NFT enthusiast and investor @FonzGm has just introduced his new venture – Tokenproof. It’s a brand new app that enables NFT owners to authenticate ownership of NFTs and other assets while keeping them safe in cold storage.
The recent increase in interest in NFTs has led to many scams and people faking NFT ownership. Twitter recently introduced a new feature aimed at verifying NFT profile images. However, scammers can easily right-click, download and re-upload the same image to an NFT platform. They can then mint an NFT that looks similar and use it as a profile picture.
Furthermore, Twitter uses OpenSea APIs, instead of directly interacting with the blockchain. Therefore, if OpenSea goes down, it would be very difficult for Twitter to verify NFT profile pictures.
Tokenproof is more secure. Tokenproof links your Ethereum account with your mobile device. After enrolling, you can authenticate ownership of NFTs and other assets.
What’s a token-gate?
There’s also the concept of a token-gate, which are gated activities and events associated with a particular NFT community. Verifiers can set their specific rules for a token-gate – for example; requiring a Bored Ape or a Boss Beauties NFT. Users will then need to use special animated QR codes to access tokenproof-enabled gates online and offline.
@FonzGM explained why tokenproof is the future: “I went to ApeFest and noticed that the methods for verifying tokens IRL were pretty much non-existent, and projects like BAYC had to resort to much unsophisticated methods.”
“In December, I had my aha moment when I realized that we could actually use much of what we had developed in my last startup to pivot and create what is now tokenproof. We believe in a future where NFTs will be everywhere. From concert tickets to your gym membership, to claiming special benefits at a restaurant.”
In an era of fraud, bugs and questionable verification methods, tokenproof is a breath of fresh air. It gives Twitter a run for its money and ensures the safety of the NFT community.
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This article is educational material.
As always, make your own research prior to making any kind of investment.