Counterfeits and copyright infringements are the two most common forms of NFT fraud found on marketplaces like OpenSea, Rarible and Nifty Gateway, according to an NFT security exec.
Nonfungible token marketplaces should commit to combat fraudulent NFTs, but brands are far more responsible for protecting NFT investors, according to one industry executive.
According to Keren, it’s more straightforward for a brand to recognize NFTs that were not released by the company itself rather than marketplaces like OpenSea or Rarible. NFT marketplaces usually have fewer insights into which brands are creating NFTs when they are launching and other details, the CEO noted.
“Brands should understand the legal implications of misuse of their image, and should take action to protect their customers across all platforms, websites and marketplaces.” Counterfeit NFT fraud implies unauthorized replicas that are sold despite the existence and sale of an original NFT drop by its creator or authorized party. Copyright and trademark infringements refer to fraudsters hijacking a brand’s likeness or image to create and sell NFTs without prior authorization.
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