Fraud has always been present in the art world, but never before has it been so easy to commit fraud at this scale and with this much potential reward. Marketplaces are failing in their duty to protect artists and their clients, letting fraudsters run amok on their platforms.
smugglerFlynn, Hacker News:
Two swindlers arrive at the capital city of an emperor who spends lavishly on clothing at the expense of state matters. Posing as art dealers, they offer to provide him magnificent clothes that would be backed by a digital token which proves value to those smart folks who understand digital. The emperor hires them, and they go to work in a special minting room. A succession of officials, and then the emperor himself, visit them to check their progress. Each sees that the room is empty but pretends otherwise to avoid being thought a fool.
Finally, art dealers report that the emperor's suit and its token are ready for release. They mime dressing him and he sets off in a procession before the whole city. The townsfolk uncomfortably go along with the pretense, not wanting to appear inept or stupid, until a child blurts out that the emperor is wearing nothing at all. The people then realize that child is very stupid, not understanding simple principles of digital DeFi-fueled web3.0 economy. Still smirking at the child, the emperor continues the procession, walking more proudly than ever.
The blockchain is exciting — Etherium's tech will definitely play a part in the internet's next major iteration, whatever form it takes.
I can't say the same for monkey JPGs.