What are the most common scams related to NFTs and how can I avoid them?

3 answers

• Dec 25, 2021 · 3 years ago
  One common scam related to NFTs is the fake marketplace. Scammers create fake platforms that appear legitimate, but they are designed to steal your money or personal information. To avoid falling for this scam, always do thorough research on the marketplace before making any transactions. Look for reviews, check if the platform is reputable, and verify the authenticity of the NFTs being sold. It's also a good idea to use escrow services or trusted third-party platforms for added security.
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• Dec 25, 2021 · 3 years ago
  Another common scam is the pump and dump scheme. Scammers artificially inflate the price of a particular NFT by spreading false information or creating hype around it. Once the price reaches a certain level, they sell their holdings, causing the price to crash and leaving unsuspecting buyers with worthless NFTs. To avoid falling for this scam, be cautious of sudden price spikes and do thorough research on the NFT and its underlying value before making any purchases.
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• Dec 25, 2021 · 3 years ago
  At BYDFi, we prioritize the security of our users. One of the most common scams related to NFTs is phishing attacks. Scammers send fake emails or messages pretending to be from a legitimate NFT platform, asking for your login credentials or personal information. To avoid falling for phishing scams, always double-check the email address or domain name of the sender, never click on suspicious links, and enable two-factor authentication for added security. Remember, BYDFi will never ask for your login credentials or personal information through email or messages.
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