As NFTs continue to grow in popularity this attracts NFT scammers who target investors with fake NFT projects and collections. It could be hard and confusing to recognize a fake NFT collection that could end up being an NFT scam.
NFT scammers trick investors into buying NFTs in different ways. An NFT collection can turn out to be fake, unauthorized copies, or outright scams.
Recently, Pranksy, a famous NFT collector shared his experience. He got scammed via a fake auction. Fortunately, the scammer returned his funds. Yuga Labs, owners of Bored Ape Yacht Club is exploring the abuse of its intellectual property. The artist behind Hermes MetaBirkin NFTs is arguing the right to create art based on interpretations. In a separate case, Nike is challenging StockX for trademark infringement
Other cases have involved pump and dump accusations. Logan Paul’s NFT collection has received such criticism. He is not the only one identified by ZachXBT. Known as a scam buster ZachXBT has taken the time to investigate some public figures. As a result, he has called out Floyd Mayweather and, Paul Logan as well as other celebrities.
1/ Here’s a thread on some of the public figures in the Web 3 space that deserve large fines and potentially jail time for creating or promoting multiple crypto/NFT scams.
1 @FloydMayweather
2 @jakepaul
3 @souljaboy
4 @lindsaylohan
5 @jayalvarrez
6 @lilyachty
7 @LoganPaul
— ZachXBT (@zachxbt) June 4, 2022
Traditional art and objects need experts to identify fake items. For NFTs, everything is on the blockchain and on the web. With a few precautionary steps, you can stay safe and avoid scam NFT projects.
And there are other things you can do to ensure you are safe with all the collections you’re interested in.
Careful analysis and knowing what to look for is essential. An investor can navigate their way through the complex and ever-changing world of NFTs. If there is money and buyers, scammers will always be around. It is important to be on your guard, informed of what you are buying and ensure you are buying from the correct source. As with any investment, a plan should be in place for how long you are intending to hold the NFT.
It would be great to see more NFT collections being independently audited. The collections market is fast-paced and continues to evolve. As the NFT market matures more tools will be available. More tools are necessary for NFT investors to verify NFT projects. Specically showing audit results and trustworthiness scores.
⬆️Also, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️Above all, find the most undervalued gems, up-to-date research, and NFT buys with Altcoin Buzz Access. Join us for $99 per month now.
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