TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Karnataka's Fire Cess Sparks Backlash: Citizens Question 1% Levy on Multi-Storey Buildings

    Karnataka’s Fire Cess Sparks Backlash: Citizens Question 1% Levy on Multi-Storey Buildings

    From Ganga to Kaveri: Modi Revives Chola Legacy in Tamil Nadu

    PM Modi’s Blueprint for Tamil Nadu Begins at Rajendra Chola’s Capital Gangaikonda Cholapuram

    Centre Allows Govt Staff 30 Days Leave to Care for Elderly Parents:

    Central Govt Employees Can Now Take 30 Days Earned Leave for Aged Parents’ Care : Jitendra Singh

    PM Narendra Modia

    Narendra Modi Surpasses Indira Gandhi to Become India’s Second-Longest Serving Prime Minister in an Unbroken Tenure

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India Bans 25 OTT Platforms

    India Bans 25 OTT Platforms Including ULLU, ALTT & Desiflix for Obscene Content

    Union Commerce Minister Piyush Goyal and UK Trade Secretary Jonathan Reynolds formally signed the Free Trade Agreement

    India, UK Sign Historic FTA; Modi Sends Stern Message on Terror, Corruption, and Democracy Abuse

    What Can the Hindustan Zinc Share Price Tell Us About Strategic Resource Investing in India

    What Can the Hindustan Zinc Share Price Tell Us About Strategic Resource Investing in India

    How to Choose the Best Bank to Open a Savings Account in 2025

    How to Choose the Best Bank to Open a Savings Account in 2025

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    India Successfully Test-Fires Drone-Launched Precision-Guided Missile at Test Range in Andhra Pradesh

    India Successfully Test-Fires Drone-Launched Precision-Guided Missile at Test Range in Andhra Pradesh

    IAF Seeks 2–3 Squadrons of Foreign Fifth‑Generation Fighters to Bridge Airpower Gap

    IAF Pushes For 2–3 Squadrons of Foreign Fifth‑Generation Fighters to Bridge Airpower Gap

    BSF Initiates Drone Warfare Upgradation After Operation Sindoor

    BSF Initiates Biggest-Ever Plan To Upgrade Drone Warfare Ecosystem After Operation Sindoor

    BITS Students Build Kamikaze Drones, Power Indian Army

    Kamikaze Drones from Campus Hostel : This is How Two BITS Students Deliver Combat-Ready Drones to Indian Army

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Bail Rejected by Chattogram Sessions Court for Chinmoy Krishna Das

    Chinmoy Krishna Das Denied Bail Again Amid Growing Persecution of Hindus in Bangladesh

    India on Alert Amid Strategic Shifts

    Pakistan and Bangladesh Sign Visa-Free Deal for Officials; India on Alert Amid Strategic Shifts

    Temple Row Sparks Fresh Violence Between Thailand and Cambodia

    Border Tensions Flare Again Between Thailand and Cambodia: Ancient Shiva Temple Dispute Turns Deadly

    Narendra Modi Surpasses Indira Gandhi to Become India’s Second-Longest Serving Prime Minister in an Unbroken Tenure

    India, China Review Border Situation, Gear Up for High-Level Special Representative Talks

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    NCERT Textbook Reveals Mughal Religious Intolerance

    Ruthless Babur, Violent Akbar, Destructive Aurangzeb: NCERT Textbook Reveals Mughal Religious Intolerance

    India Built Gardens Long Before Babur Dreamt of Charbagh

    Before the Mughals: India’s Civilisation Built Gardens Long Before Babur Dreamt of Charbaghs

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Echoes of the Cholas in Today’s Bharat

    Conqueror of the Seas: Rajendra Chola and the Rise of Naval Bharat

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    Highest RTP Casino Games to Get Better Wins

    Highest RTP Casino Games to Get Better Wins

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    One in Four Indian Married Couples Are Now Overweight

    ICMR Study: One in Four Indian Married Couples Are Now Overweight or Obese—Shared Lifestyle to Blame

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Karnataka's Fire Cess Sparks Backlash: Citizens Question 1% Levy on Multi-Storey Buildings

    Karnataka’s Fire Cess Sparks Backlash: Citizens Question 1% Levy on Multi-Storey Buildings

    From Ganga to Kaveri: Modi Revives Chola Legacy in Tamil Nadu

    PM Modi’s Blueprint for Tamil Nadu Begins at Rajendra Chola’s Capital Gangaikonda Cholapuram

    Centre Allows Govt Staff 30 Days Leave to Care for Elderly Parents:

    Central Govt Employees Can Now Take 30 Days Earned Leave for Aged Parents’ Care : Jitendra Singh

    PM Narendra Modia

    Narendra Modi Surpasses Indira Gandhi to Become India’s Second-Longest Serving Prime Minister in an Unbroken Tenure

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    India Bans 25 OTT Platforms

