Fraudulent activities are plaguing the environment set out for NFT creators/artists, collectors, and investors
It is clear that Non-fungible tokens (NFTs) have become quite a mainstream way to buy and sell digital assets over the recent years. One thing we don’t hear much about however is that alongside the massive surge in NFTs and digital assets trading comes a major problem of enhanced fraudulent activity plaguing NFT artists, creators, and collectors. As per increasing media reports, cryptocurrency and NFT scam artists are using fake and impostor-type Web 2.0 accounts on platforms such as Twitter and Instagram to lure victims who cannot identify their true identities. The victims are in most cases lead to believe that they are eligible for particular airdrop campaigns, which is when crypto is sent to users as a promotional activity to enhance the visibility, and are then open to theft. For example, on April 1 2022, famous Chinese pop singer Jay Chou’s Bored Ape NFT (Figure 1), collection, worth roughly over $734,565, was accidentally transferred to a group of scammers. There are many social media influencers and key opinion leaders who use Web 2.0 social media accounts and are fully aware of the dangers related to privacy and data, however in Web3, there are more worries associated with risks related to identity theft and impersonated activity across ecosystems using digital assets.
Metavisa offers solutions by using its Social DID project
To address the pain point that social media identity has taken risks of being frauded and scammed, metavisa offers a solution. metavisa’s social decentralized identity (Social DID) project, which launched on the 25th of April 2022 and can help solve the privacy and security problems of Web 2.0 by establishing a Social DID system with a displayable credit rating system for users’ encrypted assets in the Web 3.0 era. (Figure 2)
Metavisa’s MCSs credit score rating system
Based on the blockchain data, using cloud computing, machine learning technologies, and model algorithms such as logistic regression, decision trees, random forests, etc., metavisa conducts comprehensive processing and evaluation of data in various dimensions such as Credit History, On-Chain Behavior Preference, Address Activity Level, Asset Holdings & Portfolio, Address Correlation. Users can randomly draw a metavisa card from the metavisa webpage by using their wallet address and claim a metavisa NFT hero avatar. Moreover, metavisa MCS’s credit rating system will produce a unique MCS radar chart for each user to estimate and show their crypto assets credit score and protect their privacy by not displaying social address information to the public. The metavisa credit score system will also award the users with ranked badges based on their MCSs. Users with higher MCSs will be rewarded with high-ranking badges and therefore have privileges in services from various DApps. (Figure 3)
It is a safe way to convert your influence to real assets and increase them
Additionally, users can also use the metavisa hero avatar to associate with their original web 2.0 social media accounts to protect the privacy of social address information and other functions by creating a decentralized, shared, secure, and reliable credit rating network identity for users. With this approach, social media influencers and KOLs can feel free and safe to react to their followers and award their followers. Both influencers and followers can use Meta ID to convert their social media influence to real assets and increase their wealth.