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Trivver gets patent on tech to protect NFTs from fraud – SecuringIndustry.com

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Non-fungible token or NFTs become a craze in the last few years, with some buyers spending thousands or even millions of dollars for the ephemeral rights to a digital artwork, although there are signs that the market is subsiding.
Last year, an anonymous buyer paid a colossal $6.6m for an NFT linked to a video by Beeple, ten times its original listing price, while in musician Grimes sold some of her digital art for more than $6m earlier this year.
NFTs could be described as digital certificate of authenticity, secured by a blockchain, and importantly doesn’t provide any ownership of the art itself.
For that reason some consider the NFT phenomenon is not much more than a fad and a con – as there is often nothing to stop others freely copying the artwork – while others argue they are desirable collectibles that give their owners rights to use art, and can help support artists.
Whichever side of the fence you are on, where there is money to be made, counterfeiters are sure to follow, and NFTs are no different.
Last year, for example NFT auction house Nifty Gateway promoted a video that depicted a room full of Ai Weiwei's sculptures – which was neither made nor endorsed by the Chinese artist. And earlier this year, another artist, Aja Trier, discovered that her paintings had been turned into thousands of NFTs by other parties, without her knowledge, in an attempt to monetise her work.
Another NFT marketplace – OpenSeas – has estimated that as much as 80 per cent of its NFTs for sale are fraudulent reproductions.
Trust falling
Founder and chief executive of technology company Trivver Joel LaMontagne says that one of the reasons for a downturn in the NFT market is a “lack of trust”, along with the prevailing economic conditions around the world.
The company has just been awarded a patent for a smartphone-based scanner application that can be used to verify whether or not an NFT is authentic instantly.
The scanner seeks for a unique 3D pixel fingerprint that can be placed on an NFT, “maintaining and reporting ownership back to the original creator and all subsequent owners of the NFT as well as the purpose of the NFT.”
It not only ensures authenticity of the NFT but of can also “ensures sales, royalties and other possible revenue earned from each NFT reaches the rightful owner,” according to Trivver.
Another company with the authenticity of NFTs in its sights is MarqVision, which offers an artificial intelligence-powered intellectual property protection platform, which focuses on monitoring NFT marketplaces to detect and report fake listings. It's a similar approach to one taken by SnifflesNFT, currently in beta testing.
Image by Tumisu via Pixabay

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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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NFT Collections Will Be Regulated Like Cryptocurrencies Under EU’s MiCA Law, Official Says – CoinDesk

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