When you are an active NFT trader, you probably won’t be able to get away from all the scams in the NFT world. pump-and-dump
Common NFT scams
When you are an active NFT trader, you probably won’t be able to get away from all the scams in the NFT world. pump-and-dump.
2021 will be a breakthrough year for NFTs, but there are a few other things that have caught the attention of investors in addition to decentralized finance (DeFi) and the latest version of the web called web3. But there are risks involved as well.
Last year, hackers raked in more than $14 billion in crypto-related hacks and continued to push crypto crime figures. But how can NFT traders protect themselves from scams first of all, educate yourself by understanding the most common NFT scams so that you Will be able to store your NFT safely.
The most important thing to know is that Pump-and-dump NFT NFT scammers often use nonsense data to raise the price floor of the NFT you’re interested in. Once they’ve succeeded in the method, they’ll sell it out and leave it to others. Pick up empty-handed.
A common trick is tech support scams, when you’re a Telegram or Discord user, you might see this form of scam in the furthest phase.
In the next part, phishing, scammers use fake popups to direct users to normal looking web pages like your wallet or first-time NFT buyers struggling to make a deal. And they accept the offer to get help investing in NFT. The scammer will ask for your personal information which he will use to steal all your assets.
The third most common form of NFT scam is intellectual property, the artists working hard on the design of their original work to create the NFT collection takes hours.
So being plagiarized is like taking advantage of scammers to convert an artist’s work to NFT in order to make buyers believe they’re investing in the original art and bid the work for a high price.
So how can you survive?
To avoid NFT scams, what you should keep an eye on is to keep an eye on the news coverage. You should also optimize the security of NFT holdings and never accept anonymous contact requests and include: weird pop ups
Now users face the risks involved in trading and keeping NFTs safe, but when you are already holding NFTs or planning to buy more, it’s important to know how to avoid boiling them. As a user, you can provide a number of safeguards to protect your NFT from being stolen.
First of all, it’s important to know what you’re doing to avoid being hit. pump-and-dump You should check the transaction history of the NFTs you wish to purchase. You should also look up the details of the creators and do your research on them if all transactions took place during a predetermined date range. Specifically, that might be a bad sign.
When it comes to phishing scams, keep in mind that your personal data belongs to you! Never give away your key wallet to others and never accept or react to questionable offers or contact requests and always keep your account safe with 2FA, at least that’s the best way you can.
In the case of stolen artwork, there are times when you can’t do anything of course. that you can check the creator’s account, social media messages And the community, you should do your research as in any other case, some NFT markets are developing new tools that scan public blockchains for fake NFTs. Authentication mark next to user name.