Top 7 NFT Scams to Look Out For
While the NFT market has opened up new opportunities for artists and creators to monetize their work, it has also created an opening for scammers to exploit and siphon crypto and JPEGs from unwitting victims.
In this guide, you will discover a list of the most common NFT scams and how you can avoid them.
Let’s take a look at scams that have managed to trick collectors out of millions of dollars since the emergence of the NFT market.
To purchase an Ethereum (ETH)-based NFT, you will need a crypto wallet that supports the ERC-721 standard. MetaMask is arguably the most popular wallet for NFT creators and collectors.
However, MetaMask wallets have been (and still are) targeted by phishing scams involving fake ads, apps, and websites that ask wallet users for their private keys or recovery phrases. Malicious actors then use the information to drain your crypto wallet of all its assets.
You can avoid this scam by remembering that you only need your seed phrase to backup or recover your wallet. Never share your recovery phase or private key with anyone.
Scammers create malicious NFT project websites that promise free NFT giveaways. While some NFT giveaways are genuine, a large number of them are scams.
The idea behind this scam is for you to connect your crypto wallet so that they can use malicious code to steal your crypto assets out of your wallet once connected.
You can avoid this by verifying the NFT trading platform or project on social media or avoiding NFT airdrops altogether (unless they are being held by trusted platforms).
NFT scammers use pump and dump schemes to artificially drive up the price of their NFT collection to make bank. They execute this by making several bids within a short period to build hype around the
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