Root of Provenance Service launches at CCC NFT Auction
Wivity, a blockchain cybersecurity company, launched its new Root of Provenance service at the Chinese Culture Center of San Francisco’s (CCC) first NFT art auction. The service uses trusted third parties to verify the origins of an NFT, so artists can secure their work and collectors can trust the authenticity of their purchases.
“The long-term success of NFTs depends on accurate provenance – the ability to verify who created the NFT and who owns it,” says Alfred Tom, Co-founder and CEO of Wivity. “We are excited to launch this service at CCC’s first NFT auction and bring more trust to NFT marketplaces, collectors and the creators themselves.”
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In collaboration with CCC, an arts non-profit in San Francisco’s Chinatown, Wivity helped mint five new NFT works by emerging Asian American artists for an upcoming fundraiser. The “We are Here: Art Auction” supports bold artistic initiatives for a just and inclusive future. “NFTs will have a transformational effect on the traditional art world,” says Jessica Chin Foo, Vice Chair at CCC. “As an innovative arts and community institution, we are excited to be at the forefront to build resources for the art community. Wivity’s Root of Provenance service will help secure NFTs for both artists and collectors, and we are excited to be the first auction to leverage this ground-breaking NFT innovation.”
Although blockchain technology helps record the transfer of ownership, it cannot verify the origin of the NFT, such as the identity of the creator or the security of the creator’s signing key. Today, digital art buyers must all too often play a guessing game to determine the authenticity and security of works they are purchasing. Wivity’s Root of Provenance service provides independent third-party verification of the signing key used to create the NFT, virtually eliminating these concerns.
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