As the decline continues, hackers attack collectors using tricks. What will happen now?
Grandeur and decadence… I could also have mentioned this Tarpean Rock located in ancient Rome near the Capitoline Hill if the subject were not so futuristic. What am I talking about? But the NFTs that last year were the obsessive object of a deliberate cultural press! After a flamboyant record of public sale, some journalists had decreed that these tokens were the future of collectors. According to them, soon there would be nothing more material, or almost. I told you before NFTs started their dive in 2022. Seventy-five (or seventy-five, if you prefer) percent less in six months. And here I am now to learn from Roxana Azimi’s pen (albeit virtual) on the “Le Monde” website that these precious NFTs were stolen daily despite the precautions taken …
I’ll sum it up for you. It all comes from a report released by Elliptic, a blockchain research firm. According to her, more than one hundred million dollars worth of NFTs were stolen in one year. Only 4,600 would have disappeared last July. “A figure probably underestimated, because petty thefts are rarely made public.” The OpenSea marketplace has even suggested to her community (you get the impression of hearing about a cult) to disable Discord’s direct messaging (the aptly named) due to an “overabundance of scammers”. As you can imagine, it is the most popular NFTs that are smothered first. I am thinking in particular of “Bored Monkeys” and “Mutant Monkeys”. Jokes in every sense. Ditto for the “Azuki”, according to Roxana Azimi. Here, I admit in no uncertain terms that I do not see what it is. We don’t all live in the same age.
“The hacking figure probably remains underestimated, as minor thefts are rarely made public.”
The blockchain was said to be inviolable and tamper-proof. A challenge cheerfully taken up by the pirates. According to collector Brian Beccafico, however, it is less the system than its users that are to blame. Some use the same password for different sites for fear of not being able to enjoy their property. Others connect to unsecured networks, making them Internet adventurers. Some have a virtual copy of their wallet key on their computer for fear of losing it. There are those who succumb to varied and varied phishing. Finally, there are hackers who pretend to be repairers, like fake plumbers or fake cops passing by certain buildings.
The journalist from Le Monde closes with an even more banal case of fraud. Nothing to do with NFTs. Or rather if. Scammers are launching projects in this area with a powerful fundraiser. Gullible investors follow them. Then, as you already understood, these cyber criminals disappear overnight. Even as we change what appears to be a behavioral era, certain practices die hard. People basically remain the same.
What will happen now, when cryptocurrencies are also fluttering? Impossible to know. However, personally it seems to me that it all comes down to a past moment of stock market euphoria and easy money. Now that we have to rely more on, we like to find ourselves sitting on something more solid. Tangible. That said, it’s unclear how the more classic art market will fare this fall. Some predict a rapid decline in contemporary art, too expensive in terms of stars and otherwise too abundant. Time will tell!
Born in 1948, Etienne Dumont he studied in Geneva which were of little use to him. Latin, Greek, right. Failed lawyer, he devoted himself to journalism. Very often in the cultural sections, from March 1974 to May 2013 he worked at the “Tribune de Genève”, starting by talking about cinema. Then came the fine arts and books. Other than that, as you can see, nothing to report.More information
Did you find an error?Let us know.