Sleep Minting and the Authenticity of NFTs

  • A scammer would mint an NFT to a famous creator’s wallet while retaining permissions to reclaim or withdraw the NFT.
  • The scammer would issue a transaction in which the NFT is reclaimed from the famous creator. Even though the scammer is sending the transaction (rather than the creator), the creator’s address can be inserted into the “from” field of a Transfer Event. On the surface, it appears that the well-known creator legitimately transferred an NFT to the scammer.
  • The scammer now has an NFT that appears to have been authentically created and previously owned by a famous creator, which they can sell for a higher price.

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