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Logan Paul, Justin Bieber and Jimmy Fallon , buy and collect NFT images

Sunday | 17.4.22 | Last Updated 2022-04-17T19:13:16Z

Logan Paul, Justin Bieber and Jimmy Fallon , buy and collect NFT images

 Non-Fungible Token or abbreviated as NFT is a digital asset that is built on the Blockchain network. NFTs are digital assets that cannot be confused with other digital assets such as cryptocurrencies (Bitcoin, XRP or Cardano). This is because in the creation of NFT (minted) using the ERC-721 Token. Digital assets built using ERC-721 are Non-Fungible. The point is that digital assets are created unique and cannot be mixed and matched with other digital assets such as cryptocurrencies. It is this unique nature that makes NFT different from other digital assets. 

The emergence of a bubble phenomenon in the NFT industry may be something that those who buy with the intention of investing need to be wary of. It is undeniable that NFT is very loved by young people, this cannot be separated because NFT can be embedded with images and sound. Unique images such as Cryptokitties and Cryptopunk became hype among young people. Call it Logan Paul, Justin Bieber and Jimmy Fallon were also seen buying and collecting the NFT images. But that is never realized by those who just join in buying without knowing the risks of NFT. The Ghozali Effect has begun to penetrate several young people in the country who have started to buy NFT in several NFT market places such as OpenSea, Rarible and SuperRare.
The risk referred to in this case is NFT plagiarism by individuals who want to take advantage of the NFT bubble phenomenon. Like the example; there is a lot of plagiarism on the work of NFT Cryptopunk.

 Individuals who know the history of NFT Cryptopunk easily do plagiarism by copying and pasting NFT Cryptopunk images and selling them freely on NFT market places such as OpenSea at very expensive prices. Of course this is a trap for those who are still new to buying NFT in a market place like OpenSea. If it is associated with the law, of course plagiarism is a criminal act of copyright infringement. The crime of plagiarism is regulated in Article 380 of the Criminal Code with a maximum penalty of 2 years and 8 months, in addition to Article 113 paragraph 2 of Law Number 28 of 2014 concerning Copyright, plagiarism activities are threatened with a maximum imprisonment of 3 years.
However, the prosecution for the crime of NFT plagiarism has reached a dead end. 

Perpetrators of plagiarism can be free to carry out their actions when there are weak law enforcement factors by law enforcement officials themselves. This is because the crime of plagiarism using NFT is a trans-border crime. It is possible that the perpetrators of these crimes are in other parts of the world and it is also necessary to know that NFT is a digital asset built on a Blockchain network, which means that anyone who makes a transaction is not identified or is called a pseudonym. This factor also makes it very difficult for law enforcement officers to track down crimes using NFT. 

Anticipatory steps can be taken by anyone who wants to buy NFT, such as always buying NFT from the original NFT creator (peer-to-peer) without going through a market place platform. Always do research before buying by paying attention to the history of the NFT (such as: who made it (the artist), the track record of the artist and what works have been published) and lastly, avoid FOMO (Fear of Missing Out) by always being vigilant before buying. By taking the steps mentioned above, more or less can prevent us from cheating by irresponsible people.

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