Strangely, they built Verasity (VRA) to make money from fraud. To clarify, Verasity doesn’t commit fraud, it tries to detect fraudsters and prevent their scams.
For example, Verasity’s VeraViews solution is a blockchain powered ad-stack. To explain, VeraViews uses Verasity’s patented Proof-of-View (PoV) technology to spot ad-fraud.
How VeraViews Fights Video Ad Fraud
Ad fraud is the use of fake images to trick publishers into thinking phony ad viewers are real. In ad-fraud, fraudsters manipulate analytics data to create the illusion of ad views. Ad fraud can include loop views or automatic repeat viewing of videos by bots, hidden videos, and multiple video loads.
VeraViews tries to detect fraud in three phases. In the initial phase, VeraViews tries to verify the user’s humanity. Next in the viewing phase, VeraViews. analyzes the user’s behavior and devices to identify fraudulent behaviors. VeraViews uses proprietary artificial intelligence to analyze first and third-party data to detect fakes. Finally, in the posting phase, VeraViews mints and processes valid transactions.
Ad fraud is an enormous problem that is growing. Statista estimates the global cost of digital ad fraud grew from $65 billion in 2021 to $81 billion in 2022. Furthermore, Statista forecasts that digital ad costs could grow to $100 billion in 2023. Global digital ad grew from 2018 in $35 billion in 2018 to $52 billion in 2020.
How Verasity (VRA) fights NFT Fraud
Ad fraud is not the only scam Verasity claims to fight. Verasity (VRA) also claims to fight nonfungible token (NFT) fraud with the Proof-of-View technology.
They claim Proof-of-View can authenticate NFTs, NFT sellers, and NFT marketplaces. NFT fraud includes forgeries of original content, crooks selling NFTs they don’t own, falsely attributing fake NFTs to legitimate brands or artists, duplicate NFT listings on multiple platforms, and fake NFT sales. A related problem is phony NFT buyers and sellers.
Verasity claims PoV can verify the origins of NFT art, verify sellers’ identities and authenticity, and verify NFT platforms. Beyond PoV, Verasity NFT-fraud fighting tech includes open source view verification, VeraWallet Escrow to protect buyers and sellers with verified transactions. VeraVault stores NFT attribution data securely. Plus, Verifiers Network Nodes ensure that proof of view data is available and transparent.
NFT crimes are a growing problem. Elliptic estimates there was $100.6 million worth of NFT fraud between July 2021 and July 2022, CoinTelegraph reports. The most costly NFT fraud was the theft of a CryptoPunk worth $480,000 in November 2021.
Verasity (VRA) for Esports
Verasity (VRA) is trying to cash in on Esports with VeraEsports. VeraEsports is a platform that rewards that rewards gamers.
Gamers can watch or play esports on VeraSports. Teams and players can compete in VeraSports tournaments or organize their own tournaments.
Gamers can earn the Verasity (VRA) cryptocurrency through Verasity’s Watch-and-Earn program. To elaborate, Gamers can win rewards they can redeem as VRA. They plan to add to the capability to buy gaming and video content from Verasity as NFTs.
Verasity is working with gaming businesses including thegamingco., PUBG Mobile, Orange Esports, nimo TV, Huya.com, Mineski Global, and the Esports Business Network. VeraEsports was hosting PUBG Mobile and CS: GO tournaments on 21 January 2023.
To cash in on esports, they built the VeraWallet. Players use VeraWallet to earn, buy, store, and stake Vera. They claim the VeraWallet had over 350,000 users in over 130 countries on 21 January 2023. They claim the VeraWallet was paying an 18.25% staking reward on 21 January 2023.
Verasity claims the VeraWallet was offering 50,000 VRA in Daily Staking Rewards and 18.25 million VRA in total staking rewards on 21 January 2023.
Esports is a small but growing business. Worldwide esports revenue grew from $996 million in 2020 to $1.37 billion in 2021 to $1.384 billion in 2022, Statista estimates. Worldwide, esports revenues could grow to $1.866 billion in 2025.
What Value does Verasity (VRA) offer?
Mr. Market thinks Verasity offers some value. For example, Verasity was CoinMarketCap’s 11th most trending cryptocurrency on 23 January 2023.
In contrast, Verasity (VRA) was CoinMarketCap’s 315th ranked cryptocurrency with a 6.852₵ Coin Price on 23 January 2023. Coinmarket Cap gave Verasity a $70.873 million Market Capitalization, an $756.176 million Fully Diluted Market Cap, and a $25.489 million 24 Hour Market Volume on 23 January 2023.
Verasity had a $25.216 million Centralized Exchange (CEX) volume and a $660,128 million Decentralized Exchange (DEX) volume on 23 January 2023. They based those numbers on a 10.343 billion VRA Circulating Supply and a 110.356 billion VRA Total Supply.
Conversely, CoinGecko gave Verasity a 6.83₵ Coin Price and ranked VRA 343rd on 23 January 2023. CoinGecko gave Verasity a $70.826 million Market Cap, a $25.120 million 24-Hour Trading Volume, and an $754.707 million Fully Diluted Valuation on 23 January 2023. They base those numbers on a 10.356 billion VRA Circulating Supply and a 110.356 million Maximum Supply.
If you are seeking a cryptocurrency, that could profit from a growing problem. I think Verasity (VRA) is worth examining because it can profit from the growing crime of ad fraud.