Meme Detectives: Navigating the World of NFT Frauds and Authenticity

Summary

The recent surge in the popularity of non-fungible tokens (NFTs) has sparked the interest of meme creators and collectors. However, the issue of meme ownership and authenticity is complicated. Don Caldwell and his team at KnowYourMeme have been using their knowledge of viral content to combat NFT fraud. They authenticate the true owner of a meme before it is minted as an NFT. Through their sleuthing skills, they can trace meme origins and metadata from various platforms. Meme detective work is not just about solving NFT fraud but has also become a tool for future historians and anthropologists to understand human culture.

How do meme detectives authenticate NFTs?
How do meme detectives trace meme origins?
How do meme detectives identify fake memes?
How do meme detectives work with meme creators and communities?
What is the future of meme detective work?

How do meme detectives authenticate NFTs?

NFTs are like digital certificates of authenticity that need to be minted by the true creator. KnowYourMeme manages an encyclopedia of viral content and can authenticate the true owner of a meme. They verify the provenance of a meme by pinpointing its exact origins which can be challenging since it deals with online metadata. They can trace back how much engagement it has, who the original creator and poster is from different platforms. Meme detective work is crucial to ensure that only the true owner benefits from the value of an NFT.

How do meme detectives trace meme origins?

Tracing meme origins entails a different approach compared to traditional detective work. Since they are dealing with online data, KnowYourMeme uses various tools like CrowdTangle, TinEye or their proprietary dashboard from social media platforms. Reddit and Twitter are easy to search since posts are archived, while 4chan is more challenging to find. YouTube is more difficult to trace since reverse image search tools do not work with video. Thus, the team consults with various fan communities that are knowledgeable about the source material to assist in identifying where a meme came from.

How do meme detectives identify fake memes?

KnowYourMeme’s team identified a fake meme sale by detecting that the image was vectorized, so they reached out to May Oswald, the original creator of the image. After verifying that she did not auction the NFT, the team investigated and discovered the fraudster used May’s dead name, and they had dug into her background and contacted people she knew, pretending to be her. KnowYourMeme was able to prevent the fake auction with the help of the marketplace’s vetting process. Thus, the team’s forensic skills and connections with creators and communities made it easy to identify fraudulent NFT sales.

How do meme detectives work with meme creators and communities?

Meme detectives maintain close relationships with meme creators and communities to gain tips and leads. They often work with them to identify the origins of a meme, and this pays off when those creators or online communities alert the detectives whenever there is an issue with a particular meme or its auction. Often, Detectives consult with different fan communities when searching for the origins and details of a particular meme, their insights and knowledge going a long way in identifying the meme’s creator or originator.

What is the future of meme detective work?

Meme detective work, while currently limited to NFT fraud cases, has a broad scope. It could be a useful tool for future historians or anthropologists to understand human culture by using KnowYourMeme to analyze these viral creations. It provides a way for artists to be rewarded for their contributions to culture that they did not have before. Furthermore, it has brought fresh attention and value to the subject of viral content, setting the scene for continued creativity and innovation within the sphere.

Conclusion

The world of NFTs has brought about a new challenge in meme ownership and authenticity. KnowYourMeme is making it possible to authenticate NFTs and track meme origins, preventing NFT fraud. Their close working relationships with meme creators and communities have enabled them to identify fraudulent NFT sales. Meme detective work has potential beyond NFTs and could provide future historians and anthropologists with a lens into the culture of our times.