT market, showing how dominated the industry is by men. 

Karkai designed the project to show women the potential of Web3. The project quickly sold out after catching the attention of several influencers, including Tanya Sam, a tech investor and former Real Housewives of Atlanta castmate.

Each NFT originally sold for 0.07 ETH (around $225); however, the rarest NFTs are now selling for over 60 ETH ($80,304.60.)

In total, 10,000 unique illustrations were created by Karkai, who used Procreate and Adobe Photoshop for each design. Each NFT represents an individual woman and includes features such as hairstyle, lips color, and skin tone. 

How Does World of Women Work? Use, Royalties, and Licensing

World of Women NFTs have officially sold out; however, you can purchase them through OpenSea. You’ll need a cryptocurrency wallet and Ethereum to complete the transaction to buy. 

Once you own the NFT, you can use it for commercial use. NFT holders are allowed to collect royalties for the use of their images, receiving 50% of all profits from their commercial use. To earn royalties, owners must agree to World of Women licensing terms. 

Unlike many NFT projects that are used to make a profit, World of Women reinvests its profits to fund women-centered projects around the globe. It’s worked with projects such as Rockflower, Too Young to Wed, and She’s the First, helping support and protect women in areas with fewer opportunities and rights. 

Who Created World of Women?

World of Women was created by Yam Karkai, a digital illustrator who began her involvement in NFTs in 2021. She started as a lone artist and was attracted to the market as it allowed artists to get paid for their work instead of relying on third parties. 

Before creating World of Women, Karkai had focused on empowering women in her art, using vibrant colors and fine lines to create messages. She originally created an NFT project called Women by Yam – Females in the spotlight, which features hand-drawn women. Today, she manages the World of Women project and uses profits to support women worldwide. 

How to Buy World of Women NFTs

As of September 2022, you can only buy NFTs through OpenSea. To do so, head to the OpenSea website and search for World of Women. 

You can search based on Price, Listing Status (Buy Now or Make Offer,) and design features such as backgrounds, facial features, accessories, etc.

You’ll also have to pay a gas fee for each transaction, though OpenSea stated that this fee will be based on Ethereum blockchain traffic and vary from one transaction to the next. OpenSea also charges a 2.5% fee for every transaction on the platform. 

World of Women Utility

As a World of Women holder, you gain access to more than just digital art. 

Firstly, all holders have access to exclusive World of Women Artdrops, which are created by established artists within the community. These airdrops were released in several “Seasons” and come in several different themes, including: 

  • Night Realm
  • Golden Star 
  • Rainbow 
  • Orb

As of September 2022, eight seasons have been released, and Artdrops are currently on hold, with the project focusing on its community and DAO, DAWoW. 

As well as owning an original 800×800 pixel NFT, collectors are also given access to a 4000×4000 pixel file to be used for high-resolution prints, commercial use, or anything else the collector can think of. 

Owners with rare World of Women attributes, such as the Night Goddess skin tone, can participate in various clubs. For example, the Curators Club, where collectors can choose which artist to buy from using the NFTs fund. 

The second club is the Royalties Club, of which only 19 NFTs are eligible. Members of this club have access to a fund that generates profits from 50% of all secondary sales. This profit is then shared amongst members. 

The project team has also announced several future benefits for all NFT holders, though these benefits have not yet been disclosed. Rumors suggest they may include surprise airdrops and a metaverse version of NFTs in the Sandbox

Final Thoughts: What Does The Future Hold for World of Women?

World of Women remains an exciting NFT project with a good cause many investors support. It continues to support disadvantaged women worldwide, investing in charities and organizations that support women. But what’s next for the project?

In 2022, World of Women declared they will ” heavily invest in the metaverse” on their website and will receive $25 million from the Sandbox over the next five years. With this in mind, it’s likely we’ll see the project advance through metaverse initiatives. 

Outside of the Metaverse, the project team has stated they plan to continue supporting artists and funding projects with a women-centric focus, as well as educate members on the issues many women face to bring more awareness to their cause.

Why NFTs Need a Scalable Storage Solution

A non-fungible token (NFT) is a physical or digital asset recorded on the blockchain.

In 2022, an estimated four percent of Americans (9.3 million people) said they own NFTs– a 100% increase from 2021 shows that NFT ownership is rising.

As ownership continues to increase, so will the demand for scalable storage solutions. Many of the current storage solutions lack scalability, which limits how many NFTs people can own- particularly if they have larger collections.

In this article, we’ll cover four different storage solutions, which are the most scalable, and the benefits and challenges of each. 

Let’s get started. 

Software Wallets- MetaMask

MetaMask was launched in 2016 by Consensys, a blockchain software technology company based in New York City. It’s the most popular decentralized wallet in the world, with around 21 million monthly active users. 

