Blockchain security reminder: Five NFT scams that must be guarded against

From 2021, NFT has been rapidly out of the circle. According to SAFEIS data, since April 2021, NFT has entered the fast lane of development. By January 2022, in only 9 months or so, the market value and transaction volume have both increased by nearly 100 times. , which is unimaginable in the traditional field.

Blockchain security reminder: Five NFT scams that must be guarded against

The rapid development and huge profit-making effect of the encryption market and NFT have not only attracted many ordinary users to come in, but at the same time, the scam has also spread to the cryptocurrency market, and the NFT market is also not immune.

What are the current NFT scams and how to avoid them?

NFT scam

NFT scam

1. Hype scam

When you see that a certain NFT is vigorously promoted in many channels, you must be extra careful. Over-promotion of many hidden murders, good projects will naturally be actively promoted by users, but there are still many projects that are malicious speculation with good intentions.

In order to avoid stepping into such scams, when you see an NFT project with crazy marketing, you just need to open the social media account of the project to judge whether it is true or false. If they have a large number of fans but low participation, that is A red flag.

2. Fake website

Fake websites achieve the effect of being fake by forging real websites, and defrauding by impersonating project parties. There are many ways to defraud, but in the end, users are often asked to provide wallet credentials. Such websites may look real and the pages are also very delicate. But if they ask users to provide wallet credentials, it must be a scam site, please maintain a high enough security awareness.

Never provide your wallet private key or mnemonic anywhere other than certified wallet software/plugins.

3. Selling NFT risks by auction

When selling NFTs, especially when operating on some non-head or new NFT trading platforms, you need to pay special attention to the choice of payment currency. Some trading platforms are not perfect. When selling NFTs by auction, those participating in the auction may use the Auctioneers set up flaws or platform loopholes, using low-value cryptocurrencies to buy NFTs, thereby causing potential losses to the auctioneer;

To avoid such risks, try to choose the top NFT trading platform for trading, and check the selection of the platform’s trading currency before selling your works.

4. Fake NFT airdrops

NFT airdrops do exist, but they are not common at all, especially if the risk of airdrops from unknown sources is higher.

Scammers often airdrop NFTs to a large number of wallet addresses, and make the floor price of NFTs look attractive through the rise of the left hand and the right hand. When users receive such NFTs from unknown sources, they are eager to sell if they do not verify the authenticity. Realize, and fall into the trap of scammers. When users sell, they will perform operations such as wallet authorization interaction. During this process, scammers can obtain excessive authorization of users’ wallets or wallet credentials, and then transfer high-value NFTs and other assets, and users may suffer huge losses.

To prevent such scams, you must not arbitrarily authorize wallets for unverified NFTs, and you must carefully check the authorized content and permissions before the authorization is confirmed.

5. Impersonate official customer service

Impersonating an official customer of the project is another common scam. This kind of scam has existed since ancient times, but each era or field has its own characteristics and special communication channels. Mainly mail.

Be sure to verify the authenticity of the information through multiple channels.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/blockchain-security-reminder-five-nft-scams-that-must-be-guarded-against/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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