Galaxy Digital Exposes NFT Ownership Scam Citing Creative Commons Licensing August 2022

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To avoid being a victim of the Decentraland nft scam, you should understand how the game works. You will need to connect your wallet, which is not difficult to do and create an avatar. You will then need to buy land and virtual items or spend MANA to purchase them. You can use these to trade items in the Marketplace. Once you have all of these, you can start playing the game.

To purchase virtual properties on Decentraland, you will need a web wallet. Using a web wallet can help you avoid scams and be more comfortable with your crypto investments. The most common web wallet is MetaMask, which is available for Chrome. Once you’ve installed MetaMask, you’ll be able to purchase virtual property on the Marketplace. You’ll also need a good web browser to participate in the Decentraland community.

According to research by Galaxy Digital, Bored Ape Yacht Club, Moonbirds, and many more NFTs have misled their buyers on IP rights.

The research highlighted two significant projects, Bored Ape Yacht Club and Moonbirds, which, the report says, have falsely marketed IP rights to buyers. However, other than these two, most NFTs in the market have conveyed zero intellectual property ownership to their owners, according to Galaxy Digital.

The report says that Yuga Labs misled NFT purchasers regarding the intellectual property rights for the content they sell.

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How to Avoid Getting Scammed

In addition, be wary of scammers pretending to be employees of popular NFT trading platforms. Often, they will contact you via social media to offer you free NFTs in exchange for spreading giveaway messages. Some scammers will also use phishing sites to steal your MetaMask wallet credentials. This is a scam if you ever receive an email or message asking you to enter your password.

It is important to note that you can’t recover your assets or funds if your wallet is compromised. You should contact the company to get a refund. It is also wise to report fake NFTs to marketplaces. Some of these platforms allow you to report scams to OpenSea. But most don’t have refund policies and will ask you to wait for up to a year before contacting them.

Related News: Scams are everywhere

Yuga Labs’ Does Flip Flop On NFT Ownership

Regarding the Bored Ape Yacht Club, the Yuga Labs’ license says that “when you purchase an NFT, you own the underlying Bored Ape, the Art, completely.”

The Galaxy report says that Yuga Labs “implicitly acknowledges that the NFT holder does not own the art.”

Last week, Yuga Labs released extensive IP licensing agreements for CryptoPunks and Meebits. These agreements give more clarity on NFT holders’ rights.

Decentraland NFT Team Takes Protective Action

The Decentraland team has taken proactive measures to protect users from imposters. They have contracted with firms that specialize in intellectual property research and enforcement. They have also shut down 24 domains and five social media accounts posing as the official platform. The developers also have partnered with a company called Sandbox to detect phishing sites. You can also find out if other people are being scammed by visiting these websites.

The Decentraland metaverse is based on fungible and non-fungible tokens. The goal of this platform is to enable people to use technology to create new things. The company offers a 3D grid with a limited number of LAND parcels that you can customize, transfer, and utilize for monetary gain. Each plot is unique, so you can be sure that no two lands are alike.

Also Read: How A Hacker Stole $360,000 Worth Of NFTs From Bored Ape Yacht Club’s Discord Server.

About Moonbirds, the NFT collection presents a more striking case of misleading advertising based on discrepancies between its public statements and the Moonbirds license agreement, the report says.

Moonbirds is the 6th most valuable NFT collection by implied market capitalization.

Only one NFT collection in the top 25 by market capitalization even attempts to confer intellectual property rights to the purchasers of their NFTs (World of Women).

Galaxy Digital says the Creative Commons license issue is a primary concern area. It removes NFT ownership from a legal perspective as it moves intellectual property into the public domain. It, therefore, becomes impossible for NFT holders to defend their ownership rights in court.

Some other projects, such as Doodles, place barriers on commercialization, limiting the amount of revenue that derivative works can generate and restricting the ability to modify the original artwork, the report notes.

How to Prevent Becoming a Victim in the Virtual World

There is a slight chance of you falling victim to an NFT scam. But you can protect yourself by following some basic rules. First, you should only deal with verified accounts. These accounts are indicated by a blue check mark next to their profile pictures. Alternatively, you can contact them directly by using their Discord channels. You should also check their contact details and whether they are trustworthy. If you suspect someone is an NFT scammer, don’t trust their website and don’t purchase any of their products or services.

In addition to being a victim of the Decentraland nft scam, you should ensure you understand the benefits of joining. In addition to earning money in the cryptocurrency market, you can also create your virtual properties in the virtual world. Then, you can sell them to developers and crypto enthusiasts. In addition to earning money from your creations, you can enjoy the socialization and gaming community this nft platform offers.

Decentral Publishing content writer Emily Weber (Em) provides five creative ideas to monetize NFTs. Readers can find the whole story here.

Top 5 Alternative Tokenization of NFTs

1. Royalties
2. Transparent Voting
3. Fractional Ownership Shares
4. Crowdfunding Through NFT Sales
5. Data Monetization

Tokenization ideas are only limited by imagination. So many use cases exist, and with more getting mainstream attention, the NFT world is your oyster.

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