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BETWEEN PHOTO THEFT AND CRYPTO-COUNTERFEITING THE NFT IS MAKING A LOT OF NOISE!

Because creation is becoming commonplace, the artistic revolution brought about by the NFT does not only offer opportunities. It is important to be aware of the risks it can cause in order to better protect oneself.

 

There is no guarantee on the value and durability of NFT, like that of the underlying crypto-currency (Ethereum) and the scams of fraudsters specialized in fake miscellaneous or wash trading (fake accounts).

The dark side of the NFT thus admits of many abuses. What are they?

Among these abuses, the most common is crypto-counterfeiting. This is the subject of the MetaBirkins dispute. The Hermès company is suing a counterfeiter who is using the image of its famous Birkin bag by producing it in the form of NFT without its authorization.

These counterfeits, which are increasingly appearing, are damaging the identity of companies and users. Thus, many plagiarized works or fake collections have appeared on marketplaces that have difficulty regulating these infringements. Indeed, art theft has become commonplace, with 80% of the non-fungible tokens created for free on the OpenSea marketplace being plagiarized works, frauds or spam. This figure was revealed by the platform itself in a tweet published on 28 January.

Unfortunately, counterfeiting is not the only abuse that exists. Thefts of pornographic photos, in particular, produced in the form of NFTs, have also occurred. Many influencers, youtubers and celebrities have witnessed their photos being used on marketplaces such as OpenSea. These hijacked photos undermine their identity and acknowledge the sexualization of the image of women that is increasingly present in the NFT sector.

 
Crypto-counterfeiting and identity theft are common abuses that taint the creative philosophy of NFT.