The NFT Market Is Growing Rapidly — And So Are the Fraud Risks

Overview

Non-fungible tokens (NFTs) have taken digital markets by storm. These blockchain verified, one-of-a-kind ownership records — which could be tied to works of art, collectibles and other pieces of intellectual property — are finding a host of ready buyers. By one estimate, the NFT market stood at $41 billion at the end of 2021, approaching the size of the conventional art market. Others project it will grow by more than $147 billion by 2026, a compound annual growth rate of 35 percent.

The burgeoning NFT market is not without its risks, including the potential for fraud. Recently, Catarina Kim, managing director of the Intelligence Group at Aon’s Cyber Solutions; Dennis Lawrence, senior consultant in the Intelligence Group; and Adrienne Reid, senior vice president of fine art insurance at Aon, discussed NFTs and some of their associated risks.

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