NFT Scams are Booming as the Space Grows

A recent report by the Wall Street Journal has revealed that the booming, burgeoning crypto niche, NFT, has experienced a surge in NFT scams. The article also mentioned that these scammers have been using fake art, stolen credit cards, and phishing schemes to perpetrate the act.

The report featured an NFT-related case that happened to a Serbian artist, Milos Rajkovic, famous for producing surreal animated loops. According to the report, Milos is aware of NFT but has no involvement in it.

NFTs have had a fantastic year in terms of acceptance and sales, as artists, celebrities, brands, and companies are looking into the niche to tap its potential.

It was stated that the artist found a number of his artworks for sale on Opensea. While the site was able to remove some of these works, another imposter has resurfaced. 

The scammers were able to pull off their gimmicks because their victims were mostly crypto illiterates. Plus the decentralized nature of the NFT space allowed them to have a freehand and also be anonymous.

You would recall that data from nonfungible.com on May 9 reveals the sales of NFTs dropped from a 7-day high of $176 million to $8.7 million on June 15. Also, one of the earliest NFTs’, CryptoPunk, had its average selling price plummeted from $99,720 to $50,840 at the period.

However, recent data from Messari reveals that the digital art sector has been recovering, as OpenSea had turned over a record $1.02 billion in volume year to date.

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