NFT: These are the scams you must avoid – Marca English

nft:-these-are-the-scams-you-must-avoid-–-marca-english

The non-fungible tokens became popular in the last few years.

Part of the art revolution began with the Bored Ape Yacht Club that NBA stars, sports figures, and artists acquired lately and a very high cost.

By definition, NFTs are unique pieces with blockchain protection. The non-fungible tokens can’t be replicated by another piece or artist.

Nevertheless, the scams reached the cryptocurrency market, and now the NFT market suffers from the phenomenon.

How to avoid NFT scams?

Online scams are expensive.

Even when NFT websites try to locate other scammer sites that look like authentic websites, there are enough ways to fall into a scam.

-Hyped-up scam:

When you have several promoters that hype up an NFT, be careful.

Over merchandising is not a good sign. That applies to cryptocurrencies and NFTs.

To avoid scams, you should check your social media platform. If they have a high-volume level of followers but low engagement, that is a red flag.

-Fake Websites:

Fake websites might ask for your 12-word security seed phrases. They might look legit, but if they ask for your security codes, don’t fall for it.

Never give your wallet’s keys on pop-us or atypical websites.

-Bidding:

People want to sell NFTs, and you need to watch out for who wants to buy your piece and the currency that people will use.

“Once they list their NFT for sale in an NFT market, bidders might switch your preferred currency with low-valued cryptocurrencies without telling you, leading to potential losses for you,” Samson Haileyesus published.

Check the currency that the platform is using before selling your piece.

-NFT giveaways:

NFTs giveaways indeed exist, but they are not common at all.

Scammers pose as legit websites, and they start promoting giveaway campaigns.

Those social media profiles or websites will tell you to spread their message and sign up with them. However, they ask for your wallet credentials to “receive your prize.”

They record what you type and can steal your library of NFTs once they access your account.

Always check the websites you visit. Verify if it’s a legitimate site.

-Customer support:

Impersonating customer service is another scam that you could face. It’s probably one of the oldest scammer activities.

The scammer will impersonate customer service pages. They create fake servers so people can connect and ask for personal information to solve the problem.

They want the users to give unlimited access to your crypto wallet.

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