Pinterest could help tackle one of the biggest problems with NFTs

Pinterest, a popular photo-sharing website, has filed a patent for NFT authentication technology. The move was reportedly made in response to the continued popularity of NFTs and the need for a secure and reliable way to verify their authenticity.

Non-fungible tokens, or NFTs, are unique digital assets stored on a blockchain. They often represent artwork, music, and other forms of creative content. However, one of the biggest drawbacks of NFTs is that they can be easily replicated or forged, which could compromise their value and authenticity.

The patent, titled "Non-Fungible Token Authentication," describes a technology that uses a combination of digital signature verification and machine learning techniques to determine the uniqueness of an NFT. Users can determine whether a newly created NFT is similar to other NFTs that exist on the same or different blockchain. 

The system compares a target NFT to another token in terms of its image, video, and audio data before coming up with a Similarity Score, as shown below. The lower the score, the more distinctive or genuine the NFT.

By filing this patent application, Pinterest is taking a step towards establishing itself as a player in the growing NFT market. While the company has not officially announced its foray into NFTs, many believe the latest move aligns with Pinterest's focus on e-commerce. This is especially true as the social media site attempts to make every single pin shoppable within the app.

While the technology is still in its early stages, it has the potential to significantly impact the future of NFTs and the broader blockchain ecosystem. Pinterest's massive user base (450 million active users by the end of 2022) and expertise in visual content have positioned the company well to capitalize on the growing demand for NFTs and the need for a reliable method to authenticate them.