Verasity has continued its strong start to 2022 by providing the first ad tech module based on a blockchain technology patent that has achieved approval in China.
The blockchain ad-tech leader’s partnership with Brightcove placed the firm in an advantageous position to take on video technology market.
Having already been granted a patent in the US, Verasity’s Proof of View technology empowers advertisers to lower their ad spend lost to bots and fake viewers and enables publishers to get paid faster for served ads through transparent viewership metrics.
Coin Rivet spoke to Elliot Hill, director of communications at Verasity, on the difficulty of doing business in China and what the patent approval will now enable them to do.
“China is a tough market for blockchain-enabled technologies, with close regulatory scrutiny for new projects,” he said.
“Gaining patent approval by the People’s Republic of China National Intellectual Property Administration is one of the first and most important steps of Verasity’s journey into China.
“We can now market our proprietary ad fraud prevention technology to Chinese content creators, publishers, and advertisers, who represent $120 billion in ad spend – the second-largest market after the USA, where we already hold two patents on Proof of View.”
A perfect partner in China
As the second-largest world economy after the US, China spends US$120 billion on advertising each year, with more than 65% of these ads served online.
The Asian nation’s ad spend is predicted to grow almost 7% in 2022 alone – a prediction that Hill said is creating a market boom.
“Individuals’ personal wealth in China is increasing at an unprecedented rate, and this directly correlates to a higher market opportunity for advertising solutions as companies welcome more consumers to the economy,” he explained.
RJ Mark, founder and CEO of Verasity, said in a previous interview that his company was disrupting the likes of Google and Facebook and, in order to spread the disruption worldwide, Verasity will “continue seeking patents for our technology from governments across the globe”.
2022 NFT plans
Verasity previously announced its intention to launch an NFT marketplace – one that, according to Hill, would “leverage our patented Proof of View technology to verify the origin and veracity of NFTs”.
The growth of the NFT industry over the last couple of years has skyrocketed and has become a lucrative space in the digital world.
Hill added the continuing influence of the NFT marketplace could create an opportunity for Verasity to make a splash in the space.
“Given the growth of the NFT marketplace and the scope for NFTs to represent diverse assets or documents, we believe that this will grow into a significant opportunity throughout 2022.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.