NFTs are now spotted with Fakes as Demand Soars
By MYBRANDBOOK
We have already entered into the new age of technologies including Blockchain, DeFi, Crypto, NFTs and the Metaverse. Sales of NFTs, or non-fungible tokens, soared to around $25 billion in 2021, leaving many baffled as to why so much money is being spent on items that do not physically exist and which anyone can view online for free. NFT technology is helping to make art profitable again, but plagiarism and fakes are “becoming a massive issue” for both artists and buyers, warns a world-famous British artist who has crossed over into the digital space.
NFTs are crypto assets that record the ownership of a digital file such as an image, video or text. Anyone can create, or "mint", an NFT, and ownership of the token does not usually confer ownership of the underlying item. Plagiarism and fraud have been an issue since NFTs exploded in early 2021, but something shifted last fall. The explosion appeared to be from bots scraping artists’ online galleries, or even keyword searches on Google Images, and then creating collections with auto-generated texts. Those listings have proliferated on OpenSea.
It has come as evidence that there are a record number of fake NFTs in the marketplace. An NFT is a digital asset that can be an image, audio clip, or GIF and whose ownership is recorded on a tamper-proof digital ledger known as a blockchain. “NFTs are the future of art, without question. We’re increasingly living digital lives and NFTs allow us to take the images we love into this world – with an even further enhanced experience for the buyer. It’s the inevitable way forward. Over the last year, the NFTs market has exploded, with a digital-only piece of art selling for $69 million in 2021.
Since then, an ever-growing number of artists and celebrities, fashion, music, tech and sports brands have been creating, buying and selling ‘tokens.’ This is attributable to two main reasons. First, demand is soaring globally for NFTs and therefore there are simply a lot more people in the market – both collectors and artists. Second, some of the major NFT platforms are not fit for purpose because users can list NFTs without adding them on the blockchain and they don’t pay fees until they sell. Vetting systems need to be more robust. The best way to ensure your NFT is genuine is to choose the right platform, perhaps one with human moderators is best.
Microsoft set to unveil Xbox handheld console, new Xbox series
Insiders suggest the device will feature a hybrid system, combining Xbox OS...
Market Selloff Deepens as Recession Fears Grip Wall Street
Wall Street suffered a sharp decline as escalating trade tensions and reces...
Western Digital Exits SSD and NAND Business to Prioritize HDD
SanDisk, which has long been responsible for Western Digital’s SSD segmen...
ServiceNow to strengthen its AI portfolio with Moveworks acqui
This acquisition boosts ServiceNow’s AI capabilities, reinforcing its str...
Icons Of India : AMIT CHADHA
Amit Chadha serves as the CEO and Managing Director of L&T Technology ...
ICONS OF INDIA : SHAILENDER KUMAR
Shailender Kumar is senior vice president and regional managing direct...
Icons Of India : NANDAN NILEKANI
Nandan Nilekani is the Co-Founder and Chairman of Infosys Technologies...
NIC - National Informatics Centre
NIC serves as the primary IT solutions provider for the government of ...
BEL - Bharat Electronics Limited
BEL is an Indian Government-owned aerospace and defence electronics co...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...