Validating NFTs
Last year’s explosion in the value of the market for non-fungible digital tokens, or NFTs, from a trading value of $100 million to more than $20 billion, reflects both the opportunities and risks of the booming trends in a world of “cryptocurrency wallets.” The promise of the blockchain technology that provides NFT buyers security with proof of ownership of authenticity is also being dampened by the rise in scams and fraud in the wake of NFT market growth. But Blockchain experts like Fulton Schools Professor Dragan Boscovic, director of the ASU Blockchain Lab, say a new technology called distributed key generation, or DKG, which is used to automate NFT’s access control on the blockchain, can create a re-encryption key for an NFT owner and issue it to the network. That system and similar tools and services being developed for the blockchain can restore much of the confidence in dealing in the digital currency market, Boscovic says.