When you are an active NFT trader, you cannot avoid all the scams in the world of non-fungible tokens. The most common NFT scams are phishing, fake NFTs, and pump-and-dump.
Following money is advice you don’t have to give hackers twice.Last year, hackers take $14 billion from crypto-related hacks, but crypto crime is still up 79% — and the risk isn’t over. But how can NFT traders protect themselves from scams? First, educate yourself. By learning about the most common NFT scams, you can keep your tokens safe.
The most important thing to note is that NFT pump and dump is bad news. NFT scammers will use hollow information to inflate the reserve price (representing the lowest price of an item, updated in real time) for the NFT you are interested in. When their tactics are successful, they sell their items, leaving others empty-handed. Also, a common trick is a tech support scam. When you are a user of Telegram or Discord, you may see crypto scams happening right under your nose.
This phishing scam is not at all obvious. Scammers use fake pop-ups to link to normal-looking pages, such as your wallet.Or first-time homebuyers who are struggling to close the deal and they accept the offer for help Invest in NFTs. Scammers disguised as numbers will ask for your personal information and use it to steal all your assets.
The third common NFT scam is no stranger to the intellectual property space. Artists work hard on their original designs. Building a collection of NFTs takes a lot of time, so when they are copied by others, it’s like biting into a sour apple. Scammers take the artist’s work and turn it into an NFT. Buyers will believe they are investing in an original piece of art and make a high bid.