NFT copyright loophole is getting worse
Many works of art are turned into NFTs and sold on online platforms without the author's permission.
Trier said she had no idea her work was converted into NFT and sold for 0.003 ETH, or $10 per NFT. The female artist is not alone, as many other artists have also had their "brainchild" stolen since the NFT boom in early 2021. However, experts say the problem is getting worse when those who stand then made billions of dollars from something that wasn't his.
According to NFTTheft - a group of artists whose work has been stolen and turned into NFTs, small-volume thefts happen every day. However, there are cases where the number of stolen works reaches into the tens of thousands, like Trier's.
This problem is believed to be related to bots that scan images on artists' online gallery websites, even on services like Google Image, then create automatic NFT collections and then sell them. on the market. These listings are most numerous on OpenSea.
"It's not a coincidence," the NFTTheft representative said. According to this person, exchanges like OpenSea allow NFTs to be created using Lazy Minting - a feature that allows users to list NFTs for sale without having to write to the blockchain. Besides, the seller does not have to pay fees to the exchange until the NFT is purchased. This allows scammers to display as many items as they want in the hope that someone will buy the work.
"Many other platforms also have Lazy Minting, but the popularity of OpenSea and its quick check system is an ideal place for bots to hide," NFTTheft said.
Artists can tell if their work has been stolen through some specialized software. Last year, DeviantArt introduced Protect - a tool that specializes in identifying images and notifying their owners of copyright infringement on NFT marketplaces.