NFTs are giving us the hope that they have a very strong future and their utility is something that will make them relevant in the next 5-10 years. NFTs are still in their infant stage not yet gotten to their full potentials yet, imagine the amount of money that will be traded on NFTs in the next 10 years? Imagine the kind of utilities built on NFTs, imagine how common NFT will be and how useful its utility will be in the future.
NFT counterfeiting is something that I consider a very serious issues the world will have. Lots of people are into the NFT game because it’s considered the new way of getting rich quick. A lot of people are investing and looking for ways to also make that life changing money. NFTs have created a means and opportunity for artists to get appreciated, more artist are currently getting the value of their work even through royalty this way, they constantly earn every time their NFT get sold. What happens when you are not an artist, but you also want to participate in that money making opportunity.
If you are not an artist or not good with making art, be it painting, photography, digital drawing or whatsoever. You can just hire a professional painter where you pay them to paint, have an agreement with them and mint those paintings. Voila, you have your own NFT or NFT collection which ever you choose. Some times you might have a beautiful abstract art in your head, but don’t know how to bring it to life, the painter can do that for you when you pay them.
In as much as there are lots of ways of taking advantage of the NFT game legitimately, we still have the scammers and fraudsters who will always want to get things easy. These people will rather counterfeit pre existing NFTs and pose like it’s theirs. I really don’t know how NFT platforms like Opensea check for plagiarism before allowing NFTs get minted on their platforms. I always knew that the advantage of minting your media is to embed it on a blockchain thereby giving you proof of ownership. But I was confused when I searched for an NFT and saw the same NFTs but by different creators. Of course that is copyright infringement and doing that it’s not difficult. All you have to do is click the ”save image” button and mint it. Voila you have the same NFT on the same blockchain, that’s the case of opensea.
Aside Opensea there are lots of other NFT market places that are having issues with copyright infringements, this is an issue they have been trying to eliminate from their market place. This is something that brands who are looking forward to joining the NFT world are considering before joining the NFT world. They are more concerned about their customers buying counterfeits which is bad for their reputation, the NFT marketplace and the customer.
When there is problem, finding a solution is always the next step to take, this is why the idea of watch dogs are needed. Just like we have hive watchers on Hive that checks for plagiarized contents, NFTs should also have similar thing. But it’s not an easy task running through thousands or even millions of images on the NFT market place. If it’s possible they should be an algorithm that cross checks NFTs before they get minted, it should be a compulsory act, this way the NFT marketplace runs an image check across all NFT marketplace before minting. This way it will reduce the rate
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