Non-Fungible Token (NFT) art has become a huge topic of discussion in recent weeks. As multiple industries rush to explore implementations as well as security concerns, it turns out the companies who have invested in patents may come out on top.
Verasity owns an e-sports tournament platform called E-Sports Fight Club and announced on March 17, 2021 that it would start creating NFT art out of posters, badges, and highlight clips using its proof of view blockchain infrastructure. The patent covering that technology, which was filed back in June of 2018, was expected to be granted just a week later on March 23, 2021. We know Verasity was excited about its issuing patent because it took the time to tweet it.
The proof of view system uses blockchain to verify views of a piece of content. The technology was initially used to provide accurate audience/viewership metrics for advertising purposes, but Verasity is now applying the method to prevent NFT fraud, which is a growing concern in the digital art community. Having a patented authentication method helped Verasity pivot quickly to supporting a more secure system that differentiates the company from other gaming platforms such as Nifty (owned by the Winklevoss' Gemini) and Fandom Sports, which are also exploring NFTs. Keep an eye on who is best poised to develop new products using an existing patent portfolio by subscribing to the Cryptocurrency Patent Forecast®.