Are NFTs Scam? Tips To Keep In Mind Before Buying

Are NFTs Scam?

NFTs are trending these days. People are investing largely in them and earning huge profits. However, there are also words that NFTs are a scam in the market. So, here we are with the post that will clear your doubts about “Are NFTs Scam”?

NFTs brought a new revolution in the digital market. With the launch of NFTs in 2015, a new way was created for selling digital art. NFTs secured the digital artworks of artists in the online world. NFTs also created a marketplace for artists to sell their art without the need for any broker or website. NFTs also created new jobs for 3D designers as most art is in 3D.

After reading this post, you will understand the truth behind NFTs. If NFTs are worth it. We will also discuss are NFTs scam or not? Without wasting time, let’s start with the post to get the answer to the query, Are NFTs Scam.

What Are NFTs?

NFTs stands for Non Fungible Tokens. NFTs are the certificates of ownership registered on the blockchain for everyone to see. NFTs are the building blocks of the internet. NFTs are mainly for artists and creators. NFTs allow creators to sell their digital art online with security. No one can steal it, and its creator can prove his ownership. The last 3 years were great for NFTs. NFTs market rocked, and everyone is willing to be a part of this world. There are many ways to earn from NFTs, so scams are too. Many NFTs are not authentic and put you in a lot of trouble.

Also Read, Metacelo: World’s First Play-To-Earn Metaverse NFT Game

Are NFTs Scam?

Are NFTs Scam?

Frankly, there are two questions. Are NFTs a scam? And are there scam NFTs? The first one depends on your opinion, and the other one will be answered here.

NFTs cannot be considered a scam rather they are the most secure assets on the blockchain. However, the price of NFTs can put you in trouble. Some surges visualize NFTs to be a scam now and then. So, it completely depends on you if you want to invest in NFTs or not.

Yes, there are scam NFTs in the market everywhere. You need to be cautious and differentiate between the real NFT and the scam one.

Different NFTs Scams

NFTs are a new world, and new users are normally unaware of the UI. This is where scams win. We always recommend reading and understanding everything before doing anything on the internet. NFTs will be a scam if it’s stolen or fake art. It can also be a copy of the real one. Most of the giveaways are scam NFTs. UK seizes NFT in suspect VAT fraud probe. Montana black was also caught promoting scam NFTs. Here are some common NFT Scams:

Phishing Scams: This normally happens when you log into your wallet. You get ads or pop-ups that send your credentials to other computers and start using your wallet. 

Suspicious Pop-ups: Some unusual pop-ups from fake websites can give them access or permission to cause a data breach.

Catfishing and Fake Persons: Celebrities promote some communities, and it becomes difficult to understand if it is fake or real. 

Pump and Dump Schemes: In this scheme, usually, a team buys NFTs or other assets and everyone starts to contribute. Once the market is up, they sell it without giving anything to other players.

Also Read, Best Metaverse ETFs | Where You Should Invest?

Bidding Scams: After you have purchased your NFT, you want to sell it to the highest bidder in the secondary market. Bidders can switch up the crypto without telling you.

Plagiarized NFTs: Fake accounts which are exactly like the original one. If you purchase from their accounts, you will get an NFT scam.

Untrustworthy Storage Sites: If you use a wallet that is not authentic, you can lose your NFT once purchased.

How To Verify Authentic NFTs?

Are NFTs Scam? Tips To Keep In Mind Before Buying

You can easily distinguish between an authentic NFT and a fake NFT if you know the following things.

1. Buy From Trusted Sellers

There are three biggest platforms for that, where you can purchase the authentic NFTs. These are:

  1. Nifty Gateway
  2. OpenSea
  3. Rarible

2. Checkmarks

A yellow checkmark is on the profile of Legit artists. Look for the checkmarks and then purchase an NFT.

3. Verify NFTs

If you want to buy any NFT, you can verify its owner from the official website of the NFT. 

How Many Users Trust NFTs?

NFT

Now that you know the answer to the query are NFTs Scam, You must be wondering as to how many people trust NFTs?

As per the reports, 40 percent of U.S. adults are familiar with NFTs, while 81 percent are aware of them. In the last 12 months, NFTs have become a multi-billion-dollar cryptocurrency sector. This means people investing in NFTs are continuing their investments and those who are not investing and not willing to join this market.

However, more and more people are coming to this sector. A survey was conducted, in which 60% of people think it is a scam. Less than 10% think it is a serious financial investment.

Also Read, What Is Smart Contract | All That You Need To Know!

Wrap Up:

In this post, we have discussed the basics of NFTs, are NFTs scam, and the different ways of scams related to the NFTs. We have also provided you with ways to authenticate your NFTs. This is an online platform, and anything can happen here. You have to remain alert every time. Keep reading our posts daily to remain updated with everything happening in this online world.

Frequently Asked Questions

Q1. Are NFTs Fake?

Scammers are after NFTs. As more and more people invest in NFTs, scammers are taking advantage of this and introducing new ways of fraud.

Q2. Is NFT GO App Legit?

There is a scam Alert on the app. Do not take any risk. Use authentic marketplaces to purchase NFTs.

Q3. Is NFTs A Con?

A survey was conducted, in which 60% of people think it is a scam. Less than 10% think of it as a serious financial investment. As per the reports, 40 percent of U.S. adults are familiar with NFTs, while 81 percent are aware of them.

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