This is why nobody can steal your NFT from your account, unless they take your image and create a new NFT and mint it entirely new.
Unless, if they get access to your 12 Word Secret Seed Phrase.
The 12 Word Secret Seed Phrase is a recovery phrase given to you while you create your Crypto wallet. Now if you use that wallet to link to any NFT platforms like Rarible, OpenSea or Niftygateway, if hackers and scammers get access to this Secret Phrase, you can completely lose all your funds on your Crypto Wallet as well as NFT’s.
This is the only known way by which hackers can steal NFT’s and Crypto Funds and there have been several cases of this already in 2021.
Therefore, it is not possible to hack NFT accounts as the security level of NFT platforms are pretty high. But, that Recovery Seed Phrase is like the key to your NFT account.
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At least there are some NFT exchanges that offset carbon emissions.
NFTs have been positioned as a solution to copyright theft. Instead of prising great chunks out of the meme Parthenon, collectors can own internet antiquities ethically. “There’s no connection inherent between an NFT and a copyrighted work or person’s image,” says Prof Rebecca Tushnet, an expert in intellectual property at Harvard. She argues that existing laws already do a decent job of protecting people’s intellectual property.
“There’s never been more licensed use of photography,” she says, and the reason artists and photographers are paid poorly is not because people are stealing their work: “It’s because prices are being driven down by lots of competition.”
NFT purchasers don’t really own anything at all, other than a URL and some bragging rights.
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Every time they plunge into digital waters, internet users accept the risk that they may go viral; their images may be used without their consent; strangers may mock them, take what they say in bad faith or even make them the villain of the day on Twitter.
Nobody ever sets out to become a meme.
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In this tutorial I would like to show the different ways how people are stealing NFTs worth millions of dollars. It’s created in educational purposes and to raise the awareness among NFT community. Also, I will show how you can protect yourself from theft.
Stealing NFT image
First of all, you need to pick your target.
You can’t pick any random NFT, you should pick the most expensive ones. To do so, go to Opensea website and click “Stats” – “Rankings” link from top right corner. Change the first drop down value to “All time” to list the most expensive NFTs.
I recommend to pick any NFT from top 10, once picked you should start the hunt.
We will start the hunt on Twitter, it’s the place where all NFT art collectors hang out. As an example I picked Cryptopunks. In Twitter you have to insert NFT name into search bar and click “People” tab.
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NFTs are digital files such as photos, videos, and audio. Because each token is uniquely identifiable, ERC-721 tokens are one of the most popular ways to store NFTs on the Ethereum blockchain. An ERC-721 token consists of a number of functions and methods to define a smart contract that is stored on the blockchain.
Smart contracts make it possible to have permanent identification information. They also ensure that NFTs cannot be divided into smaller units to be sold. Also, the smart contract can ensure that the digital assets are one-of-a-kind and non-replicable.
This makes the NFTs scarce and rare which is the reason why NFTs have value. Virtually anything can be represented digitally on the blockchain.
NFT Sales Are Exploding
NFT sales are exploding.
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According to research published on Medium by the Canadian artist Kimberly Parker, most artworks go for less than $100. Even the big-name meme NFTs aren’t guaranteed to do well. Some sell for six figures; others for small change.
In 2009, David Devore Sr took his seven-year-old son, David Jr, to the dentist for a tooth extraction.
He recorded his son on the drive home, tripping on anesthesia, asking existential questions about the meaning of life. Devore Sr uploaded the footage on to Facebook; within days, it entered the pantheon of early viral videos. In May, the NFT of David After Dentist sold for £8,142.
Three weeks later, Charlie Bit My Finger sold for £538,000.
“We were happy with the sale,” says David Sr, unconvincingly. “It sounds like we are being ungrateful. But we were surprised by how low it went compared with the others.” It is easy to understand his frustration.
Viral memes have been forever immortalized on the internet. The good news is that gone are the days when their heartwarming, funny, or sarcastic content took over the interwebs without being consummately rewarded. In 2022, blockchain technology is behind the sharp rise ofNFT memes, where viral memes and videos have been sold in leading marketplaces for tens and sometimes hundreds of thousands of dollars.
