However, along with popularity, this celebrity intervention is believed to give rise to NFT
What is NFT forgery and why it has become a concern in the NFT space?
NFT works on blockchain technology
Plagiarism, phishing and counterfeit NFTs, among others, are some of the common scams that a buyer and investor can face. This damages the creator’s reputation which in turn causes financial losses for the buyers as well. This eventually can impact the trust and authenticity of NFTs.
What are some common methods or techniques that individuals use to forge NFT?
Among many ways to forge NFTs Phishing scams, price inflation and counterfeit scams, among others, are some of the common methods. Phishing scams with the help of ChatGpt are used to send attractive messages and mails often pretending to be from an authentic NFT platform or creator asking for credentials to access buyers’ crypto wallets. By using deepfakes scammers also artificially blow up the price of an NFT with fake bids.
By using deepfakes scammers duplicate or replicate the authenticity of NFT creations violating the copyright of the original creator by producing unauthorised copies. Buyers make a purchase thinking it is original. Once they get access, they drain out all the money
Can you provide some user cases of recent cases of NFT forgery?
In January 2023, United States (US) prosecutors in New York charged a 24-year-old French citizen Aurelian Michel, who rug-pulled his NFT collection, running off with about $2.9 million in funds. Michel had marketed the Mutant Ape Planet NFTs to potential buyers by falsely promising them benefits including rewards and exclusive access to other cryptocurrency
How can users protect themselves from falling victim to NFT forgery?
With insights from OpenSea, an NFT marketplace, in January more than 80% of the NFTs minted for free were plagiarised. To avoid this users should enable two-factor authentication for an added layer of security, which prevents unauthorised access to your account. With the help of generative artificial intelligence
What role does artificial intelligence (AI) play in preventing the sale of forged NFTs?
The NFT marketplace is a bustling area where people buy, sell or trade NFTs, much like any stock market
bitsCrunch, an NFT analytics provider, recently launched an AI-powered tool that checks major blockchains and marketplaces for potential copycat or forged NFTs. Artificial Intelligence can now aid buyers and sellers by using the NFT price estimation tool by bitsCrunch. The price estimation tool uses analysed historical information and metadata for an NFT combined with the social media hype around the collection. The tool eventually aims to provide more accurate price estimates. Furthermore, the NFT market needs to inculcate more AI-based tools to improve the analytical part of the NFT trading market.
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