What are some common NFT scams?

Asked 25-May-2022
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  • If you're considering about buying and selling NFTs for the first time, the first step is to identify a platform where you can do so. A quick Google search yields millions of results, but unfortunately, many of them are fake NFT marketplaces. Because these bogus sites don't have authentic NFTs, if you buy one, the site will save your credentials from your transaction information.
  • Furthermore, these sites may request your private keys or 12-word security seed phrases, which they will use to empty your digital wallet of all your funds. To avoid these frauds, only use reputable NFT trading platforms for crypto transactions, such as Binance NFT marketplace, and never submit your information in links, pop-ups, or emails. As a general rule, you should only use your seed phrase to create a physical backup of your crypto wallet or to recover it.
  • Scammers imitate real NFT trading sites and send you bogus emails saying that your NFT has been offered. These phishing emails attempt to persuade you to click on an embedded link that leads to a bogus NFT marketplace.
  • The button, like many other phishing schemes, will take you to a false page where you'll be asked to link your digital wallet and provide your seed phrase, allowing criminal actors to gain access to your wallet.
  • Always examine and verify the sender address of any email received from an NFT trading platform to avoid these types of NFT scams.


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