NFTs are on their high trajectory to house a much larger number of participants. Artists, creators, and businesses in the coming years. And the rise in popularity comes with its own set of downfalls. At the rise of NFTs in the global market. They raked in a whopping $41 billion in the global market by the end of the year. Similarly their numbers are set to multiply by time. For the final census of their economic prowess for the year 2022. This paves the pathway for Hackers to loot the valuable digital assets. And people who counterfeit try to make a quick buck at the owners’ risk.
Let’s look at some left-field activities creators should be aware of, how the scams & counterfeits take place in the No Code NFT Platform space, and additionally about the advancements in the sector to solve the counterfeit & scam menace.
How scammers scam the NFTs
To establish the obvious in the NFT realm, any NFT minted or development on the blockchain is secure. Their security and authentication attributing their ownership to the owner are recorded in the blockchain. And there is no amount of convincing anyone can do to convince. Their storage is quite literally impossible. It will secure beyond its measures.
Minting and smart contracts
Minting in the NFT realm is to create a non-fungible token. These tokens can be any digital native products that have their inception in the digital world like digital art, music, meme, also games and digital copies of tangible assets. All of these are minted in the blockchain, where its existence in the digital realm along with its ownership is recorded.
Smart contract also plays a vital role. Similarly this smart contract will ensures the security of the NFTs. It will ensure the safeguard of monetary transaction. These smart contracts are at the discretion of the creator of the NFT piece, and they may contain anything from royalties, creative control, and much more. These aspects of an NFT may be protected, but the other factors entailing how they pan further in their trajectory in the NFT marketplace unprotected without firewalls for counterfeits and replications are where the problems arise.
This is where the scammers deploy their practice of ripping off the artwork straight from the artist, likewise they were starting their own marketplace with a very similar interface. This activity is infamously termed as “lazy minting” or “sleep minting.” This is often avoidable in public marketplaces like Opensea, where ironically, it is the largest platform where lazy minting is practiced. Opensea won’t charge money for gas or to mint their NFTs. One of the recent and most exploited NFT artists who goes by “Aja Trier” had a lazy minting incident where all of her artwork had been already ripped off and sold by the scammers.Minting should be done in the secure way to overcome such fraudulent activities.
Security shouldn’t be an afterthought
The preventive measures for counterfeits and scams are an afterthought for most artists who are starting out on the platform. These measures helped to prevent such activities. More often they won’t allow to counterfeit marketplaces pop up. It’s left up to the creator to take action. Get them taken down.
One of the other security threats to be aware of is the replication of whole independent marketplaces. Similarly these come with a lot of sketchy pop-ups and have a lot of links. Always follow the official website of the marketplace to buy your NFTs. Funding your wallets & exchange wallets should also always go through official channels.
Advancements in the NFT realm to stop the counterfeit
The NFT owners were began to fear about this counterfeiting issues. Likewise most marketplaces have some measures to stop it from happening. Image recognition tools, AI, and human-moderated verification tools are some of the preventive measures NFT owners can look into.
For new and starting artists who can opt for a no-code launchpad to start their dedicated marketplace, please do. And if the question arises, “how to protect my NFT marketplace?” Ensure the safety of your NFT Marketplace. Along with all the necessary features, have impeccable security measures. In the palace to help the artists to excel in the NFT space. GuardianLink, for example, one of the Best NFT Launchpad as well as leading platforms in NFT marketplace curation. Similarly it has a highly revered AI in a place called “Anti-Rip AI Spyder” in place to tackle any plagiarism appearing in any competing marketplaces.
Blockchain being the skeletal structure supporting cryptos. NFTs, they are one of the safest platforms to store and transact digital assets to date. GuardianLink develops the well secured NFTs. The scammers were the real thread. With finding other ways to rip off the artist’s labor who spends their hours curating and expressing their talent. Artists can get creative with all the preventive tools at their disposal.