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Going Legit: The Battle to Save NFTs’ Reputation

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In just a few short years, NFTs have gone from a dry technical standard for non-fungible tokens to a $23 billion market. But as fast as interest in NFTs expands, so it seems that the volume of negative headlines around the space grows.

A crypto gold rush has cheapened the reputation of NFTs in the mainstream media. Once a transformative technology that could revitalize the worlds of art and business, they’re now painted as something to be avoided for fear of falling foul of authorities—or scammers looking to make a quick buck off your back.

From rug pulls to fart jars with sketchy backstories, the world of NFTs has come to encapsulate the worst of the Wild West at present. News that Crypto’s own sheriff—the SEC under Gary Gensler—has NFT artists and marketplaces in its crosshairs has, for many, confirmed the reputation of NFTs as a bonanza for crypto outlaws.

In some instances, said Andres Guadamuz, a reader in intellectual property law at the University of Sussex, that reputation is well-deserved.

“You see every other week that there’s headline after headline…

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