In today’s digital economy Non Fungible Tokens (NFT) are all a craze where people are able to make money by trading NFTs. They are digital assets that come in all shapes and sizes including art, image, GIFs, music, video game items, collectibles, memes, virtual fashion, and more. NFTs help creators to include a string of code into their works so that they can share them without fear of piracy and also guarantee that they will be paid directly by their supporters and fans through royalties and sales.
Small businesses are also looking towards NFT projects for their marketing campaign. promotional tools and customer loyalty programs. There is money to be made from NFTs in fact the global NFT marketplace is expected to reach some $80 billion by 2025 promoting people to create an NFT. With so much money on the line, NFT scams are now everywhere. Here are some of the NFT scams to avoid before you start buying these tokens.
What is an NFT Scam?
Like any investment, online investing scams do occur and cost victims lots of money. For example, some NFT marketplaces are phishing sites where scammers create what look like authentic websites to dupe visitors into sharing confidential details like their crypto wallet private key. This is further compounded as there’s no real way that they can get them back their money.
Common NFT Scams to Watch Out for
The popularity of digital assets trading as NFTs has grown exponentially over the past few years, with NFTs now going for millions of…
