Instagram must create anti-theft tools before introducing NFTs
Safety first
The scale of digital robbery
Last month, OpenSea — one of the biggest collectibles marketplaces — said that80% of NFTs minted from its free toolare either plagiarized or spam.
Over the last year, the popularity of NFTs has shot up, and so has the number of artists posting about their art being stolen.
If you think these are only a few incidents over the course of months, you’d be wrong. The regularity is so striking there’s a Twitter account calledNFTtheftstracking these incidents.
To gauge the impact, go toWeb3isgreat— a site built by software engineerMolly White— and filter forArt theftincidents.
Instagram’s role in NFTs
Meta will introduce NFT-based features on Instagram soon, but the platform is already involved in this world in various ways.
There areplenty oftoolsavailable to turn your Instagram posts into NFTs, but you might not get to use them.
Someprojects are making moneyby stealing or doing ‘inspired work’ based on artists’ old Instagram posts.
The company even blockeda Mark Cuban-backed @NFT accountfor not properly disclosing sponsored posts. It was also accused of posting and promoting ripoff and scammy projects.
Given these kinds of incidents, Instagram will have to deal with a couple of specific issues. First, it will have to introduce reporting filters and checks for stolen art.
Jugal Chudasama, an India-based digital artist, said Instagram needs to build tools to avoid the spread of duped art on the platform:
He added that the company also needs to build effective reporting tools to remove swiped art from the platform.
Lakmal Walawage, an associate solicitor in Intellectual Property atJMW Solicitors, said Instagram will likely apply its existing copyright policy when it comes to NFTs:
“Instagram will need to be alive to the risks of copyright infringement and theft on their platform. The law is playing catch-up to technology as usual, and currently, there are few claims being litigated on NFTs, and much less reported cases. Law is virtually non-existent for this problem”
On top of this, they might want to create an API to help artists look for stolen art on other platforms. Instagram might not be able to control theft on other marketplaces, but it can make it easier to find.
Finally, given its sketchy moderation history, the company should build robust policies around NFT promotions and paid partnerships. It should also focus on clear messaging and educating users, so they can avoid sketchy projects and scams.
Walawage noted that Instagram will also have to distinctly define its copyright policies for plagiarism, because technically NFTs are just receipts of ownership. So if someone creates an NFT based on someone else’s art, it’s a gray area for takedowns.
The long, hard road ahead
Love it or hate it, given the hype and high engagement around digital collectibles, platforms will integrate them in some capacity.
Solo Ceesay,COO and Co-Founder atCalaxy, a blockchain-basedapp for creators, said Instagram can be the biggest NFT trading platform given its size:
But it’s still early days in the space — and there’s an increasing amount of scamming and duping. While it’s natural for companies to capitalize on the craze, they have to make sure user safety and privacy are at the forefront.
Because of how Web3 works, there’s users’ money at stake, and companies must handle that with care, otherwise regulators will come down hard on them.
It’s also important to understand that Web3 is often described as this utopian world where artists can earn true worth for their work. However, given the frequency of frauds and thefts, it’s less clear in reality.
Instagram is one of the biggest communities for digital artists, so its NFT features will get a lot of attention — the company just has to make sure it’s the right kind.
Story byIvan Mehta
Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That’s one heck of a mixed bag. He likes to say “Bleh.“Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That’s one heck of a mixed bag. He likes to say “Bleh.”
Get the TNW newsletter
Get the most important tech news in your inbox each week.
