Apr 9th, 2021
Despite COVID-19’s impact on galleries, auction houses and retailers, the global art market circulated more than $50 billion in art, while other collectibles such as coins and trading cards saw record sales. Amazingly, an estimated 10% of art is stolen annually, and an estimated 50% of all sports memorabilia is estimated to be fake per the FBI. To get a flavor of just how difficult it is to know if something is stolen and replaced with a near-perfect forgery, Interpol’s stolen artwork database has more than 50,000 items across 134 countries listed in it. Experts note that scams and hacks are already hitting the exploding market of digital collectables known as NFT’s (non-fungible tokens). Taking the collectables world by storm, a non-fungible token is a unit of data on a blockchain ledger that represents a unique underlying asset. As with most other things, crooks flock to where the money is, and right now NFT’s provide plenty of money and new vulnerabilities. That’s exactly why FACT Inc. (OTC: FCTI) (Profile), a recognized global leader of fine art and collectible authentication technology, has recently expanded into the burgeoning NFT market. Shares of companies with interest in or association with NFT’s have enjoyed a nice advance lately, including CurrencyWorks Inc. (OTC: CWRK), Takung Art Co. Ltd. (NYSE American: TKAT), Oriental Culture Holding LTD (NASDAQ: OCG) and Jiayin Group Inc. (NASDAQ: JFIN), as investors seek exposure to the popular technology in the collectables market.