NFT platforms struggle to detect stolen or fake artworks
Zeen Chin, a Malaysian freelance illustrator and concept artist, recently found his stolen artwork Who’s the Killer being sold as a non-fungible token (NFT) for 3ETH on OpenSea, the world’s first biggest NFT trading platform.OpenSea’s core currencies are ETH/WETH, solana, and stablecoins USDC and DAI. Zeen Chin does not have an account on OpenSea.
According to the Chainalysis NFT Market Report, users spent at least $44.2bn in the NFT markets in 2021.In January, OpenSea tweeted that over 80% of the items on sale on its platforms were plagiarized works, fake collections, and spam.Kult Studio & Gallery founder, Raja V, told Capital.com at the MetaJam Asia 2022 in Singapore that platforms needed to play a bigger role in combating fakery and spam in the NFT market.Otherwise they will lose credibility. There are so many platforms out there, and more coming up.
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