Since the advent of non-fungible tokens (NFT), scams targeting NFT holders have increased. These scams can be very sophisticated and difficult to spot, but you can protect yourself from becoming a victim with a bit of knowledge. NFT scams can happen with either NFT arts or NFT crypto. This blog will discuss the most common NFT cons and ways to avoid them.
It involves sending fake emails or messages to holders in an attempt to steal their tokens. Be very careful when clicking on links or opening attachments in emails, as they may contain malware that can steal your tokens.
- Account hacking:
Hackers will often try to access NFT wallets by stealing passwords or other sensitive information. To protect yourself from this, be sure to use strong passwords and never share them with anyone else.
- Pyramid schemes:
These involve promising investors high returns for investing in new members, but inevitably, the scheme collapses, and investors lose their money. To avoid getting involved in a pyramid scheme, be sure to do your research and only invest in projects that you trust.
- Fake giveaways:
Scammers will often run fake giveaways in an attempt to steal people’s tokens. To avoid being scammed, be sure only to enter giveaways hosted by reputable sources.
- Counterfeit or plagiarized NFTs:
These scams involve sellers creating counterfeit or plagiarized NFTs and selling them at a lower price. To avoid getting caught up in this scam, be sure to do your research on the NFT that you’re looking to buy before making any purchases.
- Weak private keys:
Scammers will often use weak or stolen private keys, allowing them to steal people’s tokens. To protect yourself, make sure that you always keep your private key safe and never share it with anyone else.
- Inflated prices/fake sales:
This is when the scammers try to sell fake or inflated items for higher than their actual value. The best way to avoid falling victim is by doing your business in a legitimate marketplace like OpenSea.
In conclusion, awareness is your best bet to protect yourself from becoming a victim. Remember to do your research and never share your passwords or other sensitive information with anyone else. Stay safe out there!