Fake Banksy NFT Sells for $300,000
Author: Rachel Martin
A web page added to Banksy’s website Tuesday linked to an NFT called “Great Redistribution of the Climate Change Disaster.” Elliptic
Earlier this week, just as August was closing out to be the biggest selling month of NFTs in history (seeing $2 billion USD in revenue sales for the month), a link appeared on popular street artist Banksy’s webpage. The link led one to an NFT titled “Great Redistribution of the Climate Change Disaster”, which looked similar to the popular CryptoPunks collectibles. There was an option to bid for the piece, which closed at auction for over $300,000 USD.
However, after the bidding closed and the piece was sold, Banksy came out and said that he had never created any NFTs, and the money was returned to the buyer. It is unclear at this time whether the piece was uploaded and sold by a hacker, or if this was actually a pre-planned work by Banksy himself (the artist is not unfamiliar to large, artistic stunts).
Overall, this incident proves an interesting problem that is likely to appear again in the burgeoning world of NFT sales: due to the lack of a physical product or service, it is easy to be scammed and for these sales to be abused. One might still be purchasing from a verified source, as was the situation in this sale which came directly from Banksy’s own website, but the world of NFTs is so new that it is easy to take advantage of. As the NFT market develops, it is probable that more safeguards will be put in place to deter scams like this from happening.