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Polygon Helps Fight NFT Scams With Web3 Foundation Protocol Partnership

By Cornell Rachel
Mar 30, 2023
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Wakweli, a Web3 infrastructure protocol for issuing certificates of authenticity for non-fungible tokens (NFTs), has officially partnered with layer 2 scaling platform Polygon to enable NFT authentication.

The cooperation between Polygon and Wakweli means that all digital assets on Polygon will be compatible with Wakweli's certification system. According to the announcement, each NFT project holder on the Polygon chain can apply for a certificate of authenticity for each asset. The overall goal of the collaboration is to enhance the security of the digital ecosystem.

In response to the cost of user certificate authentication, Wakweli co-founder Antoine Sarraute told Cointelegraph that staking WAKU (Wakweli’s utility token) is required to create certificate requests. The amount staked in the request depends on and is linked to the level of trust required for each case. Negotiations for a cooperation agreement between the two companies began in August 2022, with final details of the agreement finalized in March this year.

Wakweli’s testnet will launch in April and will be available alongside Polygon’s Mumbai testnet. Alpha testing of the Polygon mainnet will begin in Q2 2023, and general mainnet compatibility is expected to be ready by Q3 2023. Sarraute explained that by providing a medium to detect counterfeit NFTs, the collaboration between the two companies opens up the ultimate way to combat these scam attempts, thereby building more trust in the thriving ecosystem.

The Wakweli platform and API will provide developers with access to advanced use case scenarios, including automatic generation of authentication requests or access to more detailed authentication information upon minting. Over the past month, the Polygon Foundation has also partnered with South Korean multinational Lotte Group to showcase the company’s NFT project.

Polygon has gained significant traction through partnerships with major brands such as Starbucks and Adidas, thereby increasing the adoption of the network by cryptocurrency users.

Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of BitKan. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. BitKan shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. Products mentioned in this article may not be available in your region.

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