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As art and collectible trading gradually fades from the physical into the virtual world, there is a dire need for rigid standards of consumer protection online. The multi-billion dollar industry attracts millions of buyers from around the world; however, concerns of fraudulent activities and authenticity of collectibles have been strong deterrent factors to this timeless booming industry. There is no clear means of verifying if an art piece or collectible is, in fact, genuine or fake.
This gave birth to the Mattereum Asset Passport, which is designed to authenticate every art piece and collectibles on the platform. This innovative idea was put together by the Sci-Fi icon, William Shatner (who already has some history in the crypto world).
To eliminate fraud in collectibles, Shatner partnered with Mattereum to create a blockchain-based platform called the Mattereum Asset Passport, designed to double check the authenticity of memorabilia and collectibles using smart contracts in the blockchain.
According to Shatner, this authentication system will collect and store data on every memorabilia and collectibles, making it easy to discern where the items have been, the original owners of the items, and whether or not they are genuine.
The initiative is also expected to create digital twins for sci-fi and other memorabilia and collectibles. Shatner revealed that the first digital twin will be a one-of-a-kind limited action figure of “Captain James Kirk in Casual Attire.” The digital twin will be autographed by Shatner and stored on the blockchain. Storing it on the blockchain ensures it cannot be pirated or stolen. Blockchain operates a high level of transparency, which makes it possible to see everything; therefore, making it impossible for anyone to steal or pirate the piece.
Essentially, this is the goal of the Mattereum Asset Passport. It is aimed at protecting consumers against online theft and other fraudulent activities. With this innovative platform, collectors could rest assured that the items are utterly original. According to Chris Wray, the Chief Legal Officer at Mattereum, this innovation, which ensures transparency and enforceability, is an essential tool in the fight against fraud and counterfeiting.
Commenting on the project, the CEO of Mattereum Vinay Gupta, stated that by using a digital twin, the firm is working to weave the physical and virtual world together in an innovative manner. In no time, they will showcase their blockchain platform for easy, elegant trade, transfer, ad track & trace, he added.
As a matter of fact, this is good news for art lovers and collectors. Now, they can trade with some more peace of mind.