As we know that Non Fungible Token is leading the market currently and according to the sources last year NFT market alone made or reached to whopping $22 billion market cap. This achievement is very quick and profitable for any sort of project until now in the crypto space.
However, as the NFT market is growing its roots, the branches are getting chopped off for its fruits by throwing the stones & pebbles on it.
What I mean is, one of the article is claiming that NFT market is facing huge challenges in scam world where NFT are getting stole and are being sold as fraud ownership titles.
This has given world wide shock throughout the NFT world and according to the Guardian we are loosing almost 4 million NFT into fraud every week. That’s huge amount.
DeviantArt has sent 90,000 alerts about possible fraud to thousands of their users since then, company executives said. It’s now scanning for fraud across 4m newly minted NFTs each week. The number of alerts doubled from October to November, and grew by 300% from November to mid-December.
In December, bots began attacking the site, Moti Levy, DeviantArt’s chief operations officer said, scraping whole galleries of artists’ works. The pieces would later appear on NFT marketplaces, often with artists’ names and watermarks still attached.
The attacks have focused on DeviantArt’s most popular artists, measured by likes and comments, Levy said, rather than any particular aesthetic.
“Bots are bots,” he said.
Even with open sea the same problem is becoming proactive. Most of the market in NFT is constituted by OpenSea platform. As they are the biggest market players and NFT listers most of the fraud and hacks is happening on this platform only.
As per the opensea they claim following stuff:
One huge mess of theft and fraud and inauthenticity’
The current reporting process for artists whose stolen work is turned into NFTs is confusing and laborious, confirmed Ashli Weiss, a Silicon Valley lawyer who specializes in intellectual property and works with blockchain companies, adding that there is currently little incentive for OpenSea and other marketplaces to fix the problem. “OpenSea is getting paid with each transaction.”
OpenSea disputed the view that it did not have an incentive to tackle art theft and plagiarism: “For more people to join OpenSea or other Web3 communities, these issues must be addressed head-on,” a spokesperson said.
More than half of the company’s current staff works either full-time or extensively on issues of plagiarism and content moderation, OpenSea said, and it is developing “smart moderation” tools to speed up the company’s response to reports of plagiarism.
But the company also defended some of the policies that artists would like to change as essential to its mission. While some artists would like to see a crackdown on bots, creating hundreds or thousands of NFTs at one time is normal for the space, OpenSea said, noting that there are 10,000 “Bored Apes” and more than 8,000 “Pudgy Penguins”, two of the most prominent and commercially successful NFT collections.
Let us just hope that this new blooming market will get rid off such frauds.
When there is prosperity there always gonna be money involved and with this scammers will get attracted as the bees attracting to flowers.
Read the full article here:
‘Huge mess of theft and fraud:’ artists sound alarm as NFT crime proliferates
