In recent weeks, the transaction volume of the NFT section and the number of platform users have dropped sharply, and it has fallen by more than 50% from the peak period in February this year. This has to make people wonder, is this the end of the NFT craze?
In fact, all new technologies face such moments in the development process. As an ownership tool, NFT's value is by no means limited to hype, and its market space is far beyond our imagination. Today, the technology itself may not be hindering the development of the NFT market. While NFT continues to spread the myth of sky-high art prices, many artists are also suffering from NFT headaches because fake artists uploading artworks to the NFT platform for sale without the artist's consent, defrauding the artist's income. It is the existence of such "counterfeit goods" that makes it difficult for buyers to confirm the value of NFTs.
Rather than relying on NFT platforms like Rarible to complete the "due diligence" of works, it is better to use existing technology to improve the situation, reduce the occurrence of NFT fraud problems as much as possible, and make the entire NFT ecosystem sustainable.
Verasity, a cryptocurrency company, is planning to use its proprietary POV technology to improve this situation, making it easier for buyers to confirm the value of NFTs, and allowing creators to enter the NFT market without worrying about fraud and security issues. So what exactly is POV technology? How does it bring gains to the NFT market? In addition to NFT, what other areas can POV be used for? How to implement the technology application?
How does POV bring gains to the NFT market?
Founded in 2019, Verasity is a rapidly growing cryptocurrency company in the fields of e-sports, video entertainment, and advertising. The POV protocol is one of the product modules it develops, mainly used to improve users, creators, brands and users in the digital world. The ecosystem between advertisers.
POV is the abbreviation of Proof of View , which can detect and eliminate fraud problems in view, and release the truly valuable content. Not long ago, this innovative technology also obtained a US patent, becoming the only protocol layer patented technology in the blockchain industry.
POV technology can ensure that all data and indicators related to the view are accurate and verifiable. It provides identity verification including parameters such as the ownership chain, hashes user data and saves it on the chain, which guarantees the view’s availability Verification and also protects user privacy.
By applying POV to NFT, potential sellers can confirm and measure the value of NFT through various transparent indicators provided by POV. Creators have the "protective film" of POV, so there is no need to worry about fraud caused by counterfeit goods. Can safely join the NFT creation.
Verasity did not build its own public chain. It deployed the POV protocol on the Ethereum network, using the ERC777 token standard . ERC777 is an upgraded version of ERC20, it is backward compatible with ERC20, the transaction speed is faster than ERC20, and the cost is lower. Therefore, it allows the rapid deployment of POV for ERC20-based NFT projects to improve the growing NFT ecosystem.
At present, the E-sports Fight Club built by Verasity is about to launch NFT products, including posters, badges, emojis, weapons, and exciting moments of the game. All of these are based on POV technology to ensure that each NFT is unique and exclusive by the owner. Yes, fans or investors also have a basis for reference when buying.
It is worth speculating that, in addition to improving the status quo of the NFT market, the POV agreement created by Verasity may also help the NFT market acquire a lot of fresh blood.
Not only the Esports Fight Club platform, but at present, all major game competition companies regard NFT as a way of making money. If POV becomes an industry standard for verifying ownership , it will attract more and more e-sports companies. With well-known e-sports players, launch the fan favorite NFT, NFT will surely arouse higher enthusiasm and usher in a broader market space.
In fact, the POV protocol can play a role in much more than NFT. It is applicable to different types of digital fraud problems. Among them, the advertising industry is an area where it can plays a huge role.
How does POV help eliminate advertising fraud?
Online advertising has always been a profit point for many companies. However, there is a serious problem in this area: 40% of ad viewers are program robots rather than real people.
According to statistics, the scale of the online advertising market has now reached 400 billion US dollars, and by 2024, this scale will grow to 525 billion US dollars. However, for advertising providers, 40% of the advertising costs (approximately US$160 billion) are equivalent to white flowers.
Every year, more than 2 million brands are worried about advertising fraud. Google and Facebook return a large amount of funds to the brands every quarter, because after the advertisements are broadcast, the brand merchants will use the report results of companies that specialize in detecting advertising fraud to recover their advertising expenditures.
This is where the patented technology of POV works. It can detect and eliminate advertising fraud, and store effective "viewing behavior" on the blockchain to achieve openness and transparency among users, platforms, and brands. So specifically, how does POV solve this problem?
First, it uses 200 touch points and AI technology to confirm whether robots or humans are watching advertisements or other content in real time with a very low error rate. This process is carried out in real time, rather than detecting after the advertisement is played, so that the brand does not need to wait until after the launch to analyze the authenticity of the data, as long as the advertisement fraud occurs, it will be detected and eliminated immediately.
Second, the POV protocol can also prevent someone from deliberately manipulating indicators such as page views and viewing rankings. In order to calculate the real market reaction of the video, when the audience creates an account, they will be assigned an anonymous hash ID, and then the number of video views generated by the user will be marked. This "viewing behavior" is like a transaction on the blockchain Open and transparent.
With the POV agreement, brand owners can achieve more accurate and effective advertising. At the same time, this method allows more people to see the truly high-quality video content, and content creators will also get a fairer opportunity to make money.
As a result, we once again see the true role of POV in NFT, advertising and other fields-reducing fraud and providing participants with a fair and transparent environment. The cryptocurrency world is becoming more and more diversified. Verasity has also added elements such as NFT and e-sports from its original online advertising project, which not only brings a broader development space for itself, but POV also provide helps to other technologies.
