Yesterday my law firm was contacted by the victim of an NFT scam. She lost $17,500. The purported original NFT artwork was a fraudulent duplicate of someone else’s original.
The anonymity and global reach of the NFT blockchain allowed this to happen. Because of the international laws and jurisdiction challenges, along with anticipated litigation costs, this victim cannot recover her money. She will be reporting this criminal act to the local authorities, but I don’t see justice happening because of the above mentioned challenges and reasons.
This NFT fraud case reminded me to share with you the same message a few friends and I share every Thursday morning for the past 23 weeks in an NFT focused Clubhouse room (social audio). That is, please do your research and due diligence before participating in an NFT transaction. Reading a hyped-up social media post or participating in a social audio room doesn’t constitute research or diligence by any stretch of the imagination. BTW, are we connected on Clubhouse?
Because of the above, I’ve reached out to a friend of mine, a legitimate NFT and blockchain expert, coder, advisor, and lawyer in high demand. I’ve asked him if he’ll join me for a live Q&A on “The ABCs of NFTs for Creators, Buyers, Sellers, and Investors.” What we share will give you the information and resources you need to protect yourself from being the victim of international criminal fraud.
Get on my live show update list for the show time and date once things are finalized.
I’ll also share the link a few days prior here on Twitter.
PS- Please share this upcoming show with your friends in the NFT space. The more we help each other as a community, the stronger and safer we will all be.
Disclaimer: Non-Fungible Tokens (NFTs), Blockchain and Crypto-Related Assets: Mitch Jackson, his team members, and his firm, DO NOT provide financial or investment advice. All content is for informational purposes only. We are not registered investments, legal advisers in the financial or investment spaces, tax advisors or a broker/dealers. Trading any crypto-related and blockchain asset, including non-fungible tokens (NFTs) is extremely risky and could result in significant capital losses and unexpected liabilities.