Here’s Why You Should be Cautious With NFTs?

OpenSea, a peer-to-peer market space created for trade and exchange of rare digital items and cyber opensea collectibles, has now become a platform for plagiarists to commit crimes against intellectual property and copyright laws.

Recently, plagiarists illegally posted Non-Fungible Tokens (NFT) on opensea of a picture whose copyright belonged to Caixin and reporter Dinggang. Moreover, the characters in the picture need to give consent before the image is used for commercial purposes.

Chinese Journalist, Colin Wu reported this on Twitter, criticizing the leak. “Plagiarists have already posted NFTs on opensea. We should condemn this behavior. The copyright of this picture belongs to Caixin and reporter Dinggang, and the consent of the characters in the picture is required for commercial use.”, Wu tweeted today.

NFTs were invented in 2018 that were primarily used for in-game memorabilia and awards as well as fan tokens for various sports leagues. NFTs usually consist of artwork, photographs, videos, audiotapes, and even intellectual property. The majority of Non-Fungible Tokens (NFT) are part of the Ethereum blockchain, but other blockchains support NFTs too. 

Non Fungible Token –  The New Valuables

NFTs were originally meant to safeguard intellectual property crimes like plagiarism and secure copyrights of an artwork digitally. However, plagiarists have started using platforms like opensea, Raible, and Foundation to leak NFTs without buying them from the original owner or seeking consent to share for promotional or commercial use.

Moreover, NFT values are also as volatile as cryptocurrencies, however, the reasons are different. NFTs can cost a fortune if the buyer is willing to pay a higher price and perceives its value to be high, otherwise, NFTs can also sell for little to nothing. So, if you are wondering that buying a high-priced NFT today may be an investment for tomorrow, you may be both, right and wrong. The value of an NFT is subjective and sometimes has a time constraint. 

The rise in popularity of NFTs this bull season has made it one of the key targets for scammers as well. The plagiarised NFT has become a new form of scam.