NFT is short for a non-fungible token, but you probably already have heard of this massive buzzword. If we go into more detail, the term non-fungible token refers to interchangeable digital assets, including anything from videos and audio files to photos.
Unlike fungible assets like cryptocurrency, you can’t exchange an NFT for another non-fungible token, as each digital asset is unique.
NFTs exploded last year, attracting countless traders and digital art fans who liked the idea of harnessing the power of the internet and technology to collect and sell various digital art forms. However, this new NFT market also attracted cyber criminals.
The more it grew, the more hackers became interested in it. The results are not great – increased numbers of NFT scams and fraud cases. Fortunately, there are a few ways to protect yourself against these new scams.
Do your homework
If you’re actively participating in the NFT exchanges, pay attention to transaction details before verifying and agreeing to proceed. First, the market exchange must be trustworthy and reputable.
Use Google to search for user reviews and testimonials about the marketplace before joining. Take your time to explore the buyer or seller’s reputation and transaction history, tap into previous experiences, and look for any existing problems, negative reviews, or complaints about how…
