© Reuters
Beyond all the good a permissionless internet promises, it also makes it convenient for anyone to freely mint pirated nonfungible tokens (NFTs). There are in fact over 90 million fake copies of NFTs. Because in a permissionless system, what’s to stop bad actors from creating copymints to scam unsuspecting users or damage a brand’s reputation?
Only the top 20 most copied NFT projects account for 8 million fake copies across NFT marketplaces.
Andrey Doronichev is a co-founder of Optic, AI powered content recognition engine. He is passionate about building digital creator ecosystems. Previously served as Product Director at Google (NASDAQ:), where he helped to launch its Metaverse initiatives, including AR, VR and Stadia and led YouTube Mobile to launch ContentID.
