Adobe Unveils New Tools to Tackle NFT Fraud
Market Musings

Adobe Unveils New Tools to Tackle NFT Fraud

1 month ago
2m

Through Photoshop, details surrounding an artist's identity can be integrated into metadata — and they can link their social media profiles and crypto wallets to digital artwork too.

Adobe Unveils New Tools to Tackle NFT Fraud

Table of Contents

One of the biggest downsides surrounding the explosion of NFTs has been the rise of art theft. 

All too often, crypto enthusiasts have ended up tokenizing artworks that they didn’t create — and in some cases, they’ve made fortunes off the back of someone else’s work. 

To make matters worse, this deceit doesn’t end up being recorded on the blockchain, meaning buyers may be unaware that the non-fungible token they’re buying isn’t as authentic as it seems. 

Now, Adobe has announced that it plans to tackle this problem with a new feature called Content Credentials.

This means that artists will be able to stamp their identity on Photoshop creations through metadata. A separate website will enable investors to inspect the details of an image.

Other features include the ability to link social media profiles and crypto wallets to creations — helping artists further prove their legitimacy to collectors. 

In what could amount to a big milestone for the industry, Adobe has entered into collaborations with OpenSea, Rarible and SuperRare — some of the world’s biggest NFT marketplaces — to ensure Content Credentials are prominently displayed alongside the digital art on sale.

Listen to the CoinMarketRecap podcast on Apple PodcastsSpotify and Google Podcasts

An Important Development

Adobe’s move is significant — not least because of how NFTs have become a multibillion-dollar industry, with some individual creations going under the hammer for millions of dollars.

Over the summer, opportunistic hackers ended up adding a bogus page to Banksy’s official website that directed art lovers to an NFT sale. The buyer ended up splashing out $300,000 on the piece, only to realize that Banksy had no involvement with its creation whatsoever.

The collector was lucky in this case as these funds were later returned to them in full, but many other victims haven’t been so lucky.