NFTs are all the rage these days because they provide a way for artists and content creators to sell their NFT collections for thousands, if not millions of dollars. In 2021 alone, NFT trades totaled a whopping $17 billion, up 21,000% from the previous year. Unfortunately, the boom has also attracted a deluge of NFT scams.
These scams can make you lose your NFTs or make them worthless in one fell swoop. You may even end up buying NFTs that will disappear before you can turn a profit.
- As the NFT market grows, fraudsters are finding innovative ways to separate NFT creators from their hard-earned digital assets.
- The most common NFT cons are phishing, bidding scams, pump-and-dump scams and counterfeit NFTs.
- To protect your NFTs, avoid phishing sites and never share your master password with anyone or any website. In addition, always research and verify an NFT before making a purchase.
- To anonymize and encrypt your traffic, use a robust VPN service.
The difficulty with NFT scams is that they’re continuously evolving and you might not know exactly what to do to safeguard your digital assets. In this post, we’ll lift the lid on the most common NFT scams, explaining how they work and what you can do to keep your NFTs safe, such as using a VPN. Ready? Let’s jump right in.
Do a reverse Google image search to see if the NFT has an original owner. Also, cross-check with your NFT marketplace to confirm…