Copyright infringement, wash trading and other minor to major issues have put NFTs in a gray-zone. Continuous legal problems may potentially cause a number of unfavorable effects on the growth of NFTs as well as their future.
Previously, the US-based NFT marketplace Cent officially suspended all transactions of blockchain-backed digital arts on its platform in an effort to control the recent increase of fraud across multiple NFT platforms.
As reported, scams and fraud recently became a common occurrence on Cent platform including activities such as fake NFT shops, phony NFT stores, fraudulent NFTs, scam airdrops and NFT offers, and social media rip-offs.
The Wild West for Copyright
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