NFT scams

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What is the meaning of NFTs?

Non-fungible tokens, commonly called NFTs, represent a new type of digital asset. Similar to cryptocurrencies, they differ because each token is unique and not interchangeable.

Verifying NFT's

NFTs are verifiable assets that represent things such as images, artworks, music albums, videos, and GIFs. Theoretically, almost anything online can be purchased as an NFT.

Smart contracts

NFTs are linked to unique codes known as “smart contracts” and are typically stored on the publicly accessible Ethereum blockchain. Given the transparent nature of blockchain, many scams exist aiming to steal NFTs. Therefore, thorough research is crucial before investing, especially for newcomers, to minimize fraud risks.

What's point of NFT's?

The purpose of NFTs lies in their traceability across the public blockchain, offering buyers a built-in authentication trail. However, because of how blockchain transactions work, if your NFT is compromised or stolen, recovering it may be impossible. This makes it essential to handle digital assets with great care.

How to recognize signs of an NFT scam

False identitie

Since NFT transactions are entirely digital and most promotion happens through online platforms or social media, it's quite easy to fall prey to NFT scams via catfishing. If you get a direct message from someone claiming to be an NFT creator, celebrity, or influencer, avoid replying—this is a common red flag. In the NFT community, it's standard practice that official team members won’t contact you unless you reach out first. If someone does message you out of the blue, do not engage, click links, or share personal information.

Pump and dump schemes

This phrase describes individuals who purchase a large quantity of NFTs or cryptocurrencies to create fake demand. Once prices rise, these scammers sell off their holdings, profiting while leaving unsuspecting buyers stuck with worthless assets. To protect yourself from pump-and-dump NFT scams, always review the background and transaction history of any NFT project you're considering.

Counterfeit NFTs

Before purchasing any NFT from a marketplace, take time to verify that the artwork originates from an authentic account. Look for a blue verification checkmark beside the artist’s profile image. If none is visible, try locating the artist on social media or their website. Reach out to confirm whether the NFT you're considering is genuine. If you can’t verify it or they deny ownership, avoid the purchase—it’s likely part of an NFT scam.

FAQs

  • How exactly do these scams function?

    These scams involve hackers and fraudsters stealing your cryptocurrency wallet credentials or deceiving you into thinking you have legitimately bought or sold an NFT. Attracted by the high value of digital assets, these cybercriminals constantly evolve their techniques, such as phishing, to gain access to user accounts.

    This kind of fraud is increasing and impacts thousands globally. If you’re considering buying NFTs and suspect fraud, our legal team at InterClaim Alliance is available to offer more information and guidance on how these scams operate and how to protect yourself.

  • How can you purchase NFTs?

    NFTs can be bought through various methods depending on the platform, of which there are thousands available. Many platforms use waitlists, and when you reach the top, buyers are randomly selected to purchase an asset. Some accept USD and cryptocurrencies, while others only accept the cryptocurrency used by OpenSea.

    To begin purchasing NFTs, first buy cryptocurrency via an exchange, then transfer it to a secure wallet. Some exchanges, like Coinbase, provide built-in wallets when you create an account. Next, link your wallet to your preferred NFT marketplace. After connecting, you can browse available NFTs and proceed with your purchases.

  • What potential risks exist with NFTs?

    NFTs are generally considered a high-risk, high-reward type of investment. The market has gained significant popularity, with many people becoming wealthy, attracting widespread interest. Unfortunately, scammers are drawn to this success like sharks to blood, posing a major threat in NFT trading. To stay safe, stay informed and only purchase NFTs you are familiar with.

  • What are the signs of a scam?

    Scams can take many forms, but the most frequent involve fraudsters impersonating government officials or pretending to be from an NFT service to access your accounts and private details like passwords or wallet keys, giving them the chance to steal everything.

    They may also appear as pop-up ads, emails, or calls from unfamiliar numbers. Always verify by contacting official numbers listed on our website to protect yourself from further harm.

  • What actions should I follow after being scammed?

    It might feel overwhelming at first, but take a moment to record everything—dates, account numbers, statements, and all relevant details. This will help when you contact us.

    You can schedule a free consultation where we’ll discuss your case and advise on the next steps.

    Always use the contact number we provide to avoid further problems. Also, keep a log of who you speak with and never share sensitive information like passwords.

  • Who actually owns NFTs?

    The question of who owns NFTs is common among investors. In truth, anyone can own an NFT, but only one person holds ownership at a time. However, NFT scams exist on trading platforms aiming to steal these assets. Since NFTs are stored on a public blockchain, ownership can be easily verified.

    Metadata within NFTs contains specific data, making them targets for fraudsters seeking private keys. If your NFTs were stolen through fraud or lost via regulated brokers, we may assist with recovery services. Contact us today for more details.

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