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In recent years, there has been an exponential growth in demand for digital artwork. According to <a href="https://blockworks.co/news/opensea-polygon-nft-sales-on-track-to-hit-2-2m-by-end-of-january" rel="noopener noreferrer nofollow">Blockwork</a>, 14 NFT trading platforms in 2021 alone have a trading volume of 19.6 billion USD.As virtual marketplaces for artworks become more mainstream, they have unfortunately become a target for scams and fraudulent activities. Therefore, proactively monitoring to prevent cyber criminals from brand impersonations and creating NFTs counterfeits is essential.Protect what’s yours and save revenue by actively monitoring and detecting third-party infringements such as counterfeits and duplication. With our <a href="https://lawyerd.net/" rel="noopener noreferrer nofollow">proprietary technology</a>, remove all counterfeits from NFT platforms.<h2 id="header-0">What Is an NFT?</h2>NFT, short form for Non-Fungible-Token is a digital asset with unique characteristics that can be exchanged between a creator and buyer verified on a blockchain.To understand better, let’s compare a dollar bill with the famous painting ‘Mona Lisa’ by Leonardo Da Vinci. What’s the difference between the two?The dollar bill is interchangeable, but there is only one Mona Lisa. Similar to a painting by Da Vinci, an NFT has unique characteristics, each one of a kind, making it valuable.<h2 id="header-1">What kinds of objects can be turned into Non-Fungible Tokens (NFTs)?</h2>An NFT can represent any asset digitally. It could be a digital painting, a legal contract, a meme, or a music video, and the possibilities are unlimited.In a<a href="https://coingeek.com/uk-court-allows-legal-documents-to-be-served-via-nfts/#:~:text&#61;In%20a%20first%2Dof%2Dits,%2Dfungible%20token%20%28NFT%29." rel="noopener noreferrer nofollow"> historic </a>judgment, The High Court of England and Wales permitted documents turned into NFTs to be presented in court proceedings.<h2 id="header-2">How NFT Marketplaces Function</h2>NFT marketplaces have become the primary way to buy and sell non-fungible tokens (NFTs) because it would be a hassle for users to find buyers and sellers on their own.Let’s take the example of e-commerce marketplaces. Most often, e-commerce stores specialize in a particular niche, e.g., Boating, Kid accessories. Similarly, there are different NFT Platforms for different categories.<a href="https://app.axieinfinity.com/marketplace/" rel="noopener noreferrer nofollow">Axie Infinity</a> is great for gaming NFTs, whereas <a href="https://async.market/music" rel="noopener noreferrer nofollow">Async Music</a> is a music-focused NFT marketplace.NFT marketplaces are diverse and differ according to the<ul><li>Blockchain they use</li><li>Some of them are general, and other specializes in particular niches</li><li>Most marketplaces charge a set percentage as a fee. (ranging from 2-5 percent)</li><li>Can restrict access or be open</li><li>Have different licenses, user agreements, terms, and rules.</li></ul><h2 id="header-3">What do NFTs and Trademarks Mean for IP?</h2>The popularity of NFTs is recent, and there is a lack of certainty on whether a purchaser or an owner of an NFT holds the Intellectual Property (IP) rights for it.It is a common assumption that copyrights are automatically transferred when an NFT is sold. However, such is not always the case. Recently, an anonymous spice DAO (decentralized anonymous organization) purchased a digital copy of<a href="https://www.esquire.com/entertainment/books/a38815538/dune-crypto-nft-sale-mistake-explained/" rel="noopener noreferrer nofollow"> Dune (a famous book) as an NFT</a>. To their surprise, they did not own the copyright to Dune.Another major issue with open marketplaces for NFTs is protected trademark and copyright infringement of recognized brands by third parties.In 2022, <a href="https://www.fashionlawbusiness.com/flbstories/the-outcome-of-hermes-lawsuit-against-metabirkin-nft-may-provide-a-glimpse-into-the-future-of-fashion-and-art-in-the-metaverse" rel="noopener noreferrer nofollow">Hermes sued a digital artist</a> who created and sold MetaBirkins (An animated version of the famous Birkin handbags) for trademark infringement, dilution, and cybersquatting. The artist further made a website metabirkins.com to advertise and promote.The pending decision in the US courts is highly anticipated and could significantly impact brand owners, creators, and the concept of brand protection.According to Open Sea, over <a href="https://thecoin.news/articles/opensea-reveals-free-nft-mints-were-plagiarized-spam-fake-1643667220370" rel="noopener noreferrer nofollow">80 percent</a> of the free NFT mints uploaded on the platform were plagiarized, spam or fake.