First of all, if you are an investor or are interested in buying NFTs, 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’ll cover several key tips to help artists and content creators beware of scams in the exciting world of NFTs.
Check the authenticity and verifiability of your wallet:
An important practice in the world of NFTs is to store your assets in a secure and trusted wallet. Wallets are how NFTs can be stored, 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.
Protect your private keys:
An important practice in the blockchain world is to protect your sensitive information, especially your private wallet keys. Private keys are the way to access your digital assets on the blockchain, so keeping them safe and secure is essential.
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.”
Know your buyer:
This point is quite subjective because in our daily lives we are used to checking the reputation or identity of the counterparty when we assume the role of buyers.
But, unless we work with recognized platforms and that they give us confidence, it is important that we investigate as much as we can about the buyer.
When the buyer wants to impose his conditions, above all, it is when we must be most attentive to certain signs that make us distrust that transaction.
Throughout our consulting experience we have developed a method to detect signals or indicators that have prevented our clients from falling for scams on countless occasions.
Make sure the price is reasonable:
A very big red flag can be the offer of an NFT at a price much higher or well below the average market price. It is important to research and compare the prices of NFTs similar to the one we are offering.
If we receive an offer at a price that is significantly higher or lower than the average market price, it may be an indication of a potential scam.
DO NOT be blinded by ambition and consult with professionals with proven experience and track record who can accompany and guide you throughout the transaction process.
“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.”
Use a trusted platform:
That the buyer wants to impose all the conditions for a transaction should also be suspicious, we must always work on platforms where we feel comfortable with their security standards and conditions.
This does not necessarily mean that the platform that the buyer can offer us is bad or a scam, but if we do not know it, it would be good to consult with professionals who can evaluate it to see if we can trust it to move forward with the transaction.
Mintea your works with your own smart contract:
Another option for slightly more advanced users or with programming knowledge is to develop their own smart contract to mint the works.
We can also contact professionals who can provide us with this service. In our case, we offer this service, and you would be surprised by how little money you can have your own smart contract to minte your works.
Create your own marketplace:
As stated in the previous point with some tutorials available on the web, with a little time and skill you can create your own web3 and add a marketplace to it.
Or also have professionals who, for a much lower cost than you think, can develop the website for your project or your personal brand, add the marketplace to sell your works, advise you on marketing strategies, community development and collaborate with the development of your business plan for the project.
Following these tips can help reduce the risk of falling for a scam when selling your NFTs. It is important to exercise caution and do your proper research or consult with professionals with proven experience.
To avoid falling for a scam in the world of NFTs, it is a good practice to follow the advice that we tell you in this note, but it is important that you know that they by themselves do not guarantee the success of a transaction. This is a market in constant movement and with exponential growth, so it is important to be aware of the news in both commercial and security matters.
As early adopters of this technology we can see great opportunities, but we are not exempt from the great risks that surround it.
Training and advice will allow you to navigate with a life jacket on in this ocean of information with great waves of news, misinformation and many pirate ships.
From NFT Smart Design we can advise you to avoid falling for scams. Click here and sign up for a personalized consultancy with a member of our team.
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