NFT: seven conflicts related to the use and purchase of digital token | Bitcoin and Virtual Currency

NFTs operate as a certified format that makes every digital device unique in the world. These non-fungible tokens are made from blockchain, which guarantees their uniqueness and authenticity. Although it has been around since 2014, technology has become a hot topic in the last year, after millions of people spent millions to buy this property on the Internet. Nem.

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But it is not just the high payouts in NFTs that have caused so much controversy. The technology has been used as a scam and has already created a fortune teller after selling the token at an unreasonable price. In addition, there are people who have become online jokers for buying digital sneakers. Below, learn about the seven conflicts that affect the use and purchase of NFTs.

Suppose the artist sells counterfeit NFT and disappears with the money of the merchants; see other conflicts with the use of technology – Photo: Publish / Twitter @IconicsSol

CryptoBlades: How to play NFT game? See information on the TechTudo Forum.

1. Influencer buys sneakers from NFT and becomes a joker on the Internet

In November 2021, influencer Gui Oliveira became popular on the Internet when he happened to be wearing “the first sneakers in Brazil”. In the picture posted on his social network, the tiktoker wore flaming sneakers, with the effect it looks like it was putting out flames. The product was created on NFT by DeFash, a digital fashion retailer, and has been featured in graphics. In addition to the assembly, Gui also received a certificate of purchase of blockchain, guaranteeing the uniqueness of NFT.

The case took effect only in January of this year and became a meme among netizens, who criticized the digital purchase. From the point of view, there are people who say they can do the same in applications like Canva and Picsart. Faced with the event, Gui Oliveira described himself as a sneaker manufacturer and fond of the company’s start-up digital clothing line.

DeFash’s flaming sneaker will be available on Target’s website until January. Now, according to the product release, it can not see the price, but the products produced by the company start at R $ 77.

2. Scammer sells fake Banky NFT for BRL 1.7 million

Another incident involving NFTs that caused controversy was the purchase of counterfeit goods by British artist Banksy for 244 thousand pounds, approximately R $ 1.7 million, by August 2021. The victim was a 30-year-old Englishman who wrote works of art. The man said he arrived at the contest from Banksy’s official website, but believed the page had been stolen by fraudsters. The cast told the BBC website that it had not registered the NFT.

Banksy alleges NFT sells for around R $ 1.7 million – Image: Image: Repeat / Pranksy / Opensea

The case even took a turn, because the scammer unexpectedly returned the payment in the fake NFT. The author believes that the consequences of fraud can frighten the offender, who simply can not recover the exchange rate of 5,000 pounds.

3. The collection of NFTs represents black slaves

Another conflict in the world of non-fungible tokens occurred in February this year, with the Meta Slave project, which has been accused of racism. The inscriptions, whose name can be translated as “Meta Escravos”, are only unique images of black people. In total, the project includes 1,865 NFTs, about a year from the abolition of slavery in the United States. The first picture is of George Floyd, a black man who was a victim of racism and murder by the police in 2020, in the United States.

Meta Slave is a collection of NFT graphics that create conflict to represent black slaves – Image: Repeat / Twitter @MetaSlaveNFT

The impact is not perfect, because the writing of NFTs tries to make money from the images of black people and the name that refers to the word “slave”. Following the findings, the company tried to focus on itself by claiming that it sought to represent “we are all slaves of something” and other publications would be presented. out future, such as whites and Asians. The project, however, is not. closed and simply changed its name to Meta Human (“Meta Humans”, in Portuguese).

4. NFT sales at unfair prices lead to losses of millions

Consider selling R $ 1.7 million NFT for just R $ 17,000. This is what happened in December 2021, following a typo in the list of artwork from the Bored Ape Yacht Club series. The cartoon man owns plans to stock products for 75 ethereum, the cryptocurrency used in the NFT industry, but ends up hitting 0.75 ETH.

Bored Ape’s 3,547 digit sold for less than its post-typo price – Photo: Repeat / OpenSea

Even seeing the error immediately, the purchase was completed by a bot. The automated account charges a hefty fee to receive an immediate purchase, and then returns the item for nearly $ 250,000.

5. Young people present NFT project and disappear with the investment from users

In September 2021, a 17-year-old alleged digital artist unveiled an NFT project called “Iconics”. According to the author, the goal is to deliver good photos, and the collection will have 8,000 pieces. He even found some on his Discord channel and pre-ordered 2,000 NFTs, selling for 0.5 solanas, another cryptocurrency used in transactions.

One of the NFT pieces supposedly sold by the “Iconics” project – Photo: Publish / Twitter @IconicsSol

However, instead of getting artwork, every buyer gets a collection of emojis. With the sale of counterfeit goods, the scammer is believed to have raised the equivalent of US $ 138,000. After the reappearance, the young man took off his social media and disappeared with the money invested.

6. Ozzy Osbourne’s NFTs support the scam that stole the singer’s fans

In December 2021, singer Ozzy Osbourne announced the release of NFTs inspired by the episode where he had been a bit on stage. The CryptoBatz project has 9,666 units and was launched in January this year. So far, everything has been fine, but the problem arises with the link used to bring users to the Discord platform, widely used for digital distribution of NFTs.

Ozzy Osbourne’s collection by NFTs repeats an episode involving bats in 1982 – Image: Repeat / CryptoBatz

Initially, the CryptoBatz team posted a link to Discord on their ad, but changed the URL later. The perpetrators then took advantage of the original location to create a fake server on the platform. To gain access to the community, users must identify their cryptographic assets, and in doing so, the attackers gain access to the victim’s wallet information. According to the website The Vergethe scam will claim around 1,300 victims, and there are people who have all the money from their wallets.

7. Music NFTs platforms sell unauthorized content

Another controversy surrounding the use of non-fungible tokens occurred in February this year, when HitPiece website sold NFTs of music without permission to do so. The platform trades music by video games, Disney and famous singers such as Britney Spears and BTS. However, it is a complaint from artists on social media.

HitPiece Website Sells NFTs Music Without permission – Image: Playback / HitPiece

According to the authors, the site has no rights to the works, or licenses to sell them. The platform defends itself by saying that it pays the performer whenever the product is sold. However, after the controversy, the industry seems to have rested. HitPiece now only displays the message “We start chatting and we listen”.

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