The 10 Most Common NFT Scams and Techniques to Avoid Them
Essentially, there are two types of NFT buyers in the market. The first one is aware of the legitimacy and the working mechanism of NFTs. In contrast, the second one is less proficient at NFTs but still considers them good investments. Undoubtedly, the chances of falling for NFT scams is higher for the second one because scammers are more likely to target less experienced people in marketplaces. There will always be scams in every money-making market. It cannot be nipped in the bud, but it can be avoided if investors are careful. So, every market participant must know the types of NFT scams and how to avoid them. Multimillion-dollar auctions are becoming an everyday routine for NFT marketplaces. Investors are thus pouring their money into digital collectibles and looking forward to quickly becoming billionaires. Sotheby’s, Christie’s, and OpenSea attract prospective buyers with their exclusive collections. Amidst the spectacular rise of NFTs, the marketplace spammers are always on their toes to planning and plotting a scheme to trap investors.