Non Fungible tokens AKA NFTs are the biggest buzz words in the cryptocurrency sector. Thanks to rapid adoption by top influencers, celebrities and organizations, everyone wants to get involved with it.
Undoubtedly, the craze is off the charts and the scammers have realized that it is relatively easy for them to monetise the public interest. NFT Scams are on the rise and the public collectively have lost millions of dollars to them.
In most cases, the victims were never able to recover the money and the main cause for all the chaos is the lack of fundamental education about the way the blockchain works. In this piece of content, we will go over different kinds of hustles involving the NFTs so that you can make informed decisions in the future.
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Remember, as this niche rapidly changes, you need to update yourself regularly. More importantly, do not go all in on any asset because the risk always outweighs the rewards unless you have an edge.
Recently, there are a lot of fake NFT markets popping up. The fake stores mimic the layout of established platforms and they even try to mask the urls. However, if you observe the small things such as customer support, trademarks, etc,.
It is relatively easy to see through the lies. As there are many new stores coming into existence, always do research before buying. More importantly, check for user reviews and trust ratings.
Though it is hard to find feedback about new stores, the truth eventually has to surface to the top of the web, right? Also, never buy anything of significant value in new stores unless you are 100% sure about the legitimacy.
Many scammers are creating profiles and are creating usernames that are similar to the handles of top brands. As there is no legal cure to the inception of the problem, we advise you to be alert at all times.
If you are ever contacted by profiles that appear to be linked with top firms, talk with the customer support and verify the details of the employees before proceeding. Note that legitimate businesses will never ask for personal information via social media platforms for any reason.
If you are ever forced to input your details, then do not comply instead raise a formal complaint. Keep in mind that voicing your experience in real time is the key essence to detecting the problem early.
Giveaways and Contests
The Internet is full of giveaways and contests. NFT Scams also take advantage of promotional activities, but the twist is that only the scammers will make money from it. We are not saying that there aren’t any giveaways that aren’t a scam, but sadly, the majority of them do have a hidden agenda.
If you ever encounter any task that promises ridiculous rewards or giveaways that appears to be too easy, then walk away from it. While the offer might be tempting, the consequences that follow are likely to be deadly and it is not worth the hassles present at every level.
This type of trap is also self-explanatory. Cyber criminals usually send bulk emails encouraging people to sign up on certain platforms. The crooks might entice the users by promising certain guaranteed benefits.
As scammers are good at what they do, many people fall for it and end up losing not only money, but their sensitive information as well. To avoid being their next victim, make sure that you never input details via unknown platforms or websites.
Also, talk to the official customer support before handing over the banking information. A few minutes of research can save you from boat loads of disappointment.
Insider Trading NFT Scams
Insider trading scams are not always easy to spot. There have been many instances in the recent years wherein few people made big money just because of the exclusive information they had. Moreover, the NFTs prices are easy to manipulate and unless you exactly know how everything works, chances are you won’t be on the winning side of the equation.
Due to lack of strict regulation, insider trading happens a lot in this field. So, never invest more than what you can afford to lose.
Moreover, get involved with flipping or selling NFTs only after gaining understanding or else, the volatility and illiquidity can kill your capital in a matter of days.
Lost money to NFT Scams?
Losing money to NFT Scams is becoming common at an alarming rate. The retail side is losing money to the scammers and crooks. If you have been a victim of a NFT Scam, then fill out the contact form below.
Once we have details about your case, our staff will chart out the best actionable strategy and will help you in the recovery process for free. All of our services come with no strings attached and we never demand money from our audience for any reason.
NFT Scams are a deadly instruments that can wipe out your account quickly. Of course, you can make money, but it is not that easy and the odds of finding the next big thing are pretty slim.
So, be sensible and get educated first. Once you have sufficient knowledge, then start out slowly and scale the capital as you see fit. To be on the safer side, talk with your financial planner as well.
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