When you will get into the NFT world you will understand that there are many scams. On OpenSea, Twitter, Discord, you name it. Scammers know the importance of NFT and will use any means to trick you. But you have to be careful and avoid their traps. These are the most common scams and how to avoid them.
Fake NFT websites
There are many fake NFT sites. You need to research the NFT that you want to buy very well before you do that. On fake NFT trading websites, the NFTs are much cheaper, so find the official site of the NFT and follow the right road from there. Remember the NFT bought from a fake NFT site doesn’t have value.
The most popular NFT trading site is OpenSea, but here are some other legitimate NFT marketplaces/NFT collectible websites:
NFTs for art
NFTs for sports
NBA Top Shot
NFTs for gaming
NFTs for digital real estate
NFTs for Tweets
You can get emails, discord messages, or similar claiming that someone has made an offer for your NFT. They prompt you to click on an embedded button. The button leads to a phishing website. The fake page will ask you to link your wallet and submit your seed phrase/recovery phrase. Remember you don’t have to enter your seed phrase for ANY transaction, NEVER. Scammers can record the credentials and hack into your wallet and steal everything you’ve got!
The DM on your Discord will be full of fake promotional links, trust us. Some DM users will have the same icon and name as a channel you’re actually part of, to try to pretend to be the channel and not a user. Even though it looks like the project you invested in, no legitimate project will ever send you a DM as an announcement for minting, drops or giveaways. All the announcements happen in one of their official channels, so please do not respond or interact with any DMs, even if they seem like they’re from an official member of any team. THEY ARE NOT!
Rug pull scams
These kinds of scams are hard to follow. There are so many new NFT projects that this potential danger is almost undetectable. For example, the most recent “popular” rug pull scam was Squid, a new digital token for the world-famous Netflix series Squid Game.
However, after its price reached its peak, it turned out to be a “rug pull” scam — the creation of an NFT that can’t be circulated. Owners can’t re-sell the tokens, making their prices plummet in a short time. In such schemes, the only ones who profit are the creators of the digital tokens.
Golden rules on how not to get scammed
1. Never give your seed phrase or private key to anyone
2. Always double-check the official website and the official OpenSea collection
3. Never click on links or attachments from unknown sources.
4. Do not share your screen with support services for troubleshooting
5. Check the social media accounts for signs that they may belong to a scammer
6. Check the contact address. It should specify where the NFT was minted. You can check the creator’s website to make sure the information is genuine.
So, be careful and stay safe in the NFT world and you will benefit from it. We know it’s a jungle but it has a lot to give if you learn how to survive in it. Good luck!