The Falling man NFT available for sale, has caused controversy by recreating heartbreaking footage taken after the September 9, 2001 attack on the Twin Towers in the US.
GameStop, a company that traditionally sells physical video games, decided to start a different business: NFTs (non-fungible tokens). However, it has already caused controversy during its initial release.
The figure, titled Falling man NFT, represents one of the most tragic images of the events of September 11, 2001. The NFT has been removed from GameStop’s platform following complaints on social media.
When GameStop announced that it would be entering the NFT space in May, many thought it was only a matter of time before the company (like others before it) found a way to annoy its customers. However, few could have predicted how they would do it.
ResetEra and gaming sites reported that GameStop picked up an NFT that was a clear copy of the original «Falling man NFT» image, the controversial and heartbreaking image of a man falling from one of the burning towers on 9/11.
Falling Man NFT: Details in Dispute
GameStop has faced its first major controversy since it opened its NFT store; non-fungible tokens purchased with cryptocurrency that turn buyers into owners of unique virtual items.
Called Falling man NFT in the GameStop window, it looks a lot like the photo of The Falling Man taken by Associated Press photographer Richard Drew on the tragic morning of September 11, 2001.
Aside from the title, the Falling man NFT image is a direct reference to Drew’s raw image of a man jumping into the void after the Twin Towers in New York City caught fire. Of the estimated 2,753 people who died that day in and around the World Trade Center, at least 100 died before the building collapsed.
Falling Man NFT: Features and Price of The Controversial NFT
«This may have fallen from the MIR station», reads the Falling man NFT description. In this case, an extinct Russian space station.
The NFT is trading at 0.65 Ether, which is roughly $1,000.
According to Engadget, the Falling Man NFT isn’t exactly plagiarism, which is one of the issues plaguing the non-fungible token market. While artists should be free to refer to past works and tragedies, this NFT also devalues the fate of the fallen, reducing their final moments to something that can be sold at a profit.
GameStop removed the Falling Man NFT after causing controversy online. They also decided to penalize users who offered it for sale.
“This NFT will be completely removed from our store. The user was able to remove the stream from their account and we communicated directly with the creator about these actions,» the company said.
«Falling man NFT» is not only a gruesome look at one of modern America’s greatest tragedies, but also an example of how widespread copyright theft is in this field.
The Most Notorious NFT Scams
Neither cryptocurrencies nor NFTs are highly regulated, and attackers can exploit their vulnerabilities to commit fraudulent activities. There are NFT-related pyramid schemes, OpenSea scams, NFT art scams, and more.
- Fake websites.
Third-party marketplaces like OpenSea make NFT transactions easy and secure. However, attackers can create fake marketplaces with similar URLs to trick users.
- Investor fraud.
Investor fraud is a fraudulent scheme in which an asset is actively promoted on social media, resulting in an increase in the asset’s price. Once the scammers receive the investor’s money, they stop backing the asset, causing the asset to lose value and the investor to lose.
- Market creation program («pump and dump»).
Market making schemes involve the deliberate purchase of NFTs to artificially increase demand. Unsuspecting buyers see the value of NFTs, join the auction, and start bidding. When the price of the asset rises high enough, the scammers sell the NFT at a profit and the buyer gets the worthless asset.
- Phishing scams.
You must register a cryptocurrency wallet before buying NFTs. NFT phishing scams often use fake ads like Discord, Telegram messenger, and public forum ads asking for private wallet keys and 12-word passwords. NFT phishing scams aim to obtain personal data and steal money from digital wallets.
- Help desk scam.
As with phishing, attackers pose as technical or customer support staff on the blockchain marketplace and communicate with unsuspecting users via Telegram or Discord. What they really want are cryptocurrency wallet credentials.
Examples Of NFT Scams
An example of NFT scams occurred in October 2021. 10,000 “Evolved Apes” collections were released on the market. Buyers are expected to receive a unique copy of each «monkey,» consisting of items that can be used to battle each other in a steamwave fighting game, with a cryptocurrency prize. The NFT’s first offer was to raise funds for the game. But after the developer nicknamed «Evil Ape» raised 798 Ether (equivalent to around $2,700,000 at the time), he disappeared, leaving investors with a worthless .jpeg file.
Fractal is a commodity marketplace for NFT games. In 2021, a group of scammers created and distributed a fraudulent NFT giveaway that resulted in users losing over $150,000 worth of cryptocurrency. Buyers were expected to receive a limited edition NFT. Instead, they were in for a nasty surprise when they discovered that a link sent through the project’s official Discord channel was a scam designed to steal cryptocurrency. Users who clicked on the link and linked their cryptocurrency wallets in the hope of receiving NFTs found that their money was transferred to the scammer’s account.
The Frostie’s NFT scam is an example of a scam that resulted in the theft of at least $1,200,000. The creator of several NFTs has been hiding from investor funds on behalf of Frostie. They shut down all communication channels with members, shocking the community, which had grown to nearly 40,000 members, and expecting various rewards.
How To Avoid NFT Scams
Verify all transaction details before agreeing to the terms. Read reviews and look at creator engagement to see if they have a history of transaction-related complaints. If you invest in a project, check if the developer is genuine.
Don’t open files from vendors you don’t know. Hackers are targeting cryptocurrency wallets with specifically created viruses.
Although common in the world of NFTs, giveaways can pose a security risk. Don’t accept NFTs from someone you don’t trust or know.
Never share your cryptocurrency wallet private key or password with anyone. Keep your private keys and seed safe. If possible, use two-factor authentication for all NFT accounts.
Before transferring funds, find and verify the contact information of the creator of the NFT you wish to purchase.
Scam sites can be very dangerous in the world of NFTs. Always check the URL to make sure you’re on the right site, and avoid anything you don’t like.
Check prices on official exchanges, like OpenSea, before making NFT purchases. Be careful if the price is suspiciously lower than what you find on a legitimate site, it may be a scam.
Most legitimate NFT sellers on OpenSea or other NFT marketplaces have a blue tick next to their username, and collectibles are clearly indicated. Make sure the artist you are buying from has a verified account and is a legitimate artist.
The theft of digital art through NFTs is a new type of cybercrime that is on the rise. Moreover, the certification of digital ownership secured by non-fungible tokens is being used by criminals to hijack pieces of digital art that circulate freely on the Internet.
The Theft of Digital Art with NFTs: Is the Falling Man NFT an Example?
The more revolutionary aspect of non-fungible token technology, which proves ownership of digital parts and assets on the blockchain, has also ushered in a new breed of cybercrime.
Thieves scour the internet for freely circulating digital artwork to tokenize and sell as NFTs on marketplaces like OpenSea.
Anyone can steal someone else’s work and create an NFT, regardless of whether they are the creator or own the copyright to the work.
As a result, thousands of digital artists, especially those whose work predates the advent and ubiquity of technology, become victims of theft every day.
The case of the Falling man NFT, besides being macabre, does it represent a case of digital art theft?
If you want to know the answer to this question or dig deeper into the world of NFTs, visit our site Para Hombre.