• About
  • Contact
  • Testimonials
  • Newsletter
  • More
    • Demographics & Advertising Rates
    • Terms & Conditions
Wednesday, March 22, 2023
No Result
View All Result
California Business Journal
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness
California Business Journal
Five Ways To Avoid Common NFT Scams, Don’t Fall For These

Five Ways To Avoid Common NFT Scams, Don’t Fall For These

by Bobbi Marin, California Business Journal
A A
Share on FacebookShare on Twitter

Non-fungible tokens, also known as NFTs, are developed and released on the blockchain platform. These tokens represent the unique value of an asset. NFTs are often released as a piece of art, picture, sculpture, or even digital content. If you want to know more about Bitcoin, click here.

For the past few years, NFTs have taken a unique position in the investment market. Each NFT is cryptographic and designed with a unique purpose. The token can be created easily by any artist through the process of minting. During the minting process, the token owner creates a blockchain transaction. It then goes through a smart contract functionality which creates the token.

What type of assets use NFTs?

NFTs typically represent any asset. It could range from paintings, digital collectibles or even audio and visual pieces. There are also NFTs created for events and even gaming tickets.

Common types of NFTs and their utility

NFTs have gained an active and stable investment option among crypto investors. Many crypto investors have taken a step forward to buying and owning NFTs as well.

Let us take a close look at some common NFTs and their utility.

Digital collections:

It is the most common type of NFT investment. Such types of investments are created by either an individual or an institution with a brand value. Fans can buy this token and add them to their collections. The most popular NFTs include Marvel, Star Wars, etc.

Gaming tokens:

NFTs are popular in the gaming platform. Such types of tokens can also be bought and sold in the market.

Understanding common NFT scams

NFTs are gaining huge popularity. Along with this growing popularity, there is also an increase in the number of scams in the market. NFT is still a budding market and is open to phishing attacks. There are a few controversies about this investment model.

NFT creates its brand value through its utility and unique features. The token also takes advantage of technological advances and new trends in the market.

Listed below are the five most common NFTs scams that have hit the industry.

ADVERTISEMENT
Creating a fake marketplace

The first thing about investing in NFT is to find a reliable platform to do so. There are millions of marketplaces that allow you to buy and sell NFTs. However, there are a few marketplaces that are not legitimate. There are fake sites that sell NFTs. in case you go about buying one from this site, then your user credential gets stored. Such sites may also ask for your private keys and even passwords.

Making a fake offer to clients

NFT scammers possess themselves as legitimate sellers and make a few offers. There are also phishing emails that hit your inbox often. Learn the industry and understand scamming events. Do not follow such embedded pages and lose your money.

Providing fake technical support

Beware of fake technical customer care representatives making a call to you. Suppose you are looking for any technical support on your NFTs and search for the same on any website. Scammers can gain access to this information and call you as support representatives. Additionally, such representatives may even ask you to share your screen. During this event, scammers can gain access to your user credentials, including private keys.

Offer of fake giveaways and rewards

Yes, this is a popular scamming model. Social media is running behind giveaways. This term is now used on every popular platform. NFT scammers can call you to join their giveaway campaigns. They might ask you to create your user credentials with their website. The software in such phishing sites keeps a record of passwords you create. It means you are willingly giving such scammers access to your digital wallet.

Scheme of pumping and dumping

Another popular scamming to watch out for. In such cases, a group or a person buys a huge volume of tokens. In such cases, they create a market demand for a particular token. Once the price goes up, other genuine investors also tend to buy them. Once the price reaches a high point, the tokens are released to the marketplace. It creates huge inflation creating higher supply than demand.

Related Posts

How California Could Become the Biggest NFT Market in the States?
How California Will Become the Biggest NFT Market in the U.S
How NFT Works and Its Use in the Metaverse
How NFT Works and Its Use in the Metaverse
NFTs Witness All Year Long Rises: Why?
NFTs Witness All Year Long Rises: Why?
NFT Games
What are NFT games and how can you make money from them?
Tags: blockchainbrandcasecryptoDon’t Fall For TheseFive Ways to Avoid Common NFT Scamsgaminginformationinvestinginvestmentinvestmentsinvestorsmakingprivatevalue
ADVERTISEMENT
Bobbi Marin, California Business Journal

Bobbi Marin, California Business Journal

Related Posts

NFTs Witness All Year Long Rises: Why?
NFTs Witness All Year Long Rises: Why?
How California Could Become the Biggest NFT Market in the States?
How California Will Become the Biggest NFT Market in the U.S
How NFT Works and Its Use in the Metaverse
How NFT Works and Its Use in the Metaverse
NFT Games
What are NFT games and how can you make money from them?
advertisement
ADVERTISEMENT
1REALTOUR-SAN DIEGO-WEB DESIGN

Commercial Relationship Manager 3, Wells Fargo Bank, N.A., Los Angeles, California:

Represent the bank in developing and maintaining client relationships within middle market and mid-corporate banking.