The trend will only continue rising. As more NFT memes are sold for big money, artists will be inspired to release even more viral memes in a virtuous circle as a more robust NFT meme marketplace is built. The foundation has already been set with these top five NFT memes:
Charlie Bit My Finger
“Charlie Bit My Finger” is a short funny video of a young toddler, Charlie Davies-Carr, nibbling on his brother’s finger, Harry, and laughing.
It was a controlled fire, and she was among many other children asked to direct the water hose to the burning house. The picture was taken by her father, Dave Roth, and the meme of her daughter has been repurposed innumerable times in various disasters in history like the sinking titanic or the catastrophic meteor that wiped out the dinosaurs. In 2021, the “Disaster Girl” NFT was sold for a whopping 180 ETH.
Zoe said the proceeds from the sale went towards clearing her college loans. The Roth family retains the image’s copyright and will receive 10 percent of all future sales.
“Bad Luck Brian” NFT
“Bad Luck Brian” meme first appeared in 2012 when it was posted on Reddit by Ian Davies as a joke about his friend, Kyle Craven, with a funny caption— “Takes driving test…gets first DUI.” In the picture, Kyle had posed awkwardly in a 2005-06 yearbook photo.
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Bitcoin is of that ilk,” says Turner. “The new technology is the blockchain.”What is important and interesting about memes from a critical perspective is that they don’t belong to anybodyArt critic Ben Davis
These bubbles all burst in the same way. “Amateur investors come into the market for the first time,” says Turner. “They add momentum to prices … then one trade goes wrong and the amateurs are spooked, and flood out of the market.” Although collectibles do not form bubbles in the same way – like couture or stamps, their value isn’t predictable, being subject to the whims of wealthy collectors – Turner believes that the cryptocurrency market is a bubble, and one on the verge of imminent collapse.
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NFT marketplaces, such as OpenSea, Rarible and SuperRare, are thriving.
Today, we are seeing a rapid expansion of NFT functionalities as the NFT market implements Decentralized Finance functionalities, such as staking, lending and borrowing.
Beeple’s sale of “The first 5000 days”, an NFT, via Christie’s Auction House, represents an inflection point for the NFT sector. This sale, very widely reported, marks the day when crypto-curious investors, crypto-tourists and Art Institutions took notice of NFTs: NFTs became a phenomenon that could simply not be ignored any longer.
The “Ethereum Gas Crisis”, during which transaction fees were so high that users started looking for suitable alternatives which they found in projects such as Near, Nervos, Cosmos and Solana, prompted teams to think about how they could improve the NFT experience for their users.
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This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.
Art isn’t the only way to make money with NFTs. Brands like Charmin and Taco Bell have auctioned off themed NFT art to raise funds for charity. Charmin dubbed its offering “NFTP” (non-fungible toilet paper), and Taco Bell’s NFT art sold out in minutes, with the highest bids coming in at 1.5 wrapped ether (WETH)—equal to $3,723.83 at time of writing.
Nyan Cat, a 2011-era GIF of a cat with a pop-tart body, sold for nearly $600,000 in February.
And NBA Top Shot generated more than $500 million in sales as of late March.
Sharp wrote, “I’m going to have to take down my entire @DeviantArt gallery since people are taking my art and manufacturing NFTs.”
Sadly I’m going to have to completely shut down my entire @DeviantArt gallery as people keep stealing my art and making NFTs. I can’t – and shouldn’t have to – report each one and make a case, which is consistently ignored. Sad and frustrating. pic.twitter.com/oNH6yXQtyU
— Liam ‘Sharpy’ Sharp (@LiamRSharp) December 17, 2021
“I can’t – and shouldn’t have to – report every single one and build a case that is continually dismissed.” “It’s both sad and annoying.”
Sharp would later add that he loves DeviantArt and has been a member for 14 years.