NFT is the digital artwork based on blockchain technology. NFT allow the users to get real ownership rights for their work and ensure that they can use legal possession options for their property. However, since this technology is fairly new, there are a lot of people who do not have any idea about how it works. The crypto scammers are taking advantage of the lack of knowledge about this new technology and using it to dupe investors.

A fake digital artist succeeded in selling forged artwork posing as Banksy. The investors who believed that he was the famous artist purchased NFT worth one million USD from the posing scammers. This transaction took place on the famous NFT market called Rarible. The scammer went on to claim that the proceeds from this sale are going to go to a charity as well. On the same NFT marketplace, an artist based in Brooklyn saw his work listed under a different name.

Scammers are Making Money from Stolen Artworks

In the real world, many artists suffer from posing paintings and plagiarism. However, in the NFT world, it takes much less effort to copy someone else’s work. The NFT is nothing more than a digital media file that has been minted under an ownership namesake. Therefore, the artists often come across their work copies which are minted under a fake name.

The artists who saw copies of his artwork trading on Rarible managed to take them down before any sales were made. However, scammers, in many cases, succeed in getting away with their theft. A very famous Japanese artist and anime illustrator named Qinni died last year. Scammers went on to hijack his work and sell it for a profit on the NFT marketplace. The investors who had no idea about the real artists were duped with fake art illustrations as well.

Another Japan-based anime illustrator Loish posted public warning messages on her social media account that she does not have any NFT artwork on sale. The scammers notice the work of the famous artists who have not switched to the digital markets yet and duped the investors with the stolen copy of their work.

Some scammers are contacting the struggling NFT artists and offer them a chance to list their artwork on high-grossing artwork marketplaces. These scammers often ask for cryptocurrency-based payment upfront. They keep asking for more money in different ways until the victim realizes that they have been duped by them. Real art dealers ask for payment when a real sale has been made.