Fake NFT, A Threat To Digital Intellectual Property
The NFT industry is booming, but as NFTs become more popular, so do scammers. Some artists have already reported being plagiarized. Most of them found out because their followers alerted them and after checking ethereum exchange platforms and looking for their work.
One such artist was Dereck Laufman, who reported that someone had claimed to be him by copying his artwork, uploading it to Rarible. But it has not been the only case. By the end of this spring, some Veefriends tokens had been questioned because scammers were hitting these NFTs hard. That is why users must be vigilant and make sure that what they are buying is the true work of art.
Youtuber LegenDOGary made it clear in a video how to verify that Veefriends tokens are authentic and real.
But this can be applied to all NFTs. So before you think about buying any of these tokens, you need to educate yourself on how to do it.
You need to learn how the market works. For example, if the artist is real, his account on the exchange platform must be authenticated. You know, the little blue checkmark in his name. Also, probably in their official social networks, also with a blue checkmark, he or she will have already talked about his intention to create NFTs with his works of art. After this top tip, here are a few more:
- Check the price. Although some NFTs are reaching very high prices, it is good to compare with similar tokens to see if they ask for more or less the same amounts. Be suspicious of cheap deals or unusually high prices.
- Be careful with the description. How many copies of the token are there in total. If it’s a copy, the data won’t add up.
It is also true that for beginning or not so well known artists, authenticating is going to be a difficult task. Some exchange platforms authenticate artists when they reach 10,000 followers on Twitter or Instagram, or verify their collections after reaching a trading volume of 100 ETH.
What Do NFTs Mean For Intellectual Property?
NFTs have been proven to be a true revolution for intellectual property because NFTs are based on the ethereum blockchain. This means that a digital work of art can be turned into a unit of data, on the ethereum blockchain on which they operate. This certifies that a digital asset is unique and therefore not interchangeable.
Photos, videos, audio, and other types of digital files can be converted to NFTs. They are also used to authenticate works of art and other types of collectibles.
So, once created by the artist, access to any copy of the original file is not restricted to the purchaser of the NFT. Copies of these digital items are available for anyone to obtain, because NFTs are tracked on the blockchain. They provide the owner with proof of ownership that can be separate from copyright.
The NFTs represent an opportunity for artists to become popular and make a living from their art, avoiding the middle man. Proof of this was the enormous success of digital artist Beeple, who sold one of his works of art for $ 69 million.