Stay updated with breaking news from Moti Levy. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The digital marketplace for NFTs grew to an estimated $22bn last year but companies face challenges monitoring stolen art
I chatted with two Deviant Art executives about their cautious approach to NFT art theft and what that means for the future of the platform and its artists.
As the NFT market explodes into a $25 billion industry, artists worry that lax oversight is leading to a digital art world flooded with fakes.
Before he passed away in 2019, Dan Howard was a concept artist, working with major video game companies and posting his drawings online, where he had amassed a loyal fan base. Late last year, an anonymous account online started auctioning off Howard’s work as non-fungible tokens (NFTs), a kind of digital asset often linked to an image or piece of artwork. Howard’s family only found out about the sales when a fan alerted them. “We felt like we’d been the victim of a high-tech grave robbery,” his brother Donovan, said. Donovan emailed OpenSea, the NFT marketplace where his brother’s ...
As NFT market surpassed US$25bil in 2021, one platform flagged 90,000 potential NFT fakes in three months. Art world is divided on whether NFTs help or hurt artists.