- NFTs are all the rage in cryptocurrency circles, with more enthusiasts jumping on the bandwagon.
- The buzz around non-fungible tokens is matched by the rapid advancements in technology that are making the concept more sustainable.
- Verasity could revolutionize the budding NFT market with its Proof-of-View technology.
- Verasity’s mission is to increase the advertising revenue accruable to content creators when their videos are viewed on video-sharing platforms.
It’s almost impossible to ignore the rise of NFTs in cryptocurrency circles because of the mindboggling figures and statistics that they have generated in just a short time. Only last month, Beeple’s artwork was sold as an NFT for an amazing $69 million. While Jack Dorsey, the CEO of Twitter, sold his first tweet as an NFT for $2 million.
With thousands of NFT enthusiasts stoking the flames of the craze, new technology is also being developed to improve the concept and make it more sustainable. One such technology is Verasity’s Proof-of-View protocol layer which has the potential to revolutionize the entire NFT ecosystem
Verasity’s Proof-of-View and NFTs
Launched in 2019, Verasity’s mission is to increase the ad revenue accruable to content creators when their work is uploaded on video-sharing sites. Through its innovative Proof-of-View technology, Verasity ensures that every view on the platform is verifiable by the community and becomes an immutable public record.
Verasity’s proprietary Proof-of-View technology mitigates the occurrence of fake views and ensures that all data and metrics pertaining to the video are accurate and verifiable. By deploying this innovation to NFTs, potential buyers will be able to ascertain the true value of an NFT through the transparent metrics that Proof-of-View provides.
Proof-of-View is based on the ERC-777, a new blockchain token standard of the Ethereum network, which possesses backward compatibility with the ERC-20.
Veracity’s choice to use ERC-777, instead of building its own mainnet, has the advantage of ensuring the wide applicability of the revolutionary technology. The sheer number of NFT projects based around the Ethereum network will allow for rapid deployment of Proof-of-View to improve the growing NFT ecosystem.
On the Flipside
- The NFT bubble might already be bursting, signaling a downtrend for it, according to CNN Business.
- NFTs have garnered a lot of attention in recent times, but analysts believe that they have reached the peak of their popularity.
- According to the CNN report, average NFT values have dropped around 70% since February.
Proof-Of-View – The Trigger For Positive Growth
Deploying Proof-of-View might just be the trigger for a new wave of heightened interest in NFTs. Users will be able to truly ascertain the value of tokens through the immutable public records that Verasity will provide.
As it is built around the Ethereum network, the new technology is likely to receive wide acceptance from the users of over 200,000 ERC-20 compatible tokens.
With this, NFTs can be shielded from fraud and can also be utilized in DeFi as collateral for loans or financial contracts since Proof-of-View makes the metrics behind an NFT transparent and easily verifiable.