5 Biggest NFT Scams of All Time

Young woman buying NFT on Blockchain market - New Technology Token Concept - Focus on right computer screen

They can easily change the image on the link to anything and leave you with nothing. It’s therefore essential to ensure you own some digital assets or images like JPEG, PDF files, or MP3 files. Remember to cross-check if the centralized platform you’re using is legitimate.

Outbidding Scams 

It happens when you’re trying to resell your NFT. After you list your sales, scammers posing as bidders will want to change the cryptocurrency they’ve used. It is a huge red flag as $5 is not the same amount as 5 BTC. It’s therefore essential to counter-check the currency plus refuse any lower bidders than you’re willing to pay.

Fake Cryptocurrency Influencer

NFTs became popular and led to celebrity endorsement. These celebrities popularize NFTs while they benefit in various ways. But with this came fake celebrity endorsement. Money has already been lost before people realize that a particular star is not involved in the endorsement.

All NFTs trades are done online, so you can have a finite of information regarding them. It’s therefore wise to conduct research on the project to know whether or not the endorsement is real or fake. Plus, see if the project will live up to your expectations.

Phishing Scams 

To buy NFT, you’ll need a crypto wallet. The best wallet to go for is the MetaMask. But recently, MetaMask customers have been hit with phishing scams. You’ll get an ad asking for your private keys with a 12 digit security code; once you give in, your digital wallet is sucked dry.

The same thing happens with various pop-ups on telegrams. It’s therefore prudent to keep your private information a secret. You can also create backup hardware for your crypto wallet. Don’t give any personal information to the MetaMask pop-ups.

What to Check before Buying NFT

You can’t shy away from big NFTs opportunities because of scammers. There are here to stay. What you’ll do is positioned yourself to avoid such scenarios. A good way of doing this is conducting research. As they say, knowledge is power!

NFTs Unique Property 

Different NFTs have different avatar properties. Its rarity can tell how valuable it is and tell you if it’s legitimate. You can upload a copy of an NFT image but can’t replicate the property. Therefore checking the properties of an NFT is crucial.

Seller Verification 

Platforms like OpenSea have seller verification. You will see a blue tick close to the name of a verified account. This means the person is not an impersonator and can be trusted. This shouldn’t be the only thing you cross-check. Look if they have a decent following and the property of the NFT before transacting.

5 Biggest NFT Scams of All Time 1

Bottom Line!

The proper knowledge will let you free from scammers. Knowing the liquidity of NFTs will help you make the right decision of buying or selling the NFTs. Just like any other high-risk transaction, you should be ready to lose it all. If not, then don’t invest in it.


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