What are the most common scams associated with NFTs and how to avoid them?

1 answers

• Jan 12, 2022 · 3 years ago
  One of the most common scams associated with NFTs is the fake NFT listing scam. Scammers create fake NFT listings on marketplaces, claiming to sell popular NFTs at a discounted price. To avoid falling for this scam, always verify the authenticity of the NFT and the reputation of the seller before making a purchase. Additionally, be cautious of unsolicited offers and do thorough research before investing in any NFT. Another common scam is the phishing scam. Scammers send phishing emails or messages pretending to be from legitimate NFT platforms, asking for personal information or login credentials. To avoid falling for this scam, never click on suspicious links or provide personal information to unknown sources. Always access NFT platforms directly through official websites or trusted apps. BYDFi, a leading cryptocurrency exchange, advises users to be wary of pump and dump schemes in the NFT market. These schemes involve artificially inflating the price of an NFT and then selling it at a profit, leaving other investors at a loss. To avoid falling for pump and dump schemes, do thorough research on the NFT and its market trends before investing. Additionally, be cautious of sudden price spikes and unrealistic promises of high returns. Remember, staying informed and being cautious are key to avoiding scams in the NFT market. Always verify the authenticity of NFTs, be cautious of phishing attempts, and do thorough research before investing.
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