The all-powerful NFT allows anyone to create a single, immutable record on a decentralized ledger that anyone can follow, thereby opening up a doorway to digital ownership, the likes of which the world has never seen. Throughout the past year, its uptake has been phenomenal, especially within the digital art scene.

There is, however, quite a large elephant in the room. Despite its amazing ability to attribute ownership, there is still a massive problem with plagiarism. Art is being picked up online by an army of ill-doers, who are then minting and trading it as their own, often without the original artist ever knowing a crime has been committed. There is currently no mechanism in place to prove that the uploader is the true owner of the artwork.

In the absence of anyone to police this flagrant wrongdoing, one Twitter group is making a valiant effort to take matters into their own hands. NFTheft is creating a log of acts of non-fungible chicanery. A repository for anyone to upload details of fraudulent NFT activity, in the hope that with a big enough community, they can force legitimate change.

Obviously, this is not enough to stop the glut of despicable tokens. However, the information they accumulate could prove invaluable in the fight to come.

Spot some art fraud? Report it >> Here

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.





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