https://nasacademy.com/blog/article/how-to-avoid-nft-scams
With Facebook switching its tag to Meta, the discussions around Web 3.0 and the trade of NFTs have left us thinking about the profits we possibly can generate in the coming future. All this blinds us to the reality that the majority of us do not even bother to take into account – THE SCAMS! This post is nothing but an attempt to make you aware of the possible mines spread along your way and to practically guide you on how to avoid NFT Scams in particular.
Before we straight away dive into the methodology to opt, here’s a quick definition of what an NFT is,
In layman terms, NFT is any digital asset that’s unique and registered, more like a patent version of your digital asset on the blockchain. Still complex?
Here’s a quick example, click your photo on your phone and register it on the blockchain.
Congratulations!
And if you hold on to that stratum of society, let me burst it for you that a single screenshot of a tweet was sold for 2.5 Million US dollars. Sounds too good to be true? Check this one out on BBC.
Let’s come down to how to avoid scams in the NFT world.
Like you buy anything online, there’s always a slight probability of you falling for a fake plugin and ending up draining all you’ve got in your bank account. The same goes for NFTs because here again, you’re supposed to buy NFTs (Digital assets) via cryptocurrency, most often the Ethereum tokens stored in your wallet, that’s MetaMask in the majority of the cases. You’ve got to plug in the credentials to make a transaction. That’s understandable but make sure you don’t enter a Private Key even on MetaMask unless it’s an official website that you’ve opened yourself.
Some Don’ts:
With the hype NFTs have attained, there are so many GURUS out there on the internet promising to make you a millionaire in a matter of seconds. It’s harsh, but in reality, the quick-rich scheme doesn’t exist and you’ve got to swallow a bitter pill that you need to learn in order to earn out of NFTs.
Just to chip in, we’ve a community for you where you can learn NFTs from beginner to intermediate level, do check it out HERE!
To increase the price of a particular NFT, hackers tend to invest huge sums of money into it & lay a trap for you by instigating your dopamine. Before you invest, do check out the history of that NFT and see if there’s been a smooth price up the slope. If there’s a sudden and abnormal surge in price, avoid it as it’s a red flag that you need to avoid.
In a nutshell, learn about the NFTs in detail and then dive in!
Check our Nas Academy web3 community specifically designed for newbies on NFTs.
By Admin Nas Academy
By Team Nas Academy
WE EMPOWER CREATORS.
