The scammers are just as active in the NFT field as the influential leaders and their supporters. There is no exemption when it comes to non-fungible tokens; con artists go where the money is.
One of my primary concerns when I first started my trip into the wonderful world of NFTs was the possibility of being defrauded. We all work hard for our money, so whatever we can do to protect it by avoiding scams and warning others about the dangers will help the NFT community thrive in the long run. So, without any delay, let’s know how to stay safe from NFT scams?
NFT scams can be avoided by following these tips.
1. Do you research
Before approving any transaction, double-check the details. Are you using a reliable and well-known marketplace? Can you see the transaction history for the buyer or the seller? To find out if there have ever been grievances about a creator’s transactions, read evaluations and consider their level of engagement. If you’re going to invest in a project, make sure the developers are real.
2. Be careful when opening files from unknown senders
Viruses that specifically target cryptocurrency wallets have been developed by hackers. You should avoid clicking links in unsolicited emails since they may take you to scam exchange sites. Never open attachments or links from sources you don’t recognize.
3. Watch out for giveaways
Giveaways and “free drops” are frequent in the NFT industry, however, they can frequently pose security issues. Because every NFT is bound by a contract that specifies what may be done with it, hackers are able to attach permissions to access your wallet, sell your holdings, and other things. Never ever take an NFT from a stranger you don’t know and trust.
4. Don’t share the private key or seed phrase of your crypto wallet with anyone
Keep your seed phrase and private key secure. If someone obtains these credentials, they can enter your wallet and steal any cryptocurrencies or NFTs without leaving a trace. For your cryptocurrency wallet and other NFT accounts, use secure passwords. Use two-factor authentication whenever possible for all of your NFT accounts.
5. Verify the creator behind the project
Find the NFT creator’s contact information and confirm it before sending them any money. Verify the project’s creators’ sincerity and disclosure of their identities. A warning sign is when you can’t clearly identify the organizations sponsoring a project.