Get rich myth or financial trap? Beware of NFT digital collectible scams

In recent years, driven by the concept of the Metaverse, the NFT market has been heating up. According to data, at the end of 2020, the global NFT market value was only $317 million, while the global NFT market value reached $16.891 billion in 2021, a year-on-year increase of 4440%, and the transaction volume in 2021 was $17.695 billion, a year-on-year increase of 21,350%.

NFT (Non-Fungible Token) refers to a non-fungible token in the form of digital pictures, music, videos, 3D models, digital souvenirs, etc. It is widely known as “digital collection” in China. For example, the National Museum of China has developed a digital collection with the theme of four national treasure-level cultural relics, including the Siyang Bronze Square Zun, and users can visit it online.

Previously, NFT has attracted everyone’s attention with “sky-high” transaction events many times. As an innovative application of blockchain technology, NFT has shown certain potential value in enriching the digital economy model and promoting the development of the cultural and creative industry. However, behind the fresh gameplay and hot market, there are also various risks and hidden dangers such as speculation, fraud, money laundering, and illegal financial activities.

Some digital collections have been hyped up to hundreds of times their original price, and they will lose everything if they can’t find a successor;

Fake websites and links directly invade your wallet and steal your assets;

The digital collection platform ran away, the official account was blocked, and there was no way to cry;

Private transactions, give money but not “goods”, and give “goods” no money;

In this regard, in order to protect the legitimate rights and interests of consumers and maintain the healthy ecology of the industry, on April 13, the China Internet Finance Association, China Banking Association, and China Securities Association jointly issued an initiative to prevent NFT-related financial risks and resolutely curb NFT financial risks. Securitization tendency, and strictly prevent the risk of illegal financial activities. It also calls on consumers to establish a correct consumption concept, enhance their awareness of self-protection, consciously resist NFT speculation and speculation, be vigilant and stay away from NFT-related illegal financial activities, and effectively maintain their own property safety.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/get-rich-myth-or-financial-trap-beware-of-nft-digital-collectible-scams/
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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