Let’s face it: NFT scams are ever-present in our society nowadays. We read and hear about how hackers find new ways to infiltrate the blockchain and steal cryptocurrency or artwork on news platforms and social media.

It’s even gone to the level where one of the biggest scams to date was Aptos Chimp, an NFT built on the Aptos blockchain, which scammed investors out of 1.5 $APT (roughly $12.6 million) through a fake site drainer in October 2022.

However, as the NFT market grows, so does the risk of scams and fraud.

It is crucial to have a deep understanding of how scammers operate to avoid becoming victims of these ruthless operations.

Which brings us to the question, “How can you protect yourself from falling victim to NFT scams?

Here are some tips to help you avoid common pitfalls and enjoy the benefits of NFTs

1. Carry out due diligence on sellers and websites.

Before you buy or sell an NFT, do some background checks on the platform, the creator, and the token itself. Look for reputable platforms that have clear policies, security features, and customer support.

Avoid platforms that have low ratings, negative reviews, or suspicious domain names. Check the creator’s profile, social media, and portfolio. Look for signs of credibility, such as verified badges, previous work, and feedback.

Verify the token’s name, description, image, and attributes. Make sure it matches the original source and is not a copy or a fake.

2. Use a digital wallet

To store and transfer your NFTs, you need a digital wallet that supports the blockchain network and the token standard of your NFT.

For example, if you want to buy an NFT on Ethereum, you need a wallet that supports ERC-721 or ERC-1155 tokens. Choose a wallet that has a good reputation, a user-friendly interface, and a high level of security.

Avoid wallets that ask for your private keys, passwords, or personal information. Always back up your wallet and keep your recovery phrase safe. Never share your wallet details with anyone or click on any suspicious links or attachments.

3. Beware of NFT phishing and spoofing.

Phishing and spoofing are common techniques that scammers use to trick you into giving up your wallet details, your NFTs, or your money.

Phishing is when scammers send you fake emails, messages, or websites that look like legitimate ones but are designed to steal your information or infect your device with malware.

Spoofing is the practice of con artists creating fake NFTs or accounts that look like real ones but are actually under their control.

To avoid phishing and spoofing, always double-check the sender’s address, the URL, and the SSL certificate of any communication or platform you use. Never enter your wallet details or click on any links or buttons that ask you to claim or verify your NFTs or funds.

4. Ensure that you also check the fees and commissions involved and make sure they are reasonable and transparent.

You should also diversify your portfolio and invest only what you can afford to lose. Finally, you should always report any suspicious or fraudulent activity to the platform, the community, or the authorities.

Conclusion: NFTs are an exciting and innovative way to create and own digital assets. However, they also come with some risks and challenges. By following these tips, you can avoid NFT scams and enjoy the benefits of NFTs safely and securely.