As NFT scams proliferate online, Digital Assets sleuths are fighting back
Cryptocurrencies, Blockchains, Non-Fungible Tokens, Decentralised Currencies these are all the buzzwords going around the world. But in reality, they are much more than just internet hype and could might as well be future of finance. NFTs are non-fungible tokens which are digital assets representing real world objects like pictures, art, music, in game items. NFTs are bought and sold online. Each token has its own unique identity unlike cryptocurrencies which are fungible. In the recent years NFTs have skyrocketed because of large interest from celebrities. Also Read: SEC Scrutinizes NFT Market over Illegal Crypto Token Offerings According to a report from Chainanalysis, NFTs have increased their investment from 102 million dollars to 44.2 billion dollars in 2021. But the Chainanalysis report also found that "as is the case with any technology, NFTs offer the potential for abuse." The report also revealed that these sellers reportedly made 8.9 million d...