Home Technology Searches for NFT Scams Rise by 245%: Experts Reveal How to Avoid Them

Searches for NFT Scams Rise by 245%: Experts Reveal How to Avoid Them

When you purchase through our sponsored links, we may earn a commission. By using this website you agree to our T&Cs.

The world of NFTs is only set to rise, however, with this comes an increase in scams. Very recently, the creators of Big Daddy Ape Club swiped $1.3 million from would-be collectors, quickly cashing out their gains after launch.

Get The Full Henry Singleton Series in PDF

Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q4 2021 hedge fund letters, conferences and more

Global Searches For NFT Scams Rise

Experts at NFT Club decided to look into concerns over NFT scams, finding that global searches for ‘NFT Scams’ have increased by a whopping 245%.

In light of this, Adam Morris, co-founder at NFT Club has provided expert advice on how to look out for NFT scams, as well as how to avoid them - please see below:

Adam Morris, co-founder at NFT Club commented:

NFT scams are becoming increasingly common in line with increased ownership and the sophistication of technology making it easier for scammers to target investors. These are ever changing and people are pretty smart with the sorts of scams they come up with.

It's important to always be vigilant, if you are buying a collection make sure it is verified. Lots of people make copy collections and try to confuse people into buying the wrong asset. Consider whether the price of the NFT seems legitimate and check if the contact address of the NFT aligns with that from its creators website.

There has also been a surge in replica and fake stores made to look like the original ones in order to trick users into logging in or inputting their credit card information, this is what's known as ‘phishing’. There are useful tools you can enter the web address into to check if the site is a scam but the best way to stay safe is to stay on legitimate sites such as OpenSea.

Scammers are also getting in touch with users over Discord and Twitter. Impersonating OpenSea or Metamask support staff with the aim of tricking people into exposing their security phrase or sending links to fake customer service websites, where you are asked to input your credentials. If you are seeking technical support always go directly to official customer support websites and never share your recovery phrase.

Additionally, ever send your assets to anyone directly, always use a marketplace. Make sure you use a hardware wallet because you are at risk if you are only using a web-wallet.”

Our Editorial Standards

At ValueWalk, we’re committed to providing accurate, research-backed information. Our editors go above and beyond to ensure our content is trustworthy and transparent.

Anna Peel

Want Financial Guidance Sent Straight to You?

  • Pop your email in the box, and you'll receive bi-weekly emails from ValueWalk.
  • We never send spam — only the latest financial news and guides to help you take charge of your financial future.