- NFT space expanded quite exponentially last year, with a lot of celebrities getting associated with them.
- But a cybersecurity firm highlights that there are some fake NFTs on OpenSea disguising under celeb names or pictures.
- The unethical actors are utilising popular names in order to sell fake Non-Fungible Tokens (NFTs).
NFTs, Frauds And All That Jazz
The concept of Non-Fungible Tokens (NFTs) has grown by leaps and bounds in recent times. Specifically, during last year when a lot of new NFT projects emerged. And the association of prominent entities and celebrities with the NFT space helped it to grow further in popularity.
But the Q1 of this year has witnessed a significant fall in the sales volume of the NFT sector, which prompted the celebs to stay a bit polite here. While they might have been inactive, the unethical actors stay active 24/7.
BrandShield, a Cybersecurity firm, recently had a look and analysed the frauds, which also tag along the names of crypto loving celebrities. For instance, Paris Hilton asserts that she holds over 150 NFTs and the co-founder of the NFT platform Autograph, Tom Brady.
And the cybersecurity firm discovered that more than 41.5k NFTs on the significant marketplace OpenSea are making use of unauthorised celeb names or images.
According to Yoav Keren, the CEO of BrandShield, who told a news website that the unethical actors often create social media profiles or websites disguising themselves as celebrities or brands. They even discovered approximately over 2.8k impersonating Tom Brady solely.
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And these websites or profiles then become a medium to coax the individuals into phishing frauds or buying fake NFTs.
New technologies always tag along frauds and attacks, too, whether it’s cryptocurrencies, blockchains or NFTs. And dispute the fact that every NFT has a unique trait, even if they are from the same collection. But there are a few chances that someone can copy them.
Sometimes the NFT enthusiast gets into so much frenzy that they forget that they can fall victim to attacks too. And the fraudsters would always crawl into space. And it’s completely in the users’ hands to stay away from these crawlers and be safe.
Source: https://www.thecoinrepublic.com/2022/06/03/going-for-tom-brady-nft-wait-it-might-be-spurious/