Photo: Porsche AG
The world is quickly changing. And as we absorb the digital landscape bit by bit every day, it seems like ‘nothingness’ is getting more value than reality in the human struggle to be technologized. Everything is becoming digitized, from money, interactions, gratification, and, more recently – art.
If you thought cryptocurrency was bamboozling, wait until you hear about NFTs (Non-Fungible Tokens). A simple google search will lead you to unaesthetically uninspiring ape illustrations. It’s a rabbit hole that’ll leave you wondering, “what’s going on here?”
If you've been through that lonely path, don't sweat it. You aren’t alone. A considerable portion of the public doesn’t understand NFTs or cryptocurrencies.
However, both NFTs and Cryptocurrency use the same tech. NFTs are unique cryptographic tokens on a blockchain tied to an asset (physical or digital) such as art, drawings, or music. Like cryptocurrencies, they can’t be replicated or subdivided.
But don’t let their innocence fool you. As childlike as these digital art pieces seem (bored apes or lazy lions), they sometimes sell for millions of dollars. Celebrities and top personalities have jumped on the bandwagon. Earlier in the year, Justin Bieber overpaid $1.3 m for a Bored Ape NFT.
According to CNBC, in 2021, NFT trades shot 21,000%, a total of $17 billion in sales compared to 2020.
NFTs are relatively new. Since the market is concentrated in the hands of a few individuals, the larger public isn’t knowledgeable about its workings, making it the perfect scene for scammers and swindlers on the lookout for easy pay.
Through a tweet, Porsche warned its clients and followers about inauthentic NFTs being offered online in their name.
“We’re concerned that NFTs are being offered in our name that is inauthentic. Please stay safe online and be mindful to purchase digital Porsche products only through the official Porsche channels or its subsidiaries,” the tweet read.
The most common NFT scam is the ‘Rug-Pull.” As its name suggests, deceitful developers will hype an NFT attracting substantial interest from investors. They’ll pull down the entire project after amassing a considerable amount of money from their targets.
If you've been through that lonely path, don't sweat it. You aren’t alone. A considerable portion of the public doesn’t understand NFTs or cryptocurrencies.
However, both NFTs and Cryptocurrency use the same tech. NFTs are unique cryptographic tokens on a blockchain tied to an asset (physical or digital) such as art, drawings, or music. Like cryptocurrencies, they can’t be replicated or subdivided.
But don’t let their innocence fool you. As childlike as these digital art pieces seem (bored apes or lazy lions), they sometimes sell for millions of dollars. Celebrities and top personalities have jumped on the bandwagon. Earlier in the year, Justin Bieber overpaid $1.3 m for a Bored Ape NFT.
According to CNBC, in 2021, NFT trades shot 21,000%, a total of $17 billion in sales compared to 2020.
NFTs are relatively new. Since the market is concentrated in the hands of a few individuals, the larger public isn’t knowledgeable about its workings, making it the perfect scene for scammers and swindlers on the lookout for easy pay.
Through a tweet, Porsche warned its clients and followers about inauthentic NFTs being offered online in their name.
“We’re concerned that NFTs are being offered in our name that is inauthentic. Please stay safe online and be mindful to purchase digital Porsche products only through the official Porsche channels or its subsidiaries,” the tweet read.
The most common NFT scam is the ‘Rug-Pull.” As its name suggests, deceitful developers will hype an NFT attracting substantial interest from investors. They’ll pull down the entire project after amassing a considerable amount of money from their targets.
We’re concerned that NFTs are being offered in our name that are inauthentic. Please stay safe online and be mindful to purchase digital Porsche products only through the official Porsche channels or its subsidiaries.
— Porsche (@Porsche) November 7, 2022
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