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The NFT itself is counterfeit proof but the art work isn’t right? Anyone can (and has) simply take a piece of someone else’s art and mint an NFT for it then sell it. Hand waving away other concerns (which are real and a problem) uncontrollable fraud is what will render the market valueless.

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This is exactly where it gets muddy for me. And even beyond a direct copy of a digital work, who's to stop somebody from minting a digitized version of a physical work, like the duct tape banana. Or would that count as a 'derivative work' and therefore not be seen as infringement?

Agreed, but it seems that some of the marketplaces have things like verified accounts and pay-to-play with significant entry fees.

A reputation system for artists is interesting. One hopes fraud and unoriginal Derivatives/copying are not in the collectors culture

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