How to avoid risk in NFT?
Non-fungible tokens, famously known as NFTs have become the latest phenomenon. People around the globe are paying millions of dollars in crypto for NFT art and collectibles. Similar to cryptocurrencies, NFTs are powered by blockchain technology. In essence, NFTs are what we call a collector's item.
Did you know, there is a risk in NFT?
In this article, will be explained and give you some guides to avoid from being scammed. Let's dive into it. These are among the guides you need to know in the world of NFT.
1. Fake Customer Support and Impersonators
First - be careful of the Fake Customer Supports or Impersonators. This is for the decentralized apps like Metamask, Trust Wallet, OpenSea, PancakeSwap and many more. You may be approached via Instagram DM, Twitter or Discord by user / account that pretending to be a customer support agents for crypto platforms.
They will attempt to scam you and might steal your wallet keys via screen share or voice chat. If you need any help, use the verified support channels on the company's official website. The most important thing that you need to know is, customer support will never contact you first in the first place.
2. Fake Giveaways and Airdrops
Second - Fake Giveaways and Airdrops. No one or Legitimate users / accounts will give away free stuff in comments. Scammers often comment on Twitter posts or send DMs with claims. For example, the users claimed that he airdropped a crypto for free and asked you to get yours too. If you think and believe the project is legit, go to their official page. Usually, if someone DMs you randomly, this is one of the tactics to scam you.
3. Fake Marketplace Collections and Bundles
Third - Fake OpenSea or Rarible Collections and Bundles. You need to always verify the collection before buying. When a new NFT project minted and goes live on OpenSea. Scammers will create a fake collections, replicate the logo, the items, and the first revealed images of rare NFTs. Sometimes, it often to be difficult to tell which is legit. You may always be careful with bundles. Sometimes, scammers may also create a bundles containing. One real NFT from collection, alongside others from fake collection that look the same.
4. Brand Impersonation On Socmed
Forth - Brand Impersonation on Social Media. The crypto community is extremely active on social media channels like Telegram and Discord. On both these channels, scammers set up groups targeting almost all the brands in the crypto space. Most of these groups claim to be the “official support” or “official community” of the targeted brand. Users need to be extra careful before joining these groups.
In the case of NFTs, more such groups to pop where the scammers will also try and sell fake and non-existant NFTs to users. If someone sends you a link to join these committees, make sure to verify that you are joining the real one. In most cases, a simple Google and Twitter search can help you find the right community or group. NFTs are a hugely exciting development for artists, public figures, sports teams, players and many others.
They have the potential to open up new revenue streams and create an even more loyal and engaged following. In order to make the most of this opportunity and ensure there are no unforeseen consequences, businesses need to ensure that they are not only making NFTs for the right reason, but they are doing it the right way.
Reference: https://youtu.be/dnMOyT17KeE
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