Is It True That “NFTs Are Scams”?

It is somehow true that are NFTs scams? Over the past few years, the popularity of NFTs has grown exponentially. NFTs are one of the key concepts of the metaverse ecosystem. Moreover, the market of NFTs is going for millions of dollars. Scammers are using the NFTs marketplace to take advantage of unknown buyers. NFTs and metaverse ecosystems allow people to own virtual goods. But scams are related to these marketplaces. We all know well that NFTs are not a pyramid scheme. One can easily use the NFTs marketplaces for fake purposes. According to a new survey from Privacy HQ, 90% of respondents have experienced NFTs frauds. In this article, we will discuss whether NFTs are scams or not. Are NFTs Scams?

How Do NFTs Scams Occur?

In one way or the other, one can use NFTs in the metaverse to buy virtual lands. But, online investment scams do occur and can cost you a lot of money. Some marketplaces Of NFTs are phishing sites. Scammers create fake websites that look like authentic websites to visitors. They dupe visitors to share their confidential details. This can include a crypto valley private key. This is further compounded as you cannot get back your money.

Some Common NFTs Scams Nowadays

Some NFT scams are Rug pull scams, phishing frauds, bidding frauds, Counterfeit NFTs, Pumps, and dumps. Moreover, NFT giveaways or airdrop scams, and investor scams are also included in the list.

How You Can Avoid NFTs Scams?

One should follow the following rules to avoid getting duped by NFTs frauds. Firstly, You need to keep your private keys private. Don’t share them with anyone. Secondly, creating strong passwords for your cryptocurrency wallet can also protect your security. Thirdly, you should opt for two-factor authentication. Furthermore, don’t invest in any platform without having enough research. Look at the level of engagement and the review about that site. It is important to double-check the NFTs project price. Likewise, use official trading platforms to cross-check the NFT’s price. Subsequently, if you are certain of the information, you can make a purchase.

Final Verdict

In conclusion, we will say that NFTs are not inherently scams. However, some malicious users use them for illegitimate purposes. You get scammed by purchasing or selling NFTs from an entity that pretends itself as verified.  Always be cautious before you make any purchase. Avoid sharing your crypto wallet’s private key. Using official trading platforms would help you to avoid the NFT scams.