<h2 id="header-4">What Is NFT Brand Protection and Why Is It Important?</h2>According to the <a href="https://www.theguardian.com/technology/2022/aug/24/nfts-stolen-non-fungible-tokens-criminals-scam-cryptocurrency" rel="noopener noreferrer nofollow">Guardian</a>, more than 100 million USD worth of NFTs were stolen this year alone. According to the article, each scam resulted in an average of $300,000 being stolen by criminals.If you are a digital artist or a brand with an NFT collection, you must protect your brand reputation and revenue by actively hunting scammers. With Lawyerd’s NFT Brand Protection software,  protecting your NFTs from scammers has never been this simple.We detect, monitor, and help remove all infringing content to keep your reputation intact.<h2 id="header-5">How are NFTs stolen?</h2>The pursuit of obtaining NFTs through fraud is becoming more common as the demand for them rises. Therefore, collectors and creators need to stay vigilant and protect their assets.Here are some common methods scammers use to steal NFTs.<ul><li>Phishing Scams</li><li>Exploitation of bugs</li><li>Theft of Artwork</li><li>Creating NFTs by misusing someone’s brand IP assets.</li></ul><h2 id="header-6">How can you report a stolen NFT?</h2>Caught someone impersonating your brand or stealing your work? Learn how to report a stolen NFT by implementing these simple steps.Please note that the procedure to report NFTs slightly differs for each marketplace since they have different rules and regulations. For better understanding, we will explain how to file a complaint on Rarible.<ol><li>Visit - www.rarible.com</li><li>Get the token ID and user details of the stolen NFT, which are public.</li><li>Next to the Infringing NFT, locate and click the ‘...’ button.</li><li>Scroll and find an option to  ‘report’ in the drop-down menu</li><li>A pop-up will appear, giving you a chance to describe the issue. Make sure to include all essential details to make your case stronger.</li><li>It is also advised to email their support ‘ support&#64;rarible.com’ with all critical information and the problem you are facing.</li></ol><h2 id="header-7">Common NFT Marketplaces</h2>Some common NFT marketplaces include1. OpenSeaIt is the largest NFT marketplace and deals with all classes of underlying digital assets. These include art, domain name, virtual worlds, trading cards, and more.2. RaribleRarible offers a token called RARI to active users of the platform, which grants them voting rights for various issues. This token represents a form of ownership within the platform. It&#39;s worth noting that a user account is not necessary to use the Rarible marketplace. Moreover, the platform connects with OpenSea to expand its reach and accessibility.3. NiftyGatewayIt is a platform that allows artists to post digital work via time ‘drops’. Creators can earn by collecting royalties on resales of their original creations.4. NBA TopShot.On this platform, you can buy exclusive licensed collectibles from NBA players. These include video clips, memes, and significant ‘moments’ from NBA.5. Digital Trading CardsIt is a marketplace that specifically displays trading card NFTs which can be listed, sold, and bought. Sports cards, rare items, and video game cards are the most common collectibles. The list of cards is curated and selected via OpenSea.<h2 id="header-8">Automated solution</h2>At <a href="https://lawyerd.net/" rel="noopener noreferrer nofollow">Lawyerd</a>, we understand the importance of NFT brand protection and have developed innovative solutions to safeguard your assets. With our proprietary technology, we actively monitor and detect third-party infringements, such as counterfeits and duplication, ensuring that your NFTs remain secure. Our software removes all counterfeits from NFT platforms, protecting what&#39;s rightfully yours and saving you from potential revenue loss. But our commitment doesn&#39;t stop there. We believe in setting up a democratic process for deciding what rules AI systems should follow, within the bounds defined by the law. We aim to shape AI behavior by incorporating diverse perspectives reflecting the public interest.<a href="https://twitter.com/Lawyerd_net" rel="noopener noreferrer nofollow">Join us</a> in the fight against NFT scams and safeguard your digital assets with Lawyerd&#39;s NFT Brand Protection software. Together, we can create a safer and more trustworthy NFT ecosystem. <a href="https://lawyerd.net/" rel="noopener noreferrer nofollow">Visit our website</a> to learn more about our services and start protecting your NFTs today. Let&#39;s build a secure future for digital art!

How To Protect Your NFTs from Scammers- A Complete Guide

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