AI and machine learning technologies are helping to legitimize the NFT market by combating wash trading and plagiarism.The nonfungible token (NFT) market can return to its glory days as a revolutionary asset class, but it must first address several major challenges.Wash traders inflate NFT pricesTo begin with, wash trading remains one of the most significant problems that cast a shadow on NFTs’ potential to foster creativity and transform digital ownership. Wash trading refers to the deceptive practice in which an investor buys and sells an NFT simultaneously to create the illusion of significant trading volume, thus inflating the token’s price to eventually sell it higher.Unlike traditional cryptocurrencies, NFTs are not a liquid market, making it easier for unscrupulous actors to artificially inflate trading volumes.Earlier in 2023, a joint report from NFT analytics provider bitsCrunch and Cointelegraph Research, titled “BitsCrunch NFT Wash Trade Report for 2022,” showed that NFT wash trading activity had surged in 2022 by 25 times to about $33 billion. That means more than half of the total $54 billion in NFTs traded on the Ethereum blockchain in 2022 was related to wash trading.In February 2023, NFT data aggregator CryptoSlam found that around $577 million worth of NFTs had been suspected of wash trading on Blur, now the second-largest NFT marketplace by trading volume.Counterfeit NFTs dilute the value of original creationsAnother major challenge in the NFT market is the high prevalence of counterfeit or plagiarized NFTs. NFTs have two components — the technical aspect representing the asset with the unique identifier on the blockchain and the digital representation, which can be easily duplicated.In October 2023, a California federal judge ordered a conceptual artist to pay around $1.5 million in damages to Yuga Labs for copying NFTs from the Bored Ape Yacht Club collection and profiting from them. While major NFT collections have more possibilities to fight counterfeit NFTs, less popular digital artists and creators are at risk.The problem of NFT forgery dilutes the value of original creations and seriously threatens the integrity and reliability of the entire NFT ecosystem. Authenticity is touted as the cornerstone of the NFT space, but it’s severely compromised by fake art.These two challenges, wash trading and counterfeit NFTs, lead to a significant loss of trust and perceived value within the NFT market. Many potential users remain skeptical, which hinders the mainstream adoption of NFTs.As a result, the NFT space deals with missed opportunities in attracting a broader user base, which is essential for its long-term sustainability and upgrade beyond a niche market.How can AI and machine learning improve NFT market?Emerging technologies like artificial intelligence (AI) and machine learning (ML) can help to address the main challenges in the NFT market. AI is not only a helpful technology to support creativity and deliver unique digital art, but it also meets the need for better analytics and insight.AI and ML can take on-chain analysis to a new level, helping the market detect wash trading deals in real time and identify fake NFTs.Leveraging AI to combat wash trading and fake NFTsBitsCrunch, an AI-powered NFT analytics platform, combats wash trading to help traders with fair price discovery and developers with reliable NFT decentralized applications (DApps) development. Its wash trading index utilizes AI and ML to detect suspicious trading patterns in real time, safeguarding investors from manipulated market prices and facilitating informed investment decisions.The index provides a comprehensive overview of wash trading activity across various blockchains, marketplaces, and NFT collections, enabling market analysts and participants to gain valuable insights into the true state of the market. This data empowers informed decision-making, allowing users to discern genuine market trends from artificially inflated volume.For investors, the wash trading index serves as a crucial tool for assessing the legitimacy of trading activities. By analyzing the index, investors can identify NFT collections with high incidences of wash trading, potentially indicating inflated prices or deceptive marketing practices.Developers and NFT investors can also use other bitsCrunch’s AI-powered tools for many use cases, including:Analytics — blockchain and NFT analytics projects have access to the most comprehensive NFT database. bitsCrunch also offers the largest repository of ERC-20 historical data available.Fraud detection — bitsCrunch offers fraud detection and alerting mechanisms, helping users detect suspicious trading and set up alerts and notifications.Lending — NFT lending tools can use bitsCrunch for accurate collateralization based on data-driven insights.Price discovery — Insights on pricing trends can help digital artists price their NFTs appropriately.Audience engagement — marketing teams can use bitsCrunch data on buyer preferences and behaviors to improve community engagement strategies.What sets bitsCrunch apart from other data tools is that it uses a community-driven approach, being a fully decentralized network. Saravanan Jaichandaran, co-founder of bitsCrunch, explained:“Our network is not just a concept. Its vibrant ecosystem empowers users and developers through permissionless participation, meaning anyone can join and contribute without centralized approval, and community-driven growth. The platform grows with its community by continuously adding new features and use cases.”The ecosystem is powered by BCUT, bitsCrunch’s native token, which plays an essential role in maintaining the integrity of the network.By providing market participants with clear insights into the authenticity of trading activity, bitsCrunch contributes to a safer NFT environment where investors can navigate with confidence and trust.#sol #NEAR #NFPrompt #AI #latestnews $SOL $BNB $BTC

