Nonfungible tokens are taking the digital world by storm with people making money and trading these digital assets. But there are also plenty of scams to dupe people and businesses out of money.

Common types of NFT scams

NFT scams either deceive people out of money directly or get credentials to access a person's digital wallet or cryptocurrency wallet. Unfortunately, it is hard to recover lost money or stolen digital wallet credentials after a scam.

Here are some of the more common types of NFT scams to watch for.

Rug pull

Tricksters pull purchasers  in by promoting a fake NFT project and promising them that they will make huge profit and money. The scammers making hype this asset on tweter ,facebook ,telegram and other related social media but after it is purchased, The team behind these nfts runs away Or the promises made by the team are not fulfilled , This causes the value of nft to drop immediately or slowly day by day. The scammers also eliminate the ability to sell this NFT.so avoiding these type of scam Research the NFT seller. Before purchasing look the seller history on marketplace and check review about seller and team Do a lot of research first before buying any kind of nft.

Phishing

Phishing might be an old trick, but it's still famous. Typically, a phishing scam involves Eye-catching ads ,link on social media or email these links taking people to a scam websites,The scam and fake website then requests users' private wallet keys to gain access to their crypto wallets like metamask trustwallet or other  digital wallets.Once scammers get an access of private keys of digital wallet, they can transfer your crypto and nft to another wallet and left your wallet is empty,so avoiding these type of scam.real websites nevers ask your digital wallet private keys and any kind of private access.

Airdrop

Scammers promote airdrop giveaways.The scammers typically offer a free NFT for spreading the refral links to friends or signing up on their websites.At the point when the time has come to gather the rewards, the scammers request digital currency wallet data to send the NFT airdrop, but they gian access to the wallet and take any amount of the person wallet,So always remember Never give out your wallet information to any airdrop you join,Try not to put any funds in the digitall wallet from which you join AirDrop.

Counterfeit NFTs (BIG SCAM)

scammers make duplicate art work of popular nfts and afterward they list this fake artwork on legit sites like open sea , nftb,etc.Because it was duplicate and phony, the NFT has no worth.Most people buy such this type of nft and then they find out later that it is fake, So before you buy any type of NFT, do a thorough research on that NFT.

Bidding scams

An bidding scam happens when somebody attempts to resell their NFT,After receiving the highest bid,the scammer,switches out the another cryptocurrency to one of a lesser value.But it is only a trick of the eye Hallucination .It may appear like the same and highest amount, but other Cryptocurrency using for bid is worth less than the prize of bid. many people Quickly apply the bid ' So, instead of receiving 5 ETH (about $15000), you could receive $5 USD. so avoiding this type of scam you need check the crypto currency price is same amount of the bid before payment.

EXTRA TIPS FOR SCURE YOUR NFTS FROM SCAMS

1.Keep keys private.

2.Research the NFT seller.

3.Review transaction history of NFT.

4.Create strong passwords.

5.Do not click on suspicious attachments or links.

6Review transaction history of NFT.