Avoiding NFT Scams: Steps to Take

As the concept of cryptocurrencies is gaining more traction day by day, crypto-based scams are also taking over the digital world by storm. Moreover, even if you’re a pro in the world of cryptocurrencies and NFTs, you can still fall prey to some wily NFT scams that are out there.

In this article, we’ll be looking at some steps you can take to dodge NFT scams dexterously.

NFTs and scams

Possessing a digitized piece of art can also function as your subscription ticket to exclusive internet clubs, video game communities, Discord chat rooms, and immersive content. NFTs create an immutable digital trail of your entitlement on the blockchain.

However, NFTs are still young and maybe a little sloppy. While blockchain enthusiasts see NFTs as an encouraging indicator that mass crypto acceptance is on the way, the sheer amount of money trading hands creates some hugely profitable possibilities for fraudsters.

Avoiding NFT scams like a pro

With the right approach, NFT scams can be avoided. Here are some steps you can take to avoid NFT scams.

Don’t rely too much on Discord.

Discord invasions are amongst the most popular types of NFT frauds. They occur when cybercriminals get admin privileges to a Discord server and upload a bogus minting address in the news thread. The communication will generally appear to be from a venture planner and offer a bargain that appears too good to be true.

Due to their power to create demand, hackers will frequently seek auctioned collections. When a selection is sold out, most collectors will never do a secret mint of extra NFTs. Turning off your Discord DMs is the easiest method to avoid Discord scams.

Avoiding pop-ups and phishing scams

To purchase your first NFT, you must first make your account on a wallet that operates on the Ethereum network. For NFT enthusiasts, MetaMask is maybe the most typical Ethereum client. MetaMask users, however, were reportedly attacked in a phishing scheme utilizing fraudulent adverts.

As a general principle, you would only need your seed phrase to create physical backups of your cryptocurrency wallet or to restore your wallet. You should never enter any data into the MetaMask pop-up or any other pop-up, for that matter. For any cryptocurrency transactions, always go straight to the authorized webpage, never utilize links, ads, or your email address to provide your info.

Dodging bidding scams

Bidding frauds typically occur in the secondhand market after you have acquired your NFT and wish to transfer it to the winning bidder. When you put your NFT for sale, bidders may change the cryptocurrency utilized without informing you. In the bidding process, check the currencies utilized and never approve a bid that is less than what you desire.

Cool Mouses — Avoid NFT scams using OpenSea

Cool Mouses is a society-based NFT project that is both entertaining and interactive. You can choose from 2,500 Unique Cool Mouses to outfit your squad for the Genesis Club. Cool Mouses are a key that allows holders to breed and evolve Cool Mouses via Genesis Club. Moreover, a Cool Mouses NFT token is also your ticket to crypto-based metaverses.

Furthermore, by using OpenSea to purchase your Cool Mouses NFT, you can seamlessly avoid NFT scams.

Conclusion

Now you have an idea of how to avoid being scammed in the NFT-world. For now, this is it. We wish you the best of luck!