Blockchain technology : NFT WNFTWatch, data processing tool
NFTWatch secure search engine for NFT
Blockchain: about cryptographic tokens
Continuously and uninterruptedly, the digital world is producing new developments. Among these developments, crypto assets, digital assets operating on blockchains, are a reality to be taken into account. One category of them, the NFT (Non-Fungible Token), is experiencing a significant and sustained growth since the beginning of 2020. If only on the “tokenized” digital art market, the amounts exchanged each month are measured in billions of dollars. And as always, money attracts unscrupulous profiles seeking to abuse the market using different methods.
Alain Broustail and Jean-Louis Vila are the architects of the NFTWATCH project, an NFT data processing tool designed, among other things, to limit the risk of counterfeiting and fraud of all kinds.
Do you know the NFT?
NFTs are digital assets operating on a public blockchain, each with a unique identification number. Created by the execution of a “smart contract”, it is possible by reading its code to understand its functioning and its objectives. It is also possible to exchange or resell it in a few clicks very easily and thanks to the blockchain to have a complete and safe traceability. This revolutionary technology is destined to have many uses, from the ticketing market to certificates of ownership of digital objects in video games.
The first use to emerge in 2021 is digital art. Indeed, nothing is simpler than to associate the ownership of an NFT with the ownership of an image or a video. Whoever owns the NFT owns the original work, even if anyone could make a copy. Online marketplaces such as Opensea then allow to buy or sell NFTs. Some works are valued excessively, which can make one sceptical. One can see it as a speculative bubble or the very beginning of a market destined to grow exponentially. Moreover, one can only notice the huge number of new projects launched every day.
The Issue: Lack of Reliable Data
- You can sell photos that you don’t own the copyright to.
- You can sell the same image several times on different blockchains.
- You can make it look like an image has been sold several times and that the price has gone up with each buyer, when in fact it is the same buyer from the beginning.
- The image can change once it has been sold.
- Possibility to buy a counterfeit.
The development of the NFT market has occurred so rapidly that there are still very few tools available to automatically analyze the trustworthiness of an NFT. When you consider that more than half of the NFTs offered for sale on certain marketplaces are scams or intellectual property abuses, you can understand the difficulties that “non-crypto friendly” players in the economy have in getting involved.
So what is the NFTWATCH project?
NFTWATCH is mainly a data aggregator that can consolidate “offchain” data from marketplaces, social networks and the digital work itself with “onchain” data collected on the blockchain, such as the code of the smart contract, the list of buying/selling transactions taking place or the addresses of the wallet interacting around the NFT.
NFTWATCH can send this data to algorithms that can automatically classify the work, calculate confidence scores in the origin of the NFT or analyze the quality of its code. A search engine allows then easily by a graphic interface to find its NFT and to read the desired information, but it is especially by API call, and possibly Oracle Blockchain that NFTWATCH will be used
For different needs, the solution is suitable for all market players, whether you are a large CAC40 group looking to prepare its first NFT launch, an investor wanting to estimate the real value of its NFT portfolio or a high-end marketplace concerned with offering only trusted NFTs.
Interview of Alain Broustail
NFTWATCH is a project supported by Ontochain, an innovation program funded by the European Commission aiming to create a dynamic and sustainable ecosystem between web3 actors specialized in the manipulation of complex data projects.
“Ontochain is a very good platform for this project. First of all, it is one of the very few communities interested in decentralized data storage and able to deal with graph-based data as we do. In this interview, you can also find out how this project came about.