These celebrities also include Reese Witherspoon, Madonna and Logan Paul. TINA says they promoted these without disclosing their affiliation with the NFT projects. In this regard, a statement issued by TINA said, “Consumers may not be aware that the propaganda is being biased and this increases the value of NFTs held by the firm as well as celebrities. ” Last year, NFT sales had grown to around $25 billion. With the rise in popularity of this segment, there has also been a spurt in scams related to it.
Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated. Sports clubs, automobile companies and pop stars are also getting into this business. There is growing interest in NFTs from the Web3 community as well as the metaverse industry.
In some cases of scams in this segment, NFT buyers have suffered huge losses. In the US, some major fraud cases related to this segment have been uncovered. In a recent case with NFT token registration platform Premint, hackers stole about 320 NFTs and sold them on NFT marketplaces like OpenSea for around $400,000. This is one of the biggest hackers in the blockchain industry this year. In a survey of more than 35,000 people conducted by financial services company Mastercard, it was found that about 45 percent of these people have bought NFTs or used it. Will consider buying.
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