The massive growth of NFT creation, collection and sales in the past few years has led to a growth in NFT scams seeking to separate investors from their cash or cryptocurrency. In 2021, the NFT market grew by 21,000%, with $17.6 billion in sales, according to Fortune. NFTs stored in cold wallets — digital wallets that can be disconnected from the cloud for maximum security — are typically safe from theft or hackers. But there are many NFT crypto scams and many ways hackers seek to profit off the NFT trend. Understanding and avoiding the most common NFT scams can help you keep your investment safe. Of course, you’ll want to remember that NFTs are still highly speculative investments. You could potentially lose money on your purchase even if you buy a legitimate NFT and keep it safe from cybercriminals. NFTs exist in the digital realm, which mean they aren’t “real” items that you can touch or feel. And that makes it even easier for people to create fake NFT projects, selling digital assets that have no value. In a “rug pull” scam, the cybercriminals promote an NFT project on social media, make false promises about profits and value and then fade into the sunset like a stagecoach bandit in the wild west. The value of the NFT will plummet and the scammers will often make it impossible to sell.
Full story : Don’t Fall for These 8 NFT Scams.
