It is often a matter of time until new services or products are either copied or abused. For the Crypto Art scene, there appear to be fraudulent MEME art sales to beware of. It is evident that situations like these need to be addressed as quickly as possible.
Buying the Right art on Rarible
Platforms such as Rarible have been a godsend to artists looking to monetize their creations. Not only can artists sell their pieces with ease, but they can also determine the quantity of their creations. Some artworks are sold as unique pieces, whereas others may be part of a limited set of 10 or more. The options are virtually limitless, and the platform is well worth exploring.
Unfortunately, some people are already taking advantage of this platform, Anyone can create an account and begin selling art right away. However, when users begin impersonating others and try to defraud buyers, a very problematic situation is created.
More specifically, there is an official account on Rarible associated with Meme Ltd. It is an official “vendor” of crypto art, with a native smart contract where new memes are generated to be sold later on. One account, called DontBuyMEME, is now impersonating this account with its own smart contract and creations being sold.
More fraud on @rariblecom
Users are stealing MEME art
Until they figure this out, please use an alternative marketplace
This hurts our users + our artists
Learn how to spot a fake: check the contract:
— Jordan Lyall (@JordanLyall) September 23, 2020
For onlookers, this may seem insignificant. After all, crypto art can be screenshotted and put on the blockchain again by someone else. Claiming ownership of an artwork through the blockchain sounds great on paper, but may not necessarily be enforceable in the real world just yet. This “imposter account” clearly shows there is still a long way to go.
Solving the Problem is Difficult
The big question is what can be done to rectify the situation on Rarible. The copycat vendor clearly sells crypto art that has zero utility. As such, it is worthless in the eyes of most, but not everyone will agree with that sentiment. For some collectors, it is merely about collecting cool pieces, regardless of how “useful” they may prove to be in the long run,
Impersonating a legitimate project is never “OK” under any circumstance. That being said, plenty of projects in the cryptocurrency world are open source and can be cloned with ease. Crypto art shouldn’t necessarily be any different, even though it is an entirely different industry altogether. Verifying one’s vendor account is one way to counter the problem, although it isn’t a perfect solution.
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