October 2, 2022

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.

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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.

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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.

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Feel free to add any NFT safety tips in the comment section below.

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