Art frauds on the rise on NFT platforms5 min read . Updated: 14 Feb 2022, 04:34 PM IST
- The scamming trend is driven by the hype around the metaverse and NFTs which has companies rushing to launch new platforms but not putting adequate safeguards in place unlike what is done in the physical world of art
Prasad Bhat, a Bengaluru-based caricature artist who frequently lists his artwork as non-fungible tokens (NFTs), is unable to hide his distress. Earlier this year, he discovered that one of his artworks was listed on the world’s largest NFT trading platform, Open Sea, without his knowledge.
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