Shashi Prakash Chats about Cryptocurrency and NFT Fraud

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TechSpective Podcast Episode 055

One of the hot trends right now is the NFT. NFT–pronounced by some as “nifty” because it is catchier than saying N-F-T–stands for “non-fungible token”. NFTs exist in a world that few truly understand (and I don’t claim to be one of them)–a mix of trendy technology buzzwords including blockchain and cryptocurrency. At face value, they seem to make little sense, and yet those who understand and know how to capitalize on the hype and demand can make insane money right now.

This blog post from KnowTechie.com does a better job of explaining NFTs than I can. It also shares, “On March 23, 2021, Jack Dorsey, founder of Twitter, sold his first-ever Tweet for 2.91 million USD. Pixelated icons known as crypto punks have sold for millions of USD – each. And a mysterious artist known as Beeple recently sold a compilation of his digital art for a gobsmacking 69 million USD – nice.”

The combination of hot tech and get rich quick opportunity makes the NFT market prime for fraud as well. Tens of thousands of people who barely understand blockchain or the concept of NFTs are rushing to jump on the bandwagon–and attackers are preying on their naivete. Bolster offers technology built on machine learning (ML) and artificial intelligence (AI) designed to protect you from bad actors on the internet–including protecting against NFT fraud.

Shashi Prakash, co-founder and CTO for Bolster, joins me on this episode of the TechSpective podcast to talk about NFT fraud and how to avoid it. Bolster recently shared a blog post–the first in a 5-part series–highlighting some of the common scams related to NFT fraud, such as replica stores, fake NFT stores, counterfeit NFTs, airdrops or giveaways, and brand impersonation on social media.

Listen to the podcast for more insights about NFT fraud, and some of the challenges of cryptocurrency and blockchain. We also touch on a dramatic rise in typosquatting attacks.

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