    India Bans 25 OTT Platforms Including ULLU, ALTT & Desiflix for Obscene Content

    Union Commerce Minister Piyush Goyal and UK Trade Secretary Jonathan Reynolds formally signed the Free Trade Agreement

    India, UK Sign Historic FTA; Modi Sends Stern Message on Terror, Corruption, and Democracy Abuse

    What Can the Hindustan Zinc Share Price Tell Us About Strategic Resource Investing in India

    What Can the Hindustan Zinc Share Price Tell Us About Strategic Resource Investing in India

    How to Choose the Best Bank to Open a Savings Account in 2025

    How to Choose the Best Bank to Open a Savings Account in 2025

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    India Successfully Test-Fires Drone-Launched Precision-Guided Missile at Test Range in Andhra Pradesh

    India Successfully Test-Fires Drone-Launched Precision-Guided Missile at Test Range in Andhra Pradesh

    IAF Seeks 2–3 Squadrons of Foreign Fifth‑Generation Fighters to Bridge Airpower Gap

    IAF Pushes For 2–3 Squadrons of Foreign Fifth‑Generation Fighters to Bridge Airpower Gap

    BSF Initiates Drone Warfare Upgradation After Operation Sindoor

    BSF Initiates Biggest-Ever Plan To Upgrade Drone Warfare Ecosystem After Operation Sindoor

    BITS Students Build Kamikaze Drones, Power Indian Army

    Kamikaze Drones from Campus Hostel : This is How Two BITS Students Deliver Combat-Ready Drones to Indian Army

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Bail Rejected by Chattogram Sessions Court for Chinmoy Krishna Das

    Chinmoy Krishna Das Denied Bail Again Amid Growing Persecution of Hindus in Bangladesh

    India on Alert Amid Strategic Shifts

    Pakistan and Bangladesh Sign Visa-Free Deal for Officials; India on Alert Amid Strategic Shifts

    Temple Row Sparks Fresh Violence Between Thailand and Cambodia

    Border Tensions Flare Again Between Thailand and Cambodia: Ancient Shiva Temple Dispute Turns Deadly

    Narendra Modi Surpasses Indira Gandhi to Become India’s Second-Longest Serving Prime Minister in an Unbroken Tenure

    India, China Review Border Situation, Gear Up for High-Level Special Representative Talks

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    NCERT Textbook Reveals Mughal Religious Intolerance

    Ruthless Babur, Violent Akbar, Destructive Aurangzeb: NCERT Textbook Reveals Mughal Religious Intolerance

    India Built Gardens Long Before Babur Dreamt of Charbagh

    Before the Mughals: India’s Civilisation Built Gardens Long Before Babur Dreamt of Charbaghs

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Echoes of the Cholas in Today’s Bharat

    Conqueror of the Seas: Rajendra Chola and the Rise of Naval Bharat

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    Highest RTP Casino Games to Get Better Wins

    Highest RTP Casino Games to Get Better Wins

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    One in Four Indian Married Couples Are Now Overweight

    ICMR Study: One in Four Indian Married Couples Are Now Overweight or Obese—Shared Lifestyle to Blame

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

Could NFTs be the next big scam of the decade?

Abhishek Kumar Singh by Abhishek Kumar Singh
24 January 2022
in Trending
NFTs art original
Share on FacebookShare on X

Non-fungible tokens (NFTs) are the new buzzword in the online market. After cryptocurrency, they are the second favourite choice of young investors. However, signs indicate that they will turn out to be the next big scam of the decade.

What are NFTs?

NFTs are basically digital records of an entity stored on a blockchain. They are fundamentally non-reproducible tokens. If you have bought an NFT, you cannot interchange it with anyone else. It’s you who will exercise full authority over it. If you have sold your NFT to someone then he/she becomes the owner of that very NFT.

RelatedPosts

Opportunities for Youth in a Changing India: Global Investment Expert Manu Seth Shares Insights

India Retains Top Spot Among Global Investment Hubs for Land and Development Projects

Fugitive Mehul Choksi Arrested in Belgium in Rs 13,000 Crore PNB Scam Amid Renewed Indian Extradition Efforts

Load More

Moreover, the ownership of an NFT can be tracked by anyone as it is a piece of publicly available information on a digital ledger. A wide variety of products can be sold through NFTs. These include photos, videos, GIFs, movies, drawings, audios etc.

Read more: Will you buy a cat GIF for a Billion Dollars? People are. And those are called NFTs

Fundamental idea behind NFTs

When you download a video, photo etc from the Internet, you do not know who the original owner of that piece of art is. Just like you, millions of others have downloaded it. When it gets such massive publicity, it’s tough to trace down the original creator and give him/her their desired praise or price.

NFTs solve this problem. After creating a video, gif, photo, meme or any other digital art, the creator stamps it as the original piece. After creating the art, the artist waits for it to go viral. Once it is viral, people are willing to pay millions for the original piece of art.

