PHOENIX — NFTs or Non Fungible Tokens are a booming billion-dollar business and a hot spot for scams.
First things first, what is an NFT? Simply put, in a digital world where almost anything can be copied, NFTs mark something as a one-of-a-kind, digital original.
“You can see who has owned the token and the entire transactional history of the token as it changes hands,” Joe Tavares, a blockchain expert, said.
Tavares warns at its most basic level an NFT is an entry in an online database.
“Expect everything to be a scam, be hyper-vigilant about everything,” Tavares said.
Adam Ramey knows firsthand how quickly these scams can pop up. “Our manager reached out to us and said you had an NFT – did you know that,” Ramey said.
Ramey founded his band, the “Dropout Kings” Kings in 2016. The Nu-Metal band went online to find their music on hitpiece.com for sale as an NFT.
“Almost every artist on Spotify has an NFT on there now,” Ramey said.
Ramey said they did not give hitpiece.com permission to take their intellectual property and try to sell it as an NFT.
“It is insane to think it was that easy for them to do that,” Ramey said, “I think that it will get worse as things go on.”
Ramey believes NFT and the technology that supports it can be a valuable asset. Another avenue for musicians and other artists to make money. However, without regulation, bands may be forced to…
