As the mainstream adoption of NFTs grows, scammers are looking to take advantage. What are the most common scams in the industry and what can you do to avoid them?
Follow the money is advice you don’t have to give hackers twice. Last year, hackershome $14 billion from crypto-related hacks and still, cryptocurrency crime numbers have risen 79% — and the risk is not over yet. But how do NFT traders protect themselves from getting scammed? First of all, educate yourself. By understanding the most common NFT scams, you can get your tokens to safety.
The most important thing to note is that NFT pump-and-dumps are bad news. NFT scammers will use hollow-hearted information to jack up the floor price of an NFT of your interest. When they are successful in their tactics, they sell their items and leave others empty-handed. Also, a common trick is the technical support scam. When you’re a user of Telegram or Discord, you probably see the crypto scams happen right under your nose.
This phishing scam is not obvious at all. Scammers use fake pop-ups to link to normal-looking pages, such as your wallet. Or first-time buyers are struggling to get the deal done and they accept an offer to get help for. The digitally disguised scammer asks for your personal information, which he uses to steal all your assets.
The third common NFT scam is no stranger in the world of intellectual property. Artists work hard on their original designs. It takes a lot of hours to establish an NFT collection so when they get copied by someone else, it’s like biting into a sour apple. The scammers take the artist's work and turn it into an NFT. Buyers will believe they’re investing in an original artwork and place high-valued bids.
Because security and compliance are complicated topics, NFTs are somewhat vulnerable. On top of that, crypto, blockchain and NFTs are like the new kids on the block, which the rest of the neighborhood still doesn’t know much about. And everything unknown involves extra risks. At the beginning of this year, users of the largest NFT marketplace were ambushed by a phishing attack.
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