NFT scams are fraudulent activities that target NFT creators, collectors, and investors, causing them to lose money or digital assets.
Some of the most common NFT scams are phishing, bidding scams, pump-and-dump scams, counterfeit NFTs, and price manipulations
Phishing scams involve sending fake emails or messages that ask for personal information or direct users to malicious websites that steal their account details or seed phrases
Bidding scams involve placing fake bids on NFTs to drive up the price or lure sellers into accepting low offers
Pump-and-dump scams involve artificially inflating the value of an NFT collection or a single NFT through wash trading or fake endorsements, and then selling them at a high price before the market crashes
Counterfeit NFTs involve creating and selling copies of original NFTs without the permission of the creators or owners
To avoid NFT scams, users should do their research, verify the identity and history of the sellers and buyers, check the details of the transactions, use reputable and secure platforms and wallets, etc