The intelligence experts of the Wall Street Journal (WSJ) said that Islamic State and other terror groups may turn to nonfungible token (NFT) to raise funds for their terrorist campaigns.
It has been reported that the NFT in question was reportedly discovered by Raphael Gluck, co-founder of the United States-based research firm Jihadoscope, who found the NFT through pro-ISIS social-media accounts. Named IS-NEWS #01, the digital token is said to be an image bearing the Islamic State’s emblem with text praising Afghanistan-based Islamic militants for attacking a Taliban position.
Mario Cosby, a former federal intelligence analyst specializing in blockchain currencies, said that the user created another two other NFTs on August 26 - one showing an Islamic State fighter teaching students to make explosives and the other condemning smoking cigarettes.
However, the analysts said this could be a sign that terrorist groups may be using the emerging technology to spread their message and test new funding strategies.
“It’s very much an experiment […] to find ways to make content indestructible.”
The report said that the digital token was reportedly listed on NFT marketplace OpenSea, but the company quickly took the listing down and closed the posters account, citing a “zero-tolerance policy on inciting hate and violence.” The trio of NFTs was also reportedly present on NFT marketplace Rarible and several others before being taken down.
“There’s not really anything anyone can do to actually take this NFT down.”
Thus, security experts have previously expressed their concerns about the future potential for terrorists to exploit emerging technologies and markets, including NFTs, to fund attacks.