First of all, if you are an artist or content creator, we recommend that you jump to this other note that recommends how to avoid scams but from the seller’s perspective.
The world of NFTs is growing rapidly, which means there are more opportunities for users to buy and sell unique digital assets. However, as every time a new technology breaks into the market, some malicious minds with sufficient knowledge try to take advantage of new users. That is why it is very important to take steps to protect yourself and ensure that you are conducting secure transactions. In this note, we will cover several key tips to help you beware of scams in the exciting world of NFTs.
Find out the authenticity of the seller and their reputation in the NFT community:
It is essential to know the authenticity and reputation of the seller before buying any NFT. One way to do this is to research through forums and online communities on the subject. It is also important to review the opinions and comments of other buyers and verify if they have had positive or negative experiences with the seller.
In addition, it is useful to look up information about the history and track record of the seller in the world of NFTs. If a vendor has a long history in the community and a positive reputation, they are more likely to offer authentic and trustworthy NFTs.
In summary, and just like we check reviews when making any other purchase online, it is important to do your research and find out the authenticity and reputation of the seller before buying any NFT to minimize risk.
Verify the authenticity of the NFT before purchasing it.
Before purchasing any NFT, it is important to verify its authenticity. This can be achieved by verifying the information provided by the seller, such as the description and images of the NFT. It is also useful to search the blockchain where it is hosted to verify its existence and authenticity.
Another tip is to look for it on different NFT platforms and marketplaces to compare prices and see if it is sold elsewhere. This can help prevent you from buying counterfeit or duplicate NFTs.
Do not buy NFTs at prices much above or much below the average market price.
A very big red flag can be the offer of an NFT at an exorbitantly high price or well below the average market price. It is important to research and compare NFT prices similar to current market prices for a token with similar characteristics.
If an NFT is being offered at a price that is significantly higher or lower than the average market price, it may be a counterfeit NFT.
“If an NFT is being offered at a price that is significantly higher or lower than the average market price, it may be a counterfeit NFT.”
Do not share sensitive information, such as your private wallet keys, with anyone
An important practice in the blockchain world is to protect your sensitive information, especially your private wallet keys. Private keys are the way to digital assets on the blockchain, so it is essential to keep them safe and secure.
Never share your private keys with anyone, including vendors, websites, or anyone else. Also, avoid entering suspicious websites or apps that ask for access to your wallet or sensitive information.
“Never share your private keys with anyone, including vendors, websites, or anyone else. Also, avoid entering suspicious websites or apps that ask for access to your wallet or sensitive information.”
Store your NFTs in a secure and trusted wallet.
An important practice in the world of NFTs is to store your assets in a secure and trusted wallet. Wallets are how your NFTs can be stored and protected, so it is important to choose a reliable and secure wallet.
In our note on virtual wallets we explain more about it, but it is important that you know that you should look for wallets that are recognized in the NFT community, that have a good security record and that provide a wide variety of security features and options. . Also, make sure you have backup copies of your private keys and keep them safe at all times.
Following these tips can help reduce the risk of falling for a scam in the world of NFTs. It is important to exercise caution and do your research before investing in NFTs.
In short, the world of NFTs can be an exciting opportunity for cryptocurrency users, but it also presents challenges and risks. By following the tips outlined in this note, users can protect themselves from scams and make safe transactions in the world of NFTs. With a bit of caution and proper knowledge, users can enjoy the NFT buying and selling experience in a safe and secure manner.
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