Although the issue was quickly resolved, the NFT space has since been debating how to prevent future incidents.
Crypto Art Heist
The primary selling point behind tokenizing works of digital art is that these tokens are visible on a public blockchain. The owner, creator, and points of sale can all be tracked throughout the life of the work.
In many cases, hosting platforms, like Rarible, will mint these tokens using Ethereum. Other competitors in the space include KnownOrigin and SuperRare, for instance.
Once an artist uploads their digital work and the work is converted to a tradeable ERC-721 compliant token, artists can then auction the piece. Buyers take solace in the non-fungibility of the token and trust that they are the true owners of the digital creation.
This is in part what makes the NFT, non-fungible token, space so promising. Blockchain technologies allow artists to reach an audience as wide as the Internet while preserving their work’s scarcity.
In the latest debacle, however, this trust may have been breached.
Last Saturday, Karan Singh, a Brooklyn-based digital artist who has also worked with the likes of Apple, reported a fraudulent copy of his work on Rarible.
“This is actually my work,” he tweeted, linking to his Instagram account. “And so are all of these. [Take] them down.” Another user posing as Singh had sourced the artist’s work and then placed them on sale at Rarible, according to Ilya Komolkin, a co-founder of Rarible.