Use Of NFTs To Commit Crime: What Can We Do?

Key points

  • NFT and Art 
  • Theft with NFT
  • What Can We Do? 

NFTs are redefining the world of art and pop culture. They have garnered a lot of attention and are a blessing for artists. Artists can now sell their work online, and offer fans what is considered to be personal access to pop-cultural history. In recent times, this new technology has also been a place for art theft. 

NFT and Art 

NFT or Non-fungible token is a digital certificate for ownership of digital assets. It has become a platform for digital artists to sell their work online. 

Usage of NFT is not restricted to the art world but is also used by the pop industry to release personal pictures and sometimes complete albums.   

Theft with NFT

An increase in popularity has brought a new issue to NFTs, art theft. The blockchain market is decentralized, less controlled, and can be used by anyone. There have been instances in the past where a lot have artists have complained about their digital art being tokenized and then sold without their permission. 

What Can We Do? 

Technically, it is very difficult to stop people from stealing art and then selling it. Mostly most of these transactions are carried through accounts of anonymous users, making it very difficult to determine who sold or who bought NFT. However, there are certain rules that if followed will help in addressing the issue.

Firstly, an artist should tokenize their work immediately once the work has been completed. No two NFTs are the same, and the first NFT will have a greater market value than the second one. Secondly, a disclaimer should be linked with the artwork when it is shared on social media. Disclaimer should be advising fans to not buy art from any other source. 

People should be educated about the consequences that they could face if NFTs are bought from an untrustworthy site. Verification mechanism can also be integrated into NFT markets that will require evidence of ownership before any business can be carried out. 

Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.

Photo by – B_A on Pixabay