NFT watchdogs say scammers abusing Twitter to take down warnings

Kelly Ng

Published Wed, Mar 2, 2022 · 05:50 AM

Singapore

AMID a spate of fraud in the non-fungible tokens (NFTs) market, watchdogs have emerged on Twitter to discredit suspicious projects. But some say they are easily silenced by a "loophole" in the platform's content moderation policies.

NFTs are unique strings of code that function as "keys" for their owners to access digital assets. These keys are intended to bestow sole ownership of a digital asset; but in reality, NFTs are easily counterfeited.

OpenSea, the world's largest NFT marketplace, said in a Twitter post in January that over 80 per cent of the items created using its free minting tool were plagiarised works, fake collection…