How NFTs can actually hurt artists - Crypto in Plain English - Episode 103 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it17 Feb 2022

How NFTs can actually hurt artists - Crypto in Plain English - Episode 103 - by cryptohunt.it

How NFTs can actually hurt artists

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Buckle up! We'll be spending the next few episodes analyzing the downsides of this new crypto world, starting with NFTs.

But wait – didn't we say they can be great for artists? After all, it gives them access to a worldwide audience and a whole lot of newly made crypto wealth.

And while that is true, where there is money, there are scams. One of them in particular is making life for legitimate artists very annoying.

It's very simple and goes like this: A scammer wants to create and sell an NFT, but they are not an artist. In fact, they are lazy and simply download another person's art from somewhere. Then that gets uploaded to NFT auction sites like OpenSea, and the unsuspecting buyer pays for something that wasn't the sellers' to sell in the first place.

It is so bad that online art gallery Deviant Art has started to scan the web and sent out more than 100,000 notices to their members about art that was plagiarized from them.

You could, of course, argue: Those marketplaces should not allow stolen art, NFT or not! And you'd be right, but since NFT fraud is as easy as copy-and-paste, computer programs have taken over. One NFT gets taken down, another one gets created in its place.

Keep that in mind when you look at NFTs next time, and stay tuned for the flip side of Bitcoin in tomorrow's episode.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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