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NFT Pirates 🏴‍☠️

Have you heard of NFT, Non-Fungible Token? Since blockchain came out people have been making transactions without banks. Blockchain is relying on computers to make a transaction publicly instead of a bank transaction that is private. The computers monitor each transaction made in cryptocurrency which is crypto coins. Now Non-Fungible means not replaceable. Token meaning something being purchased in the blockchain. NFTs are any digital unique “thing” that can be bought, sold or traded.

NFTs marketplace is the OpenSea. The problem like the sea in our world is there are pirates in the OpenSea. A friend of mine tried to purchase items in the OpenSea. She saw that the item was $200 in cryptocurrency. She put in $200 from her bank. When she wanted to purchase the price went up to $350. She put in another $300. She made the purchase. Now she had $150 in crypto coin left after the purchase. She wanted to transfer the money back. It can’t be done. The item she purchased was a cover of a magazine. She was getting 1 of 50 copies of that cover. Well now it’s worthless.

Art have been copied from the OpenSea and sold for cheaper with minor changes. OpenSea growing rapidly comes with it security issues, copycat NFTs and grievances from digital art creators. There were buyers and sellers being suddenly locked out of their accounts and art creators having their art missing. Some of the “experts” also try to explain everything so fast to you and then become uncontactable when you want to meet them to ask more questions.

There was even a case of a group of people who were selling NFTs giving the impression that their art was popular. In the end after making millions the value of their art dropped. It was found out that the transactions were manipulated by people they know and paid to increase the value of their art.

NFT transactions are not simple to understand. There are people who tried to learn about OpenSea and made small transactions just to understand the system. They were willing to make small transactions to the extent of losing some money in the process. Then there are the short videos or graphic arts that sell for hundreds of thousand dollars. Are you willing to take such risk among the NFT Pirates?

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