Although the wallet was created for cryptocurrency, MetaMask is also popular for buying and storing NFTs. It lets users store and manage their private and public keys, connect to decentralized exchanges such as UniSwap and PancakeSwap, and buy and sell NFTs. 

MetaMask is relatively friendly for new investors and can be installed through the Google Store. MetaMask also has an in-depth FAQ Page for investors who want to learn more about the wallet, how to trade cryptocurrency, and how to store NFTs. 

MetaMask is consistently connected to a decentralized ledger and, in theory, shouldn’t have any issues regarding scalability on the backend. As long as the blockchain is scalable, operations between the wallet and the blockchain should be scalable too. 

The only area where MetaMask falls short is when it comes to security. MetaMask is constantly online and, as a result, can never be as secure as hardware wallets (which we’ll cover below.) Though MetaMask has never been hacked, its users have been prone to phishing scams, including one that cost a wallet holder $650,000 after believing they were giving their details to an Apple employee.

Other popular hardware wallets for NFTs include Math Wallet, Coinbase Wallet, and Trust Wallet, which Binance owns. However, for decentralized NFT storage, MetaMask remains the best option. 

Hardware Wallets

Hardware wallets are the most secure option for NFT storage as all digital assets are stored offline- making them impossible to hack. This makes hardware wallets a great option for collectors who want to store their NFTs for the long run. 

The most popular hardware wallets are Ledger and Trezor, which will cost anywhere from $80 to $300+ for the latest models. Once an NFT has been stored in the wallet and the wallet unplugged, nobody can transfer the data to or from the hardware wallet. When you buy a hardware wallet, you’ll also be provided with a secret phrase of 12 words and can set additional passwords if you want even more security. 

However, there are two downsides to hardware wallets. Firstly, if you lose your wallet, you lose your assets. For example, in 2013, James Howells threw away a wallet with 7500 Bitcoins (around $56 million.) He was refused access to the landfill where it was and, as a result, lost his millions. As of September 2022, Howells hasn’t managed to retrieve his wallet.

The other downside to Hardware Wallets is that they’re not scalable. They’re limited to the spec of the wallet you’ve purchased, which could impact NFT storage as NFT files begin to demand more storage space. 

Nonetheless, hardware wallets are the perfect option for collectors planning to make long-term NFT investments. 

InterPlanetary File System

InterPlanetary File System (IPFS) is a relatively new way to store NFTs. It’s an open-source project founded by Protocol Labs and was originally designed for storing and accessing websites, apps, files, and other data. 

With IPFS, users’ NFTs are stored off-chain through platforms like Pinata, significantly reducing the likelihood of their assets being stolen. It also uses content identifiers (CIDs), which are broken down aspects of your data linked directly to your NFT. Instead of your NFT data being stored through an HTTP link, your data is broken down across several storage solutions; this way, if one fails, a different solution backs up your data. 

IPFS solutions are also highly scalable. Additional nodes can always be added to deal with additional data, which means users will never have any problems with storage. 

The only downside is the technology is still somewhat in its early phase and technically wasn’t created for NFTs. This means that although it has a lot of potential, it hasn’t been in the market long enough to be tested.

BitKeep

BitKeep is Asia’s most popular NFT storage method, with over 6 million users, 70 mainnets, and 220,000 supported crypto assets. Much like MetaMask, you can download the BitKeep wallet through the Google Store and use it to store NFTs. 

However, unlike MetaMask, BitKeep has its own NFT store. The store has launched projects such as Kaju Legends and OutSad, and lets users buy other collections such as Bored Ape Yacht Club (BAYC.) 

BitKeep also has a comprehensive education center, where new collectors can learn how to trade NFTs, sell them, and use the BitKeep wallet. BitKeep is connected to a decentralized ledger and shouldn’t have any problems with scalability. It’s only limited by the scalability of the blockchain. 

Final Thoughts: Are Scalable Storage Solutions a Must Have?

As the NFT market grows in popularity, scalable storage solutions will become important for larger collections. However, for the average NFT investor, hardware wallets should be more than enough for a small NFT collection. 

These wallets are a great way for collectors to store their NFTs if they have no plans to sell them. Both software wallets and IPFS are also great ways for collectors to get involved in the industry and offer scalable storage options for larger collections. 

The best option for you will depend entirely on your preferences. 

How to Display NFT Art (In Real Life & Online)

NFTs are digital art pieces stored on the blockchain. They can be bought and sold online in NFT marketplaces such as OpenSea or minted directly from a project’s contract. 

Throughout 2021 the NFT market took off, with total sales reaching over $14 billion and art pieces such as The Merge selling for $91.8 million.

