Booming NFT art market plagued by ‘mind-blowing’ fraud

A NFT (Non-Fungible Token) created by digital artist Zamblek named ‘Shambo NFT #84’ on Binance NFT marketplace displayed on a mobile phone. The NFT market has exploded over the past year, with NFT sales soaring past US$24.9bil (RM104.48bil) in 2021, compared to just under US$95mil (RM398.62mil) the year before, according to market tracker DappRadar. — AFP

LOS ANGELES: Before he passed away in 2019, Dan Howard was a concept artist, working with major video game companies and posting his drawings online, where he had amassed a loyal fan base.

In late 2021, an anonymous account online started auctioning off Howard’s work as non-fungible tokens (NFTs), a kind of digital asset often linked to an image or piece of artwork.