Pranksy Buys (Probably) Fake Banksy NFT for 100 ETH, Is Promptly Refunded

So. A non-fungible token (NFT) collector known as Pranksy recently spent $336,000 worth of ETH on what appeared to be the first NFT from Banksy. But the artwork was later revealed as a likely scam, which could have been devastating, were it not for the scammer’s decision to return most of the funds shortly after the sale closed. 

There’s a lot to unpack there. Let’s start with NFTs. These are unique tokens indicating ownership of a piece of digital art, provided you use the broadest possible definitions of “ownership” and “art,” because NFTs don’t impart rights to the original piece and people have sold everything from the web’s source code to the first tweet.

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