Tasks

When we initially built our platform, there were three main tasks that we focused on.

Task 1: Establishing the existence and uniqueness of the creator's identity (address) through a decentralized method.

In the NFT marketplace, there are increasing cases of NFT content being issued by stealing artists' names and works. Currently, users who purchase NFT content have no effective means or tools to verify the authenticity of the creator and their work. There is also a lack of effective means to sanction NFT projects that commit theft, and everything is proceeding in a gray area. Therefore, it is necessary to have a mechanism to verify the existence of the creator (or IP holder) and to prove that a single (or multiple) address used by the creator (or IP holder) is uniquely associated with them. In other words, a mechanism that binds the creator's personality right to their address will be the new OVO-style Soul Bound Tokens. OVO plans to address this issue using Layer 2 protocols in the future. Currently, OVO has proposed a DCIM mechanism as an experimental model.

Task 2: Addressing Similarity, Plagiarism Tracking, and Originality Identification of IP Content

Although verifying the existence and uniqueness of creator (or IP holder) identity (address) can solve issues related to content authenticity, plagiarism remains a significant concern in the vast Internet space. Even if the authenticity of a work listed from a certain address is verified, there is still no effective method to catch plagiarized works. For instance, if someone from a foreign country plagiarizes Mrs. Kawabecon's "Nyathees" and profits from it, we cannot prevent it or seek compensation unless our project side recognizes it.

Therefore, a plagiarism prevention mechanism is necessary to ensure maximum benefits for creators (or IP holders). OVO is addressing this issue as a Layer 3 project. It aims to develop a solution that combines AI identification, DAO, and blockchain to prevent plagiarism, track similarities, and identify originality.

Task 3: Utility, Incentives, and Liquidity Issues of NFT Content.

While NFTs are a unique asset that provides proof of ownership of digital content, their real-world utility remains limited. Currently, there are not many practical use cases for NFTs beyond their initial sale, and there is a lack of incentives for holders to keep their NFTs. Additionally, there is a liquidity issue for NFTs, as there is no clear market for secondary trading of NFTs.

To address these issues, OVO is working on developing Layer 4 products and services that will provide greater utility, incentives, and liquidity for NFT content. This will include creating a marketplace for NFTs that will allow for easier secondary trading and integrating NFTs into real-world applications and services to increase their practical use cases. Additionally, OVO is exploring new incentive structures that will encourage NFT holders to retain their assets and actively participate in the ecosystem.

Overall, by addressing the utility, incentives, and liquidity issues of NFT content, OVO.SPACE aims to unlock the full potential of NFTs as a valuable asset class and create a more robust and sustainable NFT ecosystem.