iDenfy, a global identity verification and fraud prevention startup, has joined forces with the leading NFT platform for creators and collectors, NeftyBlocks, which will use iDenfy’s four-step AI-powered ID verification to secure itself and guarantee a swift customer onboarding experience.
The success of cryptocurrency has impacted the NFT market, causing tremendous interest from the public eye over the past few years. According to estimates from Nansen, the NFT industry’s value reached $100 million in 2020. In 2022, this sum has increased to $11.3 billion, with the most expensive NFT sold for over $91 million.
iDenfy says that the significant popularity comes with a specific price for NFT platforms that are responsible for ensuring the complete safety of the digital collectibles. Since the market is relatively new, and the government doesn’t restrict it with tons of compliance regulations, it becomes an excellent branch for criminals looking for easy ways to launder digital funds and turn them into cash.
Securing the platform and preventing criminal activity is the main priority for NeftyBlocks. The platform helps users safely create, sell and manage NFTs via user-friendly community-driven tools. NeftyBlocks aims to add value to the NFT community’s creators and collectors not only with the wide range of NFTs but also with additional security tools, which were recently topped with iDenfy’s end-to-end ID verification service.
According to NeftyBlocks, identity verification is vital, especially when working with digital assets. To secure its accounts and connect them with real identities, NeftyBlocks chose iDenfy’s identity verification solution. iDenfy specializes in Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance, helping businesses prevent fraud with AI-powered solutions. The startup ensures a user-friendly verification experience for NFT lovers who expect swift services on NeftyBloks.
iDenfy explains that a smooth onboarding process makes a great first impression, which is essential for businesses that want to secure a competitive advantage. It only takes a few steps for the user to complete the identification process, which consists of a document picture and a selfie during the onboarding. Once uploaded, iDenfy’s algorithm extracts and compares data while ensuring that only legitimate accounts have access to the NeftyBlocks network.
After partnering with iDenfy, NeftyBlocks reached its goal of having a seamless identity verification process while reducing operational costs and lifting the need for an internal KYC specialist team. At the same time, with the help of the newly implemented solution, NeftyBlocks prevents money laundering and ensures that customers are transparent.
“We’re thankful for the opportunity to partner with iDenfy. With the new ID verification solution, we can authenticate users without hassle. This helped us increase conversion and ensure that our platform meets security requirements,” says a NeftyBlocks spokesperson.
“Latest technological advancements have made it much easier for businesses to prevent illicit activity in a simple, time-consuming way. Our team is proud to partner with NeftyBlocks, a platform that cares about security and the future of NFTs, ” adds Domantas Ciulde, the CEO of iDenfy.