Most scammers on the internet make money since their targets are either less informed or clueless. That means the chances of falling for fraudsters fade once you have adequate knowledge. To prevent non-fungible tokens (NFTs) scams, you need to ensure caution and follow expert advice.
As a buyer, beware that NFTs are pieces of digital arts, originality being their primary feature. From collectible to unique NFTs, every project boasts an original constituent.
Nevertheless, that isn’t limited to the artwork’s design and can stretch to the art’s utility. Any projects need to include other properties or attributes for their unique NFTs and how the features impact the value/utility. Here’s how you can go about buying NFTs without fraudsters’ interactions.
Purchase for Trustworthy Sources
Make sure you buy your NFT from a reliable marketplace. That can mean utilizing renowned marketplaces like LooksRare. OpenSea, X2Y2, Nifty Gateway, SuperRare, and Rarible. These platforms ensure social audit aspects such as connecting to the project’s Discord, Twitter, or website. That is according to Vauld VEO Darshan Bathija.
Thorough Understanding
Non-fungible tokens entail music, digital art, GIFs, video game assets, video, and avatars. For now, most NFTs are artworks. For that reason, enthusiasts need to understand the artwork’s utility and purpose before executing purchases.
Catax founder Gaurav Mehta advises individuals to determine whether they are buying the art from an idea, person, or artwork itself, similar to purchasing any painting. He added that initial buyers need to check if the NFT has a secondary market or direct use of the assets for buyers.
For instance, an individual that paid $2.9 million for Jack Dorsey’s first tweet could only secure $6,200 as the highest bid, nearly 0.2% of the purchase price. Most market players might not have another use for this NFT.
Follow Checklists
Some analysts urge buyers to follow checklists before joining the NFT world. Buyers should consider several facets such as the roadmap, founding team, and whether the founders are authentic.
That would also help understand the NFT utility. Be cautious whenever interacting with NFTs with anonymous founders. Mr. Bathija advises individuals to avoid Teams with concealed identities or pseudonyms such as Punk123456.
Feel free to add any NFT safety tips in the comment section below.
NFTMetaverseFinance is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Voices content) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.
