Serbian artist Milos Rajkovic retired last month when his social media fans began promoting an online sale of his animated digital portraits as NFT or non-expendable tokens. Mr. Rajkovic, who passes through Sholim, had seen NFTs take over the art world, but he had never played with them. Horrified, he launched the OpenSea platform and found an impostor trying to sell 122 of his works as NFT for up to $ 50,000 together.
“People are stealing,” Rajkovic said. The fake page disappeared at some point, but since then another version has appeared. “I feel responsible, because they love my job and someone uses me to steal them. It’s very frustrating. “
NFTs are overloading the art market, but users warn that they have a dark side. Scammers and hackers are increasingly exploiting the rapidly expanding security loopholes in the market, and non-cryptographic artists and collectors are proving to be easy, according to cyber defense experts.
According to digital analytics firm DappRadar, about $ 2.4 billion was traded in the second quarter, slightly above the $ 2.3 billion sold during the initial NFT art frenzy in the first quarter. Major auction houses and galleries now sell NFT art – Beeple’s $ 69 million NFT still holds the record – and dozens of online art sales platforms are popping up looking for artists and collectors to join NFT art fashion. NFTs are digital vouchers of authenticity that can be attached to screen images, allowing JPEG to be negotiated and tracked indefinitely in the blockchain.
Common scams include creating fake NFT artwork and fake platforms that allegedly sell art, but actually steal credit card information. There are also scams and fishing viruses that can drain users ’digital wallets or online accounts that can store people’s financial details and cryptocurrency wealth.