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Nonfungible tokens (NFTs) and Web3 have revolutionized most digital sectors. Some of these sectors include gaming, digital art, and virtual real estate.
Wakweli is described as an inventive Web3 protocol. It has confirmed its partnership with the Blockchain Lawyers Group (BLG). BLG is a global network consisting of legal experts who specialize in resolving crypto and blockchain-related challenges matters. The new partnership is aimed at benefiting the NFT and Web3 ecosystems.
These technologies’ disruptive nature comes with many challenges. The biggest problem being copyright infringement. This issue has become pertinent as NFTs keep gaining popularity, which has resulted in many incidents of copyright violations.
The Blockchain Lawyers Group and Wakweli partnership strives to boost Web3 legal expertise, offer smooth and reliable access to eligible legal advice for companies in the decentralized space, and increase refinements within the Proof of Democracy consensus algorithm.
Currently, there is an outcry among artists. They are complaining that their work is getting tokenized and sometimes sold without their consent. The decentralized nature of the industry has presented a massive problem, as the traditional strategies of copyright protection try to remain in control.
Boosting Certification Process And Validating Wakweli Certificates
According to the terms stipulated in the official partnership, Blockchain Lawyers Group members will assist in authenticating Wakweli’s initial certificates. Furthermore, they will help in strengthening and improving the certification process.
Experts insist that this partnership will ensure that market integrity within the tokenized assets space is maintained. Furthermore, it will boost liquidity levels, and certify that Wakweli is the undisputed security benchmark within the decentralized sector.
The Founder and Member of the Blockchain Lawyers Group, Miguel Dinis Lucas, was excited by this partnership. He said:
“We are excited to partner with such an innovative company as Wakweli, which is trying to solve a preeminent issue in the NFT space.”
BLG insists that the partnership with Wakweli will help introduce new and advanced levels of innovation, which will improve user-friendliness in the market.
Enhancing Protocol Refinements And Web3 Legal Expertise
In 2022, Wakweli published its whitepaper, a functional website, and Alpha version. This enterprise allows businesses to create their products on its layered ecosystem and then submit their applications seeking token grants given by its blockchain-based treasury. A dedicated foundation is slated for release later in 2023 to help supervise this initiative.
According to official reports, the Wakweli-BLG joint initiative is meant to provide high quality, effective and reliable legal counsel for cryptocurrency and blockchain-related drawbacks. In that context, the collaboration will assist in refining protocols, reinforcing Web3 legal expertise, and guarantee easy and dependable access to legal guidance for businesses that operate in the decentralized market.
Wakweli collected $1.1 million in its first round of funding. Currently, it creates certificates of authenticity for nonfungible tokens. Dishonest and illegal activities in the NFT industry are mostly unavoidable. These practices destroy the general confidence in the nonfungible token and Web3 ecosystems.
But by using the certificates of authenticity, Wakweli wants to change all that. Thus, this partnership with the Blockchain Lawyers Group is expected to greatly increase the project’s value and heavily contribute to the nascent Web3 industry.
In March 2023, Wakweli joined hands with Polygon to match every digital asset on Polygon with Wakweli’s certification network. Investors holding NFTs on the network can request authenticity certificates for all their assets.