As NFT crypto emerges and create a hype in the world similarly like social media platforms it has some of its phantoms that have taken roots in cryptocurrency worlds commonly known as scams. For the prevention and for keeping your eyes open on the different platforms of NFT, here we are telling you about different type of scams.
The scams include fake NFT stores, replicas of NFT stores, Malicious or fraudulent NFTs, social media scams about NFT market and fake NFT giveaways. NFT crypto is the main attention now a days of cybercriminals, so any person who is getting involved in this should keep a sharp eye because this platform does not contain enough ways of protection for the people and they can be easily scammed.
NFT Scams that mocks truth
One day the artist Derek Laufman woke up and he saw his couple of emails and messages and all of them have the same question for him that if he had start selling the non-fungible token NFT of his art on Rarible which is the site where people can buy NFTs. There was verified profile on the site that claimed to be him and that person really invest his much time to pass the platform verification purpose and according to laufman he was peeved with the situation going on.
When you heard about NFT you also heard about digital art which you can trade and earn royalties but this is very shameful act to steal an artist art and make sales from it. This is very bitter reality of NFT marketplace that someone can easily grasp an artist work because NFT doesn`t contain any rule that people own the copyright who mint on it and trade.
non fungible tokens (NFTs) have no inherent value and not even technologically innovative — they require the pre-existing system of violence and control to enforce a belief in the value of what is ultimately a glorified checksum— Chelsea E. Manning (@xychelsea) March 16, 2021
When this problem spreads globally many artists have started checking on different sites such as Rarible and Open sea to see whether their work is protected or not and exotically many of them found that their work is minted without their permission because on these platforms you don`t have to prove that it’s your own digital art before putting it in blockchain.
“I’d seen a few posts going around of people who’d had their art stolen,” says Devin Elle Kurtz, an artist. “One of the first results was my art on this Marble Cards website.” He further added “The person who turned it into an NFT had, like, put their handle all over it,”. “I don’t know who that person is, and they may not have known they were doing anything wrong,” Kurtz says. “Nothing against that individual if they didn’t realize that what they were doing might not be the greatest.”
The verification process on these sites is not that difficult, in Rarible for verification you have to attach your social handles and then it doesn`t verify if it is you or not which is a major drawback of NFT platform.
Protection of Artists
People can take some steps to ensure that they are not the victims of cyber criminals. Two factor authentication or immediate physical token generator process should be used to protect the username and password. The site from where you are buying should be lawful and approved, do not click on any link either it is sent by an email or any social media platform.
⚠️ Our review process for new NFT collections is changing.— OpenSea (@opensea) March 14, 2021
First, thanks to all the creators who have waited so patiently – we understand it’s been too long, & we’re sorry.
We’re experiencing unprecedented growth, & scaling our approach to buyer safety is essential. Details: 👇
The most important and most damaged scam tactic is sending free gifts or tokens in which scammers send some domains to the visitors which claims that they would send more in return. People get scammed because they thought it’s an opportunity and they get nothing. If you are getting part of NFT market beware and keep an eye on the scams because an artist’s art is the identity of the artist.