Crypto analyst Crypto Rover recently discussed some major upgrades coming for Polkadot’s network that could significantly boost adoption and price performance for its DOT token.According to Rover, “Polkadot 2.0 will change the game” by implementing key improvements to governance, cross-chain transactions, and network security/adaptability. He argues these changes will make Polkadot much faster, more secure, and more flexible as it competes with other layer 1 chains.🌟.. Excitement Building Around New Meme Coin Project :Beyond the base layer improvements, Rover also points to building excitement around an upcoming Polkadot meme coin project called $DED.Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK , but bigger!He draws comparisons to $BONK and its positive impact on demand and prices for Solana’s ecosystem. Similarly, he expects $DED could replicate BONK’s success in catalyzing a price boom for DOT.🌟💲🤑🌟 Bullish Outlook for 2024 :-Taking both the platform improvements and potential for new viral projects launching on Polkadot, Crypto Rover closes by saying “I’m bullish on Polkadot in 2024.”If $DED gains anything close to the momentum of coins like BONK or DOGE, it could spark a renewed retail frenzy and influx of capital into DOT and the Polkadot ecosystem more broadly this year.$BONK $DOT 👉👉👉 BPRC6T6GKV ( Claim it Now ) Red PacketBNB#BONK #DOT #news #latestnews #cryptonews

BONK's future success depends on numerous factors such as technological advancements and market trends. Here is what else could contribute to its further rise.Bonk Inu’s (BONK) Current Status: Bonk Inu, a memecoin on Solana, has seen a 300% price increase recently, with its future performance dependent on market trends, community strength, and regulatory changes.Community and Technological Influence: BONK’s success could be influenced by its community support, social media trends, and technological advancements.Competition from Dogwifhat (WIF): The new Solana memecoin dogwifhat (WIF) has seen a 450% price increase, posing a competitive threat to BONK, with the potential to overtake it in popularity.Could BONK Maintain the Performance Next Year?Bonk Inu (BONK) – a memecoin built on the Solana blockchain – has recently splashed the waters of the cryptocurrency sector, capturing much of the participants’ attention. The main point of interest surrounding the token is undoubtedly its price, which has exploded by 300% in the past month, while its market capitalization briefly surpassed the $2 billion mark in mid-December.As such, it would be interesting to follow whether BONK could keep its position as Solana’s largest memecoin. According to ChatGPT, such a scenario is “highly speculative and uncertain” but also possible, assuming several factors are in place.The AI-powered language model outlined market trends and functional advancements as the main ones. The popularity of BONK could indeed be heavily influenced by social media trends or endorsement from celebrities, whereas technological improvements on the asset’s network might positively impact adoptionEstablishing a strong community could also help BONK in its mission. According to the latest data, the memecoins with the strongest supporter bases are Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe Coin (PEPE).Last but not least, ChatGPT estimated that the future market sentiment and any potential changes in the regulatory landscape could significantly impact BONK’s performance positively or negatively in 2024.BONK Should Beware of RivalsOne asset that could possibly dethrone BONK as a leading Solana memecoin is dogwifhat (WIF). The token, which made its debut in the last quarter of 2023, has seen its price explode by almost 450% in the past week.WE ASKED CHATGPT IF BONK WILL BE THE BIGGEST MEMECOIN ON SOLANA NEXT YEARBonk Inu’s (BONK) Current Status: Bonk Inu, a memecoin on Solana, has seen a 300% price increase recently, with its future performance dependent on market trends, community strength, and regulatory changes.Community and Technological Influence: BONK’s success could be influenced by its community support, social media trends, and technological advancements.Competition from Dogwifhat (WIF): The new Solana memecoin dogwifhat (WIF) has seen a 450% price increase, posing a competitive threat to BONK, with the potential to overtake it in popularity.Could BONK Maintain the Performance Next Year?Bonk Inu (BONK) – a memecoin built on the Solana blockchain – has recently splashed the waters of the cryptocurrency sector, capturing much of the participants’ attention. The main point of interest surrounding the token is undoubtedly its price, which has exploded by 300% in the past month, while its market capitalization briefly surpassed the $2 billion mark in mid-December.As such, it would be interesting to follow whether BONK could keep its position as Solana’s largest memecoin. According to ChatGPT, such a scenario is “highly speculative and uncertain” but also possible, assuming several factors are in place.The AI-powered language model outlined market trends and functional advancements as the main ones. The popularity of BONK could indeed be heavily influenced by social media trends or endorsement from celebrities, whereas technological improvements on the asset’s network might positively impact adoption. Establishing a strong community could also help BONK in its mission. According to the latest data, the memecoins with the strongest supporter bases are Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe Coin (PEPE).Last but not least, ChatGPT estimated that the future market sentiment and any potential changes in the regulatory landscape could significantly impact BONK’s performance positively or negatively in 2024.BONK Should Beware of RivalsOne asset that could possibly dethrone BONK as a leading Solana memecoin is dogwifhat (WIF). The token, which made its debut in the last quarter of 2023, has seen its price explode by almost 450% in the past week.In addition, those cheering for BONK should keep in mind that the memecoin realm is capable of spewing new tokens quite often. As such, the emergence of another one based on a popular trend could turn out to be the latest sensation and claim the first spot in the future.It’s not just WIF. There are many altcoins that are soaring in both valuations and popularity on Solana in the past few weeks in what seems to be a massive meme coin season specific to its network.#sol #BONK #BTC #NEAR #latestnews