Many of these art pieces were showcased on social media profiles, with some art making it to decentralized metaverses such as Decentraland.

NFTs have now made it to the real world, showcased in museums such as the Picasso museum in Barcelona and in real-world homes through innovative digital frames.

This article will cover displaying your NFT art, including real-life and online display methods. 

How To Display NFTs in Real Life

Although NFTs are primarily an online technology, there are several ways you can showcase your digital art without needing the internet. Here are four of the most popular options. 

Digital Frames

Photo frames have always been used to showcase family photos and art. Now digital frames are changing the way we display NFTs. Innovative new frames are used to bring NFTs to life in your home.

For example, the Infinite Objects “Video Print” frame features video NFTs on loop in your home. They’re available as 5” and 7” displays and don’t require any apps or additional software to work. 

Another example is NetGear’s Meural Canvas, available as a 13.5” x 7.5” frame and a gallery-sized 19” x 29” canvas. Owners can download Netlink’s proprietary Meural app for iOS or Android, add their NFT images or videos to the frame, and showcase them around their homes.

Physical Prints with QR Codes

Collector Andrew Coathup first used this innovative NFT concept. It’s when a collector prints off the image of the NFT alongside a custom art label- similar to many of the art pieces in modern art museums. 

Labels include everything from the title of the NFT, the collection from when it was purchased, and a QR code that opens an information page about the NFT on OpenSea (or the platform the NFT was purchased from.) 

This solution is cheaper than digital frames and appeals to collectors who want to combine classical displays with modern art. 

Looking Glass Holograms

Looking Glass Holograms are an exciting new way to showcase 3D NFTs. These holograms are futuristic for displaying NFTs, letting users show holographic videos and 3D characters. Options include the Looking Glass Portrait, Looking Glass 4K Gen2, and Looking Glass 8K Gen2, with prices starting at $399. 

TV Display

This option is for collectors who want to combine their NFTs with their love for TV. With the Samsung QLED 4K Smart TV, you can showcase your NFTs when the TV is off. When the TV is on, it works like any other TV, but when switched off, it works as a digital frame for your NFTs.

The TV resembles a sizeable digital frame and works perfectly with the rest of your decor. It has an “Art Mode,” which uses motion sensors to showcase art when someone is in the room. It then turns off when nobody is around to save energy. 

How To Display NFTs Online

With NFTs primarily being online pieces of art, most display options are currently online. Here are three of the primary options for displaying your NFTs online. 

NFT Galleries

The most popular option for displaying NFT art is through online galleries. Galleries and marketplaces such as OpenSea and Lazy let NFT owners put their NFTs on display without charging them. These displays work similarly to an Instagram page and usually include social media features for owners to share their collections with a broader audience. 

The Metaverse

Despite being in its early phase, the Metaverse has quickly become a popular option for NFT collectors to showcase their collections. Virtual worlds such as Decentraland let users create huge digital art galleries displaying their own and other collectors’ NFTs. 

Another famous virtual world is Cryptovoxels. Built on the Ethereum blockchain, Cryptovoxels is a simpler version of Decentraland that loads faster and is more accessible to NFT collectors with less advanced computers. Despite being less popular than Decentraland, Cryptovoxels has become home to many NFT collections, with exhibits throughout the digital world.

Social Media

If you own a Twitter account, you can almost guarantee that you’ve seen an NFT used as a profile picture. Twitter is a popular social media platform to flex NFTs and is commonly used by collectors to network with people who own an NFT in the same collection. 

Social media has been used by celebrities such as Justin Bieber, Snoop Dogg, Paris Hilton, and Eminem, who have used NFTs as their profile pictures on both Twitter and Instagram. Meta has also announced that it will soon release a feature where users can showcase and sell their NFTs through Instagram, creating a new digital art marketplace. 

In addition to the classic social media platforms, new platforms are being designed to showcase NFTs. For example, Showtime has slowly become the first NFT-driven social network. Users can connect their crypto wallets to the site, and Showtime will automatically generate a profile featuring all the NFTs you hold. 

Closing Thoughts: Have NFTs Become The New Modern Art?

As NFTs continue to grow in popularity, we may start seeing them in homes worldwide. But do they have the power to replace modern art?

When showcasing your NFTs, you have several options for displaying them in your home. However, that doesn’t necessarily mean you will. NFTs remain somewhat niche, with only hardcore collectors showing them around the house. Most people still don’t know what an NFT is or how it works, so it may be a while before we see them replace modern art. 

Despite this, NFTs have become a popular part of creating your online avatar, and as use cases grow, the number of ways you can display NFT art both in real life and online will grow too. 

