Polygon, Web3 infra protocol fights NFT fraud

Throughout the last month, the activities of Lotte Group's NFT have been pushed by the Polygon Foundation.

Polygon, Web3 infra protocol fights NFT fraud

Wakweli, a Web3 infrastructure protocol that offers authenticity certificates for nonfungible tokens (NFT), has teamed with the layer-2 scaling platform Polygon to enable NFT authentication.

All digital assets on Polygon will be compatible with Wakweli’s certification system as a result of the relationship between Polygon and Wakweli. According to the release, holders of NFT projects on the Polygon chain may seek authenticity certifications for each asset. The overall objective of the partnership is to strengthen the security of the digital environment.

In reaction to the expense of user certificate authentication, Antoine Sarraute, co-founder of Wakweli, stated that Wakweli’s utility token, WAKU, must be staked to establish a certificate request. The amount to wager on a request depends on and is proportional to the level of confidence required in each circumstance.

The discussions for the collaboration agreement between the two corporations began in August 2022, with the deal’s final elements being finalized this March.

In April, Wakweli’s testnet will be accessible and compatible with Polygon’s Mumbai testnet. Alpha testing with Polygon’s mainnet will commence in the second quarter of 2023, with broad mainnet compatibility anticipated by the third quarter.

By offering a method for recognizing counterfeit NFTs, the cooperation between the two firms has unlocked a concrete method for combating these scam efforts, fostering more confidence in the growing ecosystem, as Sarraute noted.

The Wakweli platform and application programming interface will provide developers with access to enhanced use case scenarios, such as automatically creating certification requests during minting and gaining access to more thorough certification information.

The Polygon Foundation has cooperated with the South Korean multinational business Lotte Group to promote the company’s NFT initiatives throughout the past month.

With agreements with prominent companies including Starbucks and Adidas, Polygon has achieved substantial traction, resulting in increasing acceptance of the network among bitcoin users.