The new program is set to help fight non-fungible token (NFT) scams.
According to a March 29th announcement by Web3 infrastructure protocol Wakweli, the company has partnered with Polygon blockchain to provide certification for non-fungible tokens (NFTs). All digital assets on Polygon will be included in Wakweli’s certification system.
Under the new partnership, all NFT holders on the Polygon blockchain can request a certificate.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Defi 2.0? (Explained with Animations)
Moreover, Wakweli will provide Polygon developers with an application programming interface (API), giving access to unique use-case scenarios on Wakweli’s protocol. Developers would be able to perform tasks such as automated minting certification requests or search for more precise certification details.
Wakweli uses a unique consensus mechanism called the Proof of Democracy (PoD), which incentivizes users to authenticate their NFTs. Every action on Wakweli requires WAKU tokens. Therefore, when users request a certificate, they must stake WAKU tokens.
All authenticated digital assets get a green tick next to them on NFT marketplaces, such as OpenSea.
With the new partnership, both companies will work on ensuring the security of the Polygon ecosystem, as Wakweli prevents scams and builds confidence in the NFT sector.
It is worth noting that negotiations between Polygon and Wakweli began in August 2022 and continued until March 29th, when they signed a partnership agreement.
It appears that Polygon is only the first stop in Wakweli’s journey to curb the widespread problem of scams that pervades the NFT sector. The team behind the project aims to extend its certification service to all chains.
Wakweli certification for Polygon NFTs is expected to launch by Q3 2023. It will first launch a testnet on the Polygon Mumbai testnet. Alpha testing will roll out on Polygon in Q2 2023.
Before the Polygon partnership, the Wakweli protocol raised $1.1 million in a seed funding round led by several venture capitalists and angel investors.
The protection for Polygon NFTs may be a necessity as more and more digital collections are moving to the ecosystem. Most recently, the NFT collection y00ts started migration from the Solana blockchain to the Polygon network.