The arrival of Bitcoin has been revolutionary for society at large. On the whole, we’re moving to a place in which we can successfully take back the power and control that oppressive governments and businesses have held over us for centuries. It’s no exaggeration to say that the world will be completely different in fifty years as a direct result.
That said, not all developments within the space have been positive. Exchanges have been hacked, scamcoins have launched, and rugs have been pulled. As has happened time and time again throughout history, revolutionary technology that gives freedom to its users has been appropriated by those who would use it to profit at the expense of everyone else. For that reason above all others, it’s essential that new participants and veterans alike do their own research and protect themselves.
The newest scam in the “Crypto” has come on the heels of what is heralded by many participants as one of the most revolutionary blockchain technologies of all: NFTs, or non-fungible tokens. As we know from prior discussions, NFTs are cryptographically unique representations of physical (like real estate) and digital (like jpegs) assets on a blockchain. The popularity of NFTs, especially of the digital variety, has exploded during 2021, with popular NFT collections like Cryptopunks and the Bored Ape Yacht Club accumulating tens of millions of dollars’ worth of value in the minds of their supporters. But their growing popularity has a darker side as well: