How to identify counterfeit NFTs — bitsCrunch

Non-Fungible Token is one of the most prominent technologies that emerged with the advent of Web3. Becoming a crucial source of revenue for artists, NFTs have also lowered the barriers to entry for new and smaller artists and offered them access to the global market. NFTs have not only revolutionized the art market but are now serving major utilities for industries, including healthcare, real estate, insurance, entertainment, and more. Ergo, it becomes necessary to solve the vulnerabilities which come with decentralized technologies as the way forward for development.

In one of our previous blogs, we discussed how the web3 industry is dealing with rampant NFT theft, which remains one of the core problems faced by NFT artists and creators worldwide. Fraudsters and scammers have made it challenging to identify genuine NFT collections when forging them is as easy as a quick right-click and copy. While this issue is quite exhausting for NFT creators, the situation is also more or less grim for investors and NFT collectors.

Popular NFT collections, such as CryptoPunks and Bored Ape Yacht Club, sell for millions of dollars daily, which means millions of dollars are at stake when an investor decides to purchase a renowned collectible.

But how exactly will an investor determine if he has bought it from an authentic collection and not a plagiarized one? Read along to find out more on NFT Security

For more interesting updates on the latest NFT trends, follow bitsCrunch!

Originally published at https://bitscrunch.com on September 21, 2022.

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