In 2014, Non-Fungible Tokens (or NFTs for short) emerged, which became extremely popular in a short period of time. Their continued growth has made them an attractive sector for crypto enthusiasts. Unfortunately, the emergence of these tokens has also led to manipulation, plagiarism, theft and even scams.
Without permission NFT on auction site
Recently, a major Bitcoin (BTC) core developer took to Twitter to draw attention to a fraudulent website that offered its code for sale as an NFT. The developer has stated that it has not authorized such use of its property and is demanding that the seller(s) cease such practices.
Dashjr is one of the original Bitcoin developers and recently revealed via social media that an auction site has put up for sale an NFT of its code under his name without his permission. The developer finds this misleading because the product does not come from him. He also revealed that many other Bitcoin developers have had similar experiences.
In his post, the developer revealed that the fraudsters advertised the NFT under his name, listed it in his name, and sold it for 0.41 BTC or $9,500 at market price. Dashjr emphasized that he was never involved in making this NFT and was not aware of it.
He has not authorized anyone to use his name and code to create and sell an NFT, including the current party. Instead, third parties use its name and code for personal financial gain.
No longer using BTC developer name
The developer also revealed that the auction winner contacted him about the NFT and clarified the situation. The NFT sellers also contacted him and offered to give him 90% of the proceeds, but he declined the offer. The Bitcoin developer suspects that the sellers are trying to bribe him to prevent him from revealing their fraudulent act or to get his permission afterwards.
Dashjr stated that he would not support misleading the public and urged the sellers to give the buyer 100% of the auction proceeds. He further demanded that the vendors stop using his name to mislead the public for financial gain.
Majority of NFTs on OpenSea turn out to be scams, plagiarism or fake
Dashjr’s Twitter post revealed that he’s not the only one who’s seen scammers steal his information to create NFTs. Other developers have also received offers to receive a percentage of sales of NFTs created and sold without their consent. Last year reported OpenSea that 80% of NFTs on their platform are scams, plagiarism or fake.
Finally, in the same Tweet, the NFT marketplace noted that some creators are constantly misusing the feature for illegal activities, which is absolutely not the intent of this feature. Although the platform is working hard to prevent this, it is not yet known what the next step will be exactly.