An unfortunate side-effect of the booming non-fungible token (NFT) market is that scammers are grabbing the opportunity to exploit it. In an effort to combat NFT art theft, Adobe will soon launch a “prepare as NFT” option to its Photoshop software.
Adobe’s Content Credential is a system built into Photoshop that can assist in proving that the person selling an NFT is the one who made it. The system will allow NFT sellers to link the Adobe ID with their crypto wallets, thereby allowing compatible NFT marketplaces to show a verification certificate to prove the art is authentic.
Fighting Theft in an Exploitable Market
Art theft has become rife in the NFT industry, chiefly because anybody can mint an NFT – even if they don’t own the content’s copyright. As it stands, there is not much the blockchain can do to stop this. Earlier this month, a 17-year-old 3D artist promised to deliver 8,000 NFT artworks but disappeared with US$500,000, leaving investors with the rug pulled right out from under them.
To help prevent similar events, Adobe’s authentication system is designed to counter an otherwise highly exploitable market. Scott Belsky, Adobe’s chief product officer, revealed in a recent Megaphone interview that the new feature will preview by the end of October.
The Content Credential attribution data will live on an InterPlanetary File System (IPFS), a decentralised method of hosting files where a network of people, rather than a single company or entity, is responsible for safeguarding data and making it available.
According to Adobe, NFT marketplaces such as Rarible, OpenSea, KnownOrigin and SuperRare will be able to integrate with its attribution data system.
To further enhance NFT copyright security, Crypto News Australia recently published a guide to the best 10 NFT websites to buy digital collectibles.
This system doesn’t make it harder to mint an NFT of media you don’t own the rights to, but it could make that NFT less attractive to the market.Scott Belsky, chief product officer, Adobe
While Adobe concedes that it is still possible to click on an existing image of an NFT and mint it again, and that this may still fool buyers, it says its new system at least provides a means to prove that if you are selling an NFT, it is not stolen.
Twitter Gets on the Verification Train
Twitter recently announced it would be rolling out Bitcoin Tips, but is also looking into plans to integrate NFTs into its workings. The social media giant has said that it intends to “explore NFTs for authentication”.
According to Twitter executive Esther Crawford, “it’s a way to support creators making this art with a stamp to demonstrate authenticity”, and that “by allowing people to connect their bitcoin wallets, they can track and showcase their NFT ownership on Twitter”.
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