How Permanent NFT Storage Can Prevent Disaster

A permanent NFT storage combines blockchains and InterPlanetary File System (IPFS) designed to create a secure place to hold NFTs. 

Throughout 2021 NFTs (non-fungible tokens) became popular assets, with projects such as Bored Ape Yacht Club (BAYC) and Cryptopunks making headlines for their large price tags. 

At the same time, NFT scams and theft also reached an all-time high, with over $100 million worth of NFTs stolen since July 2021. Due to the decentralized nature of cryptocurrency, most investors never had their NFTs returned and lost their investments. 

As the market continues to develop, new ways of protecting NFTs are being created. One such way is permanent NFT storage, which combines two leading storage methods to protect users from theft and scams. 

In this article, we’ll cover why it’s important to properly store NFTs, the different storage types, what is permanent NFT Storage and how it can save you from an investment disaster. 

Why Should You Properly Store NFTs?

With any piece of art, storage is extremely important. In the past, art collectors would pay upwards of $100,000 a month for their art to be secured. With NFTs, things are a little different. 

Some NFT platforms will allow you to store your NFTs inside their built-in wallets, while others will let you store NFTs in your external wallet, such as MetaMask. However, storing with a platform isn’t always safe. 

In March 2021, hackers stole thousands of assets from accounts held by Nifty Gateway. Although the company’s security wasn’t compromised, hackers used a lack of two-factor authentication to their advantage, using users’ credentials to steal assets. 

This made investors realize how important it is to use your own storage and not rely on third parties. Instead, NFT investors need to take full ownership of their assets. 

What Storage Types Are Available?

Online Storage

Currently, most NFT collectors store their NFTs using blockchain-based storage solutions such as MetaMask and OpenSea. These are completely decentralized and secure, giving owners full ownership of their assets. 

However, it’s important to note that these wallets don’t technically hold your NFTs. Instead, they provide you with a private key that gives you access to them on the blockchain. With this key, you own a cryptographic address and everything in it. 

Nonetheless, this storage method can still be hacked as it’s online 24/7.

Offline Solutions

Offline solutions are an extremely secure way to store NFTs. As they’re not connected to the internet, they’re less prone to cyber-attacks, digital scams, and unauthorized access. The most popular offline storage solution is a hardware wallet such as Trezor or Ledger. NFTs can be stored in these wallets offline and require an ID and password for extra security. 

The only downside is if you lose the physical wallet, you’ve lost your assets. 

What Is IPFS?

InterPlanetary File System (IPFS) is an open-source project created by Protocol labs. It’s used for storing and accessing websites, files, apps, and data; however, it has the potential to impact the way we store NFTs. Currently, IPFS works by breaking down data across different storage solutions, so if one should fail, the data will be backed up elsewhere. 

Platforms such as Pinata and Filecoin combine the benefits of blockchain storage with IPFS to create a permanent storage solution. This solution is designed so NFTs can’t be lost, even if the marketplace where they are stored goes down. 

It removes all external dependencies while providing decentralized storage solutions for NFTs. But, the technology still has some flaws. If an NFT has been sold independently (outside of a platform) and the owner chooses to stop providing the NFT data, the NFT will disappear. 

However, on-chain solutions are being designed to fix this problem. Marketplaces such as Pastel are implementing native storage solutions where assets will always be fully recoverable. Pastel Network uses its Cascade protocol for this, helping recover all NFT data if anything is ever lost. It breaks up NFT data into chunks and distributes it amongst a network of SuperNodes. This means if any nodes go down, NFTs are always recoverable. 

Why Permanent Storage Is Important

As NFT sales continue to grow, a secure way for everyday investors to store their assets is essential. In the current market, NFTs are continuously missing, with scams rising. 

In November and December 2021 alone, over $30 million in NFTs had been lost due to rug pulls and scams. For the market to continue to thrive, users need peace of mind that their assets aren’t going to go missing. If scams continue to increase, the NFT market will have difficulty attracting new investors, significantly slowing the widespread adoption of these digital assets. 

Permanent storage solutions provide investors with a much better storage solution than any available on the market. One where data is broken down across nodes to prevent theft and scams. 

Final Thoughts: Is Permanent Storage The Future For NFTs?

Although IPFS technically isn’t designed solely for NFTs, it’s being integrated by projects like Pinata to provide users with a security solution that’s easy to use and completely safe from digital threats. 

As the technology continues to develop, it’s fair to assume that permanent storage solutions, or similar technology, will be the future of NFT storage should widespread adoption occur. 

Despite still being an early development, permanent storage gives investors peace of mind that their assets are completely safe, even if there’s an issue with nodes. In the current market, no other storage solutions provide this level of safety, making it a no-brainer for NFT collectors worldwide.