NFTs: The Next Biggest Stock Scam Since Crypto
Non-fungible tokens or NFTs are all over the internet right now. They are supposedly "unique" digital objects that bear a certain value based on their uniqueness. It can be a painting, a video, an audio snippet, a GIF, or even a video game collectible item. Interest in buying NFTs continues to increase as the market exploded last year, hitting a whopping $22B in growth. However, it continues to be one of the sketchiest fads in the Metaverse.
Celebrities and artists have hopped on the bandwagon as well. For instance, R&B singer-songwriter, The Weeknd, raised $2 million selling previously unreleased music as tokens priced at $490,000. Meanwhile, Keanu Reeves burst out laughing at the mention of NFTs for his last film, The Matrix Resurrections.
The NFT market is filled with scammers that target people using a wide variety of schemes. They promote NFT or cryptocurrency and drive up their prices to lure prospective buyers. One such case was with Lois van Baarle, a Dutch artist. She scoured the NFT marketplace for her name and found more than 100 of her art pieces for sale. None of which had been put up by her.
More and more artists are saying that the cryptocurrency boom of the previous year has been a nightmare. One of their primary issues is that anyone can "mint" a digital file as an NFT, regardless of whether or not they have rights to it, with the process being anonymous by default. It's a market ripe for fraud because the NFT system does not require someone to possess the rights to something in order to mint it. This is proof that anyone can just download an image, and those who invest tens of thousands of dollars will never truly know if it is authentic or not.
What kind of people still fawn over "art" that anyone can create and steal for over-the-top prices? It is hard to find high-quality, original artwork that actually has meaning behind the piece in the NFT market today. Austin Weed Company is no different.
Austin Weed Company has put out two new, top-of-the-line artworks and abstract concepts. These NFTs for sale on OpenSea are called Cannabis Crucifixion II and Cannabis Crucifixion IV. They are actually political, attacking big pharma and the death-grip it has on all our lives. Even then, these are just as absurd as the rest of them in the NFT market. These NFT art pieces are both going to leave a lot of people broke, with each of them going for 179eth, which is around $589K right now.
In the end, the NFT industry is unstable and filled with scams and frauds. It is better to directly contact artists for commissions at prices that will not leave you bankrupt. Cash is still king.
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