Unsure if fine art or a luxury watch is real? This blockchain-based project has your back

Published at: June 27, 2022

A Swiss foundation is using blockchain technology to authenticate artwork, luxury goods, digital media and collectibles — protecting the interests of consumers while returning control to creators.

In an ask-me-anything session on Cointelegraph's YouTube channel, ORIGYN CEO Daniel Haudenschild described how his organization's technology is helping to clamp down on counterfeits, and increase confidence in upmarket items.

Ultra high-resolution pictures of an item are taken and rich metadata is then packed into a nonfungible token. "Microstructure traceability" is used so computers can recognize distinctive objects later on — making distinctions the human eye cannot.

"Not just 'it's a watch' or 'it's a handbag' — down to the serial number and down to the unique item," Haudenschild explained.

Physical items that go through ORIGYN's process are subsequently awarded with a certificate of authenticity — and a guarantee to buyers that, if an item isn't genuine, insurance will pay for the damages.

Giving an example, Haudenschild explained how his platform is working with a gaming company called Cryptopolis — a "social climbing game" that boasts Sims-like characters. As players ascend the tower, their status increases and rewards are unlocked. One especially coveted prize will be a digital Rolex avatars can wear — and this will be accompanied by a physical certificate that unlocks a real-world Rolex that can be redeemed at ORIGYN.

The project also works with the likes of WatchBox, which positions itself as a global leader in pre-owned luxury watches. Through ORIGYN, this business is obtaining blockchain-based certificates of authenticity that give shoppers far greater peace of mind.

A distinctive structure

During the Cointelegraph AMA, Haudenschild stressed that ORIGYN is a Swiss foundation — and explained why this matters. This distinctive business structure means that the organization can't be bought out for big bucks by a major company, and it also changes the motivation of team members in a positive way.

Luxury goods, art, digital media and collectibles are the four verticals that ORIGYN is focusing on — and each is a separate legal entity. 

ORIGYN's infrastructure has been built on the Internet Computer, which has been developed by the DFINITY Foundation. Haudenschild described this as the next generation of decentralized technology, not least because its smart contracts can handle gigabytes of code.

"When you look at some of the other blockchains, you often find yourself asking the question — here's what we'd like to do, let's work around all of the technical constraints," Haudenschild added.

He compared using some major chains to "trying to get Netflix from a fax machine" — and said Internet Computer "eliminates issues for developers and opens doors to new things." 

Illustrating the power of Internet Computer, Haudenschild says 4K video can be streamed directly from on-chain resources — eliminating the need for a centralized platform such as Amazon Web Services to run in the background. As a result, he asserts that Internet Computer NFTs offer a level of richness and deep content that other networks simply cannot match. 

More insights from origyn here

Reaching out to creators

ORIGYN is now encouraging creators to get in touch with them directly.

"We work with film stars, with editors, with movie producers, with musicians, with photographers, with other creative designers. They come to us and we discuss the concept of the NFT and how they want to certify it. As a rule, almost all of them really just want to make their art or make their creative works available to their fan base in a direct way," Haudenschild said.

A distinctive "forever earning" concept means that, no matter how many times an NFT is sold in the future, creators will always receive some of the royalties.

Better still, ORIGYN's approach eliminates the middlemen who all too often buy up stock and sell collectibles at inflated prices — ensuring that creators retain control and get the opportunity to share their creations with true fans.

Learn more about ORIGYN

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

Tags
Related Posts
Internet Computer's ORIGYN is watching the watches using NFT authentication
ORIGYN, a Swiss foundation that uses artificial intelligence (AI) to identify and authenticate objects of value, has partnered with luxury watch marketplace WatchBox. The pair will co-produce certificates of authenticity in the form of NFTs to enable customers to trade the digital ownership of a watch. ORIGYN is the largest project on the Internet Computer Protocol, or ICP, developed by The DFINITY Foundation blockchain. Individuals who purchase a collector quality timepiece via WatchBox can expect ORIGYN to certify the authenticated object thanks to its biometric technology. Each watch is given a unique biometric fingerprint and an NFT that contains all …
Decentralization / April 28, 2022
Japanese payments firm JCB and Mizuho Bank test blockchain-based ID
Major financial institutions in Japan are moving into blockchain to streamline digital identity systems. Japan’s third-largest bank, Mizuho Bank, and local payment giant JCB are preparing to pilot a digital identity interoperability system based on blockchain technology. The new system will utilize a blockchain solution developed by Fujitsu Laboratories, Fujitsu announced on Thursday. The new joint initiative will allow the companies to verify mechanisms to securely transfer and link member ID information by multiple business operators. This data includes names, addresses and employers stored on a cloud platform built by Fujitsu. The pilot will also involve 100 Fujitsu Group employees. …
Technology / Oct. 19, 2020
Bitcoin Movement launches collection of blockchain-backed streetwear designed by Zuby
On Friday, the online retail store Bitcoin Movement (BTCMVMNT), launched a limited edition streetwear line featuring a blockchain-backed system of “Proof of authenticity.” The 300-item collection, which was designed with input from British entrepreneur and rapper Zuby, consists of 50 hoodies, 125 Hats, and 125 T-Shirts, all bearing the logo ‘21 Million,’ representing the maximum amount of Bitcoins that will ever be mined. Each piece in the collection, which is titled “Take the Power Back,” contains an near-field communication chip linked to the VeChain blockchain. Through a mobile application provided by the Bitcoin Movement, customers can scan a sticker attached …
Blockchain / Nov. 15, 2020
RTFKT partners with Daz 3D to advance metaverse NFT’s
RTFKT Studios, pronounced artifact, has announced a collaborative partnership with software developer Daz 3D to leverage their technology to create immersive, three-dimensional avatars for their upcoming nonfungible token, or NFT, release, CloneX. Founded by Chris Le, Benoit Pagotto and Steven Vasilev, RTKFT have emerged at the forefront of next-generation sneaker culture, intertwining burgeoning technologies of augmented reality, nonfungible tokens and blockchain authentication, amongst others, to form their NFT sneaker brand. RTKFT's latest venture, a pfp avatar project, will utilize Daz 3D’s PFP Utility Kit to expand the possibilities for the avatars across a multitude of settings including gaming, videos, social …
Adoption / Nov. 4, 2021
Lamborghini-backed GT racing team to authenticate car parts using NFTs
Vincenzo Sospiri Racing (VSR), a GT racing team backed by Lamborghini's motorsport department, has announced its partnership with nonfungible token (NFT) platform Go2NFT to launch a program that certifies racing car parts. In an announcement sent to Cointelegraph, former racing champion Vincenzo Sospiri from the VSR mentioned that their team will build NFT certification for their race cars with Go2NFT and blockchain platform Skey Network. This will allow them to monitor and ensure the quality of the car parts. He explained that: “This also brings great responsibility to ensure that we can securely authenticate and audit every part of our …
Blockchain / July 5, 2022