However, there is another side of NFTs as well, which is often ignored by traders and investors. These downsides are expected to become bête noire of NFTs.

NFTs as a status symbol

The main currency of NFTs is their status symbol. Rich people often boast about having an original copy of a particular product. However, unlike the original copy of the real-world product, NFTs are different in terms of ownership.

If you buy an original painting, you are certain that now you are the owner of that product and it’s next to impossible for the artist to create the same painting again.

That’s not the case with NFTs. They are easier to make. Moreover, in the majority of the cases, if you buy an NFT, you will only get a certification of original ownership. You do not own the copyright. Now, after selling that particular NFT to you, the same artist can create another product with the exact same particulars and sell it to others.

Read more: The Crypto hype is making losers out of many Indian investors too

Just think about whether you are the only owner of that particular piece of art. The answer is no. And this is where NFTs fail their customers.

Availability will lead to a decay in price

The era of real-world pieces of art was different. At the best, one could create a photocopy of the art and circulate it in the market. It was still easy to decipher the difference between the two. In the case of NFTs, things are not the same.

Suppose you have an original piece of art, and you show it to someone. Now, a copy of NFT is available with millions of others like you. Moreover, the original creator can still create the same art that he/she sold to you for millions of dollars. When various other such pieces are sold in the market, the original will become cheaper.

Now, if you find that the NFT which you acquired for millions is being sold for a price less than yours, you will feel cheated. Add to that pain of loss if you try to sell that ownership to someone else.

Volatility of platform on which NFTs are available

NFTs are virtual world entities. They exist on a blockchain. Blockchains are known for providing transparency. However, there is a cost to it. The energy required for providing proof of originality is abnormally high. They consume a large amount of electricity, which becomes one of the key reasons for an inflation in price.

Downsides of Virtual platform

Most of the time, the creator of the original artwork is unknown. The virtual world does not require your national identity to sign up, which allows anyone to create a specific id by changing names. This has led to various issues of plagiarism and fraud.

After the death of artist Qing Han in 2020, a fraud had hacked her social media profile. The hacker then pitched her artwork as NFTs, claiming that Qing is herself selling it. Similarly, there is a process called sleepminting. This allows a fraudster to mint an NFT in an artist’s wallet and transfer it back to their own account without the artist becoming aware.

Various other concerns like insider trading and stealing of original art are rampant in NFTs, which makes the market volatile and unsustainable in the long run.

To sum it all, NFTs exist with various uncontrollable variables attached to them. Their only currency is that they are being sold and bought by elites. Once masses hop on to the bandwagon, NFTs will just become a passing fad.

Tags: blockchainInvestmentinvestorsNFTsscam
ShareTweetSend
Previous Post

Meghalaya celebrates 50 years of statehood amid anti-vaccine protests and knife attacks on non-tribals

Next Post

Uddhav declares his father a ‘man without vision’

Related Posts

Karnataka's Fire Cess Sparks Backlash: Citizens Question 1% Levy on Multi-Storey Buildings
Politics

Karnataka’s Fire Cess Sparks Backlash: Citizens Question 1% Levy on Multi-Storey Buildings

25 July 2025

The Karnataka government has sparked fresh controversy with its recent decision to impose a 1% fire cess on newly...

From Ganga to Kaveri: Modi Revives Chola Legacy in Tamil Nadu
Trending

PM Modi’s Blueprint for Tamil Nadu Begins at Rajendra Chola’s Capital Gangaikonda Cholapuram

25 July 2025

When civilisational pride meets strategic leadership, it sets the stage for something greater than politics it becomes a renaissance....

Centre Allows Govt Staff 30 Days Leave to Care for Elderly Parents:
Trending

Central Govt Employees Can Now Take 30 Days Earned Leave for Aged Parents’ Care : Jitendra Singh

25 July 2025

In a significant policy clarification aimed at supporting employees with caregiving responsibilities, the Centre has reaffirmed that Central Government...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

PM Modi’s Blueprint for Tamil Nadu Begins at Rajendra Chola’s Capital Gangaikonda Cholapuram

PM Modi’s Blueprint for Tamil Nadu Begins at Rajendra Chola’s Capital Gangaikonda Cholapuram

00:07:57

One Woman. Two Brothers. Jodidaran- A Living Example of Polyandry in Himachal's Hatti Tribe.

00:05:32

Lashkar-e-Taiba on the Run from Muridke: Is Bahawalpur Becoming Pakistan’s New Terror Capital?

00:07:26

Britain’s Million-Dollar Bird Finally Takes Off!

00:06:43

Maharashtra targets crypto christians. fake dalit quota scam exposed.

00:04:16
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap
MASHABLE IS A GLOBAL, MULTI-PLATFORM MEDIA AND ENTERTAINMENT COMPANY. FOR MORE QUERIES AND NEWS, CONTACT US AT info@mashablepartners.com


©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited