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NFTs are not only the trendiest thing in the world of blockchain, but they are also entering the world of art and pop culture. Jack Dorsey’s first Tweet As an NFT was sold for millions of dollars, well-known auction houses like Christie’s are selling NFTs, and Paris Hilton recently made a video explaining what they are. Furthermore, digital artist Beeple made headlines when he sold one of his NFTs for $69 million. In simple words, NFTs are making headlines.
Source: colling valley
On the surface, NFTs appear to be excellent news for artists; They can simply sell their work online, and fans can have personal access to pop-cultural history. In recent months, with this new obsession has come a new issue: art theft, which NFTs are aiding.
How do NFTs and Art work?
NFT is an abbreviation for non-fungible token, which is a digital certificate of ownership of a digital asset. Due to the fact that they are recorded in multiple blockchains, ownership information is always available. NFTs have become a popular way for digital artists to sell their work online, and many of them have earned millions of dollars as a result.
How can art be stolen from NFTs?
At first glance, NFTs appear to be a great opportunity for artists. Work ownership can be easily transferred, and digital artists, in particular, can receive funding for their labor. However, with the development of NFTs, a new issue is observed: art theft.
The blockchain market is, by definition, decentralized, meaning almost anyone can participate, but it is also less controlled. Too many artists have spoken of their digital art being tokenized and sold without their permission. There is even a website that allows tweets to be tokenized and then sold.
RJ Palmer, an American artist, lately spoke out After discovering that his work was tokenized and sold without his consent in early 2018. In a Twitter thread, he called out a Twitter account that enables messages to be tokenized without the owners’ permission.
“Cool new scam artists to be aware of. Any rando can now convert your tweets and, by extension, your artwork into NFTs, by tagging this account @/tokenizedtweets,” he said.
Another digital artist named Qing Han, who passed away in February 2020, also fell victim to these art thieves. A year after his death, it was reported that there was Theft Han’s identity and artwork to shield the NFT.
What can we do?
Technically, one can tokenize anything to stop this – leaving the artist and other creators powerless. Many of these marketplaces use anonymous users, making it very difficult to determine who sold and who received NFTs. However, there may be some protocols that artists, fans, and the NFT market can follow to resolve this issue.
To start, artists may want mark their work As soon as it is completed. No two NFTs are the same, and the first NFT of a piece of art has a significantly higher market value than anything created after it. After that, the artist can include a Disclaimer Originals linked to NFT when their art is distributed on their websites or social media, advising fans against purchasing from any other sources.
To prevent buying unlicensed NFTs, fans can be educated About the dangers of buying NFTs of your favorite artists from untrusted sites. Can also happen in NFT markets verification mechanism Proof of ownership of the artwork is required before it is allowed to be sold.
We should expect more popular and verifiable NFT markets to emerge, as prominent artists launch their works, and they will gradually suffocate shady and less transparent sites. It needs to be noted that, as the market grows, artists and their management will need to take security measures to keep their work safe. More intellectual property rules are also likely to be enacted to address this issue.
Art stolen and sold in the form of NFTs cannot be completely eliminated, but we hope that the market will respond to limit it to the maximum extent possible.
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