Rarible, the blockchain-based art platform had one of its artists, Karan Singh, notifying the platform that some of his work was fraudulently listed. The issue was resolved quickly but the NFT space has started discussing the crypto regulation issues and how to prevent these incidents from happening in the future as we are reading in the crypto news today.
The primary goal behind the Rarible blockchain platform is to tokenize the works of digital art is that the tokens are visible on the blockchain. The creator and the points of sale can be tracked over the life of the work. The hosting platforms such as Rarible, will mint the tokens using Ethereum and other competitors in the space including SuperRare and KnownOrigin.
Once an artist uploads the work and the work gets created to a tradeable ERC721, the artists can then auction the piece so the buyers take solace in the token and trust that they are the true owners of the digital creation. However, with the latest fraud case, this trust was breached. Karan Singh who worked with Apple reported a fraudulent copy of its work on the blockchain-platform:
“This is actually my work,” he tweeted, linking to his Instagram account. “And so are all of these. [Take] them down.”
Another user that pretended to be Singh, had sourced the work of the artist and placed them on sale at Rarible according to the co-founder of Rarible, Ilya Komolkin. Komolkin banned the impersonator and asked the holders to burn all of the tokens that they had minted including Singh’s work. The German artist Mario Klingemann also helped to identify the fraud after having bought the work. After the announcement, he urged the buyers to burn their tokens too.
The platform mitigated much of the issue and Singh’s fast response helped to keep the fraud under relative wraps and prevented the imposter from making tons of money. Since then, members of the NFT community have posed various solutions to prevent such events from happening in the future. In Singh’s, the stakes were low because he caught the fraudster quickly. If he hadn’t arrived when he did, the fraudster could have easily made money.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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