CloneX COO NikGopalani and prominent NFT collector CryptoNovo311 recently lost NFTs estimated to have been worth hundreds of thousands of dollars to scammers. As scams become more frequent, here's a look at some common NFT scams and how to avoid them:
involving phony advertisements that asked for users’ private wallet keys or 12-word security seed phrases . There are also fake malicious pop-ups operating via Discord, Telegram and other public forums that link to normal-looking login pages, such as MetaMask or other popular websites.
Similarly, you may also have heard of “paper money” in reference to NFT projects that aren’t technically scams but have limited liquidity thanks to a handful of aggressive buyers. , who owns over 400,000 NFTs. If you’re buying NFTs as an investment, odds are better when the project has more buyers and therefore more liquidity.Check the history and wallet records of whatever project you’re interested in. This is where blockchain’s transparency comes in super handy. On OpenSea or any NFT marketplace, view the number of transactions and buyers for the NFT collection. With, you can see all incoming or outgoing transactions that happen on the Ethereum blockchain.
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