NFTs are intended to be one-of-a-kind; yet, proving their uniqueness and ownership can be difficult, requiring time-consuming human filtering and attention.
At an unprecedented rate, digital collectibles, now known as nonfungible tokens (NFTs), are being issued to the market. Unfortunately, the overwhelming amount of new ventures makes it difficult for investors to decide which ones are worthwhile. As a result, many people believe that the asset’s rarity is a determining factor in how valuable a piece is and how beneficial a project will be to investors.
The caveat is that NFTs, which are intended to be one-of-a-kind or unique by nature, may be prone to duplication, with data being changed (cropped, rotated, stretched) or subject to minor modifications that turn a formerly precious collector’s item into a lousy counterfeit. As a result, the onus is on the collector or creator to determine or prove the asset’s unique worth in order to ensure its authenticity and uniqueness.
Pastel Network is an NFT-focused blockchain that is known for being a fully decentralized, developer-friendly layer-1 solution that serves as the industry standard for Web3 technology. The resulting blockchain was created with the goal of addressing inefficiencies, scalability challenges, and affordability concerns that NFT decentralized applications (DApps) on existing blockchains are now experiencing. With the NFT domain in mind, the project’s advanced technology is offered via APIs such as Pastel’s Sense Protocol for Near-Duplicate NFT Detection.
Users can use the Sense Protocol to determine the relative rarity of an NFT and authenticate its validity, protecting creators and collectors against counterfeits, fraud, and scammers. This one-of-a-kind protocol is a strong duplication detection method for Pastel Network NFTs, capable of detecting tiny similarities between two digital collectibles.
Pastel Network has created a public demo version of the technology that visually displays the technology’s practical benefits for consumers due to the highly technical nature of the product. Prior to the debut of Sense, makers and collectors had no easy means to determine the rarity of an asset, a gap in the market that few outside of the DeFi veteran group could understand without teaching materials and a public demo.
An NFT fingerprint is used for verification.
Deep learning models are used by the Sense Protocol to convert each NFT into a multi-dimensional fixed list of numbers (known as the NFT fingerprint vector). The system then compares a given fingerprint to a database of existing fingerprints to determine whether it is a duplication.
Sense not only detects duplicates and thus successfully eliminates cases of fraud, but it also analyzes the true value of digital collectibles. Consider that, if the value is exactly proportional to rarity, any additional degree of authentication will ensure that NFT producers are properly acknowledged for their work. For example, if another artist created something comparable to the original design, their work would not come close to matching the original NFT’s rarity score.
In practice, assets are assigned a rareness score ranging from 0.00% to 100.0%, which indicates the likelihood that an NFT is a copy of any previously registered NFT. Any object with a rareness score of more than 75% is subsequently given a “rare” badge. These are just a few of the Sense outputs that a user can access for a registered NFT.
The top-10 most similar table, the NSFW Score and Analysis, unusual on the internet results, fingerprint vector heatmap, IPFS link to full Sense Protocol Results, and a SHA3-256 hash of full Sense Protocol Results are among the other features.
Sense is joined by Pastel’s other well-known protocol, Cascade, because the startup wants to change the game for the NFT ecosystem. Cascade is a decentralized storage layer based on the Pastel Network that allows users to store data indefinitely for a one-time fee. This product effectively addresses the current market’s lack of persistent decentralized storage.
Changing the game of NFT
A succession of partnerships with Nervos Network, TomoChain, and onXRP, as well as speaking engagements at prominent conferences including Decrypt’s Ethereal Summit, Token2049, and NFT NYC, have solidified the team’s standing in the industry.
In the coming year, the Sense Protocol team will focus on accelerating development releases for a number of internal projects, including Cezanne, Monet, Van Gogh, and Kubo, as well as efforts to strengthen blockchain bridges on Ethereum (ETH), Solana (SOL), Avalanche (AVAX), Polkadot (DOT), and Polygon (MATIC).
More information on Pastel Network can be found here.
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