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In mid-July, Verified Market Reports stated that the global NFT market had reached nearly $11.32 billion and was on pace to top $232 billion by 2030. With that much money changing hands, one thing is certain: You can count on criminals to try to steal as much of it as humanly possible.
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At the start of 2022, Rolling Stone reported that “NFT scams are everywhere,” and the smart move is to “assume everyone is a scammer until proven otherwise.”
Rolling Stone actually was late to the game. Industry insiders have been cautioning NFT traders about the prevalence of digital fraud since the dawn of the blockchain industry.
If you dabble in NFTs, or if you’re considering getting in on the action, these are the most common scams you need to watch out for.
The Old Pump-and-Dump Stock Scam Is Now Called the Rug Pull
Alternately known as “pump and dump” — a fraud with a long history on the stock market — the rug-pull scam is a trap in which crypto developers entice early investors with misleading information about a nascent NFT project’s potential. When the NFT’s price hits a certain ceiling, the developers siphon all the…
