With such a new and innovative technology such as NFTs, the possibilities for fraud are still prevalent, especially as marketplaces, creators, and platforms are still largely segmented and siloed off. In order to protect our users against fraud in the NFT space, such as purchasing a non-original NFT masking itself as an original, we are teaming up with Numbers Protocol to implement the fraud protection protocol for NFTs.
A Variety of Implementations
We will be working with Numbers Protocol in a variety of ways, with additions that will bring value to both of our communities of users. Our first steps will be a support search of BSC assets issued from Number Protocol’s NFTScan, making it easier than ever to identify fraudulent NFTs on the Binance Smart Chain network. We will also soon run a verification campaign, rewarding the community for correctly pointing out fraudulent NFTs looking to take advantage of innocent users. Not only will this help the community, but it will also directly reward those who can identify these fraudulent NFTs.
On top of this, we will also begin to set up a $NUM NFT farm, allowing $NUM token holders to stake their tokens in order to earn collectible or utility-based NFTs (and a potential $NUM APY). Numbers Protocol will also aid in additional integrations, such as setting up a photo NFT collection store on NFTScan to make identifying fraudulent NFTs even easier.
When asked about the partnership, Bofu Chen, Founder and CTO of Numbers Protocol, stated, “As the first fully decentralized marketplace that supports the entire NFT lifecycle, NFTrade is helping to push forward Web3.0 that is both pure and accessible. We are excited for the opportunity to further facilitate transparency and community with our tools and technology in an effort to bring trust to the NFT space.”
Ori Levi, NFTrade’s CEO and co-founder, also commented, “As the NFT ecosystem continues to grow, fraud prevention is becoming more and more important for protecting the rights of creators and barricading NFT communities against malicious actors. We are excited to work with the Numbers Protocol team to weed out fraudulent NFTs, copies, and scams from NFTrade’s marketplace and growing list of P2E, gaming, NFT, DeFi, and GameFi partners.”