The NFT market is ready for financial negligence.

 The NFT market is ready for financial negligence.

NFT

The ideas expressed in the comment columns are those of the author himself. The phrase, "I can't afford this month's rent, it looks like I'm going to have to give up my Charmin toilet paper collection with a digital art theme in the bank," with one seemingly absurd one. But you may actually feel it coming out of someone’s mouth in the near future as the invisible token market grows. An important factor in the large influx of people into the NFT market is the lack of market limits. Anyone can buy or create NFT for anything digital. However, this lack of rules allows aggressive players to control the market and defraud others. To prevent the NFT market from collapsing as soon as it begins to rise, there needs to be a law establishing patent protection, which imposes stricter penalties on fraudulent price tags and limits the ability of NFT owners to use their future assets. we can become worthless in an instant. NFTs have already been used as collateral for millions of dollars' worth of risky loans, overspending on common property and financial security to ensure that people can repay their loans. Adequate flexibility, unsecured lending also exacerbated the housing bubble during the 2008 financial crisis. This practice is intended to leave the market in a state where NFT prices have dropped. Therefore, a concerted effort is needed to curb risky loans such as these that could cause catastrophic financial losses to families across the country. Another major issue with the NFT market revolves around the concept of what NFT ownership means. NFTs do not grant special rights to basic property. NFT is simply a unique digital indicator that uses blockchain to verify authenticity and identity. This means that all NFT patents are the signing of a digital contract, but that contract can specify any level of intellectual property rights. Buyers in the market should not be satisfied with such a delicate definition of ownership, and who wants to learn from the vague, unstructured code lines to find out who they really are? Many NFT opportunists have already used this distorted sense of ownership to circumvent the copyright laws in an attempt to trick consumers into thinking they own more than they actually do. In a one-class action case, buyers of NBA Top Shot times - famous archives - accused Dapper Labs, the creator of NFT, of not properly disclosing that NFT consumers did not receive more than real, outstanding copyright in their purchases . Criminals are starting to get caught up in their crimes, as this year just two men were arrested for "tummy-pulling" scandal, for failing to deliver on their digital marketing promises and exclusive access to video game to their NFT customers, instead pocketing more than $ 1 million since the first release. Deceiving investors to believe false promises is by no means new or new but in the world of NFT, this is one of the first cases where fraudsters have been arrested for their crimes. When “rug pulls” caused an estimated loss of $ 2.8 billion to investors last year alone, it is difficult to integrate much confidence into the mining market. Clear communication on the patents that the seller passes on to the buyer is needed so that investors can feel confident that they are getting what they are paying for. Proposals to validate new sections in the Uniform Commercial Code, a set of rules provided for measuring business transactions, reflect the promise of more explicit legal guidance. There needs to be a more explicit law to stop tire pulling. Such schemes only undermine consumer confidence in the NFT market and push the fast-growing NFT bubble closer to the catastrophic explosion, even worse than the ones they have already faced. While NFT markets certainly make it accessible to anyone with a computer to participate in the rapidly growing category of assets, the market cannot grow continuously until there are clear definitions of NFT patents. Therefore, explicit financial protection, such as the planned reduction of malicious criminals who use the market to make quick profits at the expense of indirect participants, would be a good place to start.