Fake Banksy NFT sells for £244,000. Let’s talk about NFT vulnerabilities.

[RSRS]

In an elaborate hoax this week, NFT collector Panksy ended up buying a fake Banksy NFT for £244,000, which would be considered a bargain in the world of NFTs these days.

Although nearly all of the money was returned to the buyer, this incident alone highlights some of the ways NFTs are exposed to security threats.

From punks to pills and everything in between, NFTs have exploded in the world of crypto so is it time that we spoke about intellectual property?

The ability to replicate artistic works without consequences keeps raising its head as more and more established artists and collectors engage in NFT trading. Another example of artist dismay this week came from the popular creator of squiggle NFTs.

If the whos who of the worldwide web are currently selling NFTs how do we manage intellectual property laws in different jurisdictions and who is responsible for any copyright infringements? Both the platforms and the sellers hold some level of control here.

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