Mon. Jul 4th, 2022

You’re not alone if some of the NFT hype on the internet seems sketchy to you. Google Trends shows that searches for “NFT frauds” peaked in early February.

Protect Yourself from NFT Scammers:

A common misconception is that nonfungible tokens, which allow internet users to purchase and own internet-based content like photographs and films, are a sham. This isn’t entirely correct. During a recent episode of Jimmy Fallon and Paris Hilton comparing “Bored Ape” NFTs, the studio audience sat in stunned silence. The fact that the stars’ money went for more than half a million dollars for the pair of digital monkey photographs may lead you to believe that this whole thing is a hoax.

NFTs, on the other hand, are attracting a growing number of investors. Rare digital artefacts are sought after by some. They’re not alone in their admiration for the piece of art they’re purchasing. Others predict that the internet’s future lies in the development of tools that allow people to trace the origins and owners of the items they buy online. The value of NFTs is mostly controlled by investor demand, thus experts advise against investing more than you can afford to lose.

Regardless of why you’re interested in NFTs, you must keep in mind that scammers thrive where money is at stake. Franck Bossi of NFT Watchdog argues that “people come in and think it’s like Disney World—no one is terrible and everyone is cool.” There are many scams, so people tend to overlook the fine print.

Here’s what the experts suggest you can do to keep yourself safe.

Refuse the temptations of ‘friends’

According to NFT Club cofounder Adam Morris, if you join NFT communities, you should expect to hear from a lot of people wanting to hype their ideas. According to him, “NFT men will often promote NFTs on Twitter, Discord, Telegram, and Reddit.”

He adds that scammers lurk here as well. According to the narrator, “They’ll join Discord servers and mass-message their members, DM folks on Twitter, or make connections on applications like Bumble Bizz.” “They’ll do everything they can to make their fraud look like the next big marketing opportunity,” says one observer.

Morris predicts that phishing emails will come in a few typical shapes and sizes. Even if you agree to send cryptocurrency to a certain online wallet in exchange for an NFT, you might not receive it at all!

A new collection or an interesting new artist may seek you for assistance with promotion. By sending crypto to help “mint” the fresh collection of NFTs, the project will vanish. After joining NFT communities on Discord, Morris claims you’ll receive dozens of messages every day about NFT possibilities. It’s generally a good idea to ignore direct messages, even if some are authentic, he explains.

By Adam

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