Position requires a Bachelor’s degree in Business Administration, Finance, or related field and 3 years of experience. Requires up to 20% travel.

To apply, send resume to recruiter_inbox@wellsfargo.com and reference Requisition # 000329 in the subject line.

Facebook Twitter LinkedIn LinkedIn Instagram
C B J   LOGO  SVG-01
  • About
  • Contact California Business Journal
  • Testimonials
  • Demographics & Advertising Rates
  • Terms & Conditions

Categories

  • Art & Culture
  • Business
  • California Hotel Listings
  • Daily Updates
  • Editor's Choice
  • Education
  • Featured
  • Finance
  • Food & Dining
  • Health & Fitness
  • Human Interest
  • Insurance
  • Law
  • Lawyers
  • Marketing
  • Medical
  • News
  • Newsletter
  • Opinion
  • People
  • Popular
  • Real Estate
  • Social Media
  • Technology
  • Uncategorized

CBJ Partner Firebrand Media

Laguna Beach Independent Newspaper
 Laguna Beach City Guide
 Newport Beach Independent Newspaper
Newport Beach Country Club Magazine
  Montage Magazine
 Omni Escapes Hotel Magazine
 Bespoke Concierge New York
 Evans Hotels
 Laguna Beach Magazine
 On The Menu Laguna Beach
 Newport Beach Magazine
Coastal Real Estate Guide (NB,LB, CDM)
Monarch Beach Resort Magazine
 Pacific Coast Magazine (SoCal)
Sea Island Life Magazine
Salamander Hotel & Resorts Magazine
 View our entire portfolio

 

Most Viewed

  • Gavel, scales of justice and law books

    Lawsuit Basics: How Much Does It Cost to Sue Someone?

    0 shares
    Share 0 Tweet 0
  • Investigation: Can TriumphFX Take Your Money?

    0 shares
    Share 0 Tweet 0
  • The Impact of Covid: Racing to Buy Second Citizenships

    3 shares
    Share 0 Tweet 0
  • What to Do When an Online Casino Refuses to Pay Out Your Winnings

    0 shares
    Share 0 Tweet 0
  • The Truth About Temu: Where Is It From?

    0 shares
    Share 0 Tweet 0
  • Top 5 Flavors On Elf Bar BC5000 Review

    0 shares
    Share 0 Tweet 0
  • NFL Paychecks: How Do NFL Players Get Paid?

    0 shares
    Share 0 Tweet 0
  • Temu’s New Shipping Policy Is A Smashing Hit For Shoppers All Over the Country

    0 shares
    Share 0 Tweet 0
  • Five Reasons Why The Government Does Not Like Bitcoin

    0 shares
    Share 0 Tweet 0
  • How to Start a Telecommunication Business: A Step-By-Step Guide

    0 shares
    Share 0 Tweet 0

Latest Articles

10 Ways to Increase a Home’s Curb Appeal for Buyers

10 Ways to Increase a Home’s Curb Appeal for Buyers

Feel the Health Benefits of a Bemer PEMF Mat

Feel the Health Benefits of a Bemer PEMF Mat

What Can Help Raise the Level of the Game in World of Warcraft if You are a Beginner

What Can Help Raise the Level of the Game in World of Warcraft if You are a Beginner

Benefits of Editing PDF Online

Benefits of Editing PDF Online

7 FAQs About Home Solar Energy Systems

7 FAQs About Home Solar Energy Systems

Benefits of Using Electric Bikes for Camping and Traveling

Benefits of Using Electric Bikes for Camping and Traveling

How to Sign Up for the Best Casino is Listed Below

How to Sign Up for the Best Casino is Listed Below

Does Personal Auto Insurance Cover Rentals?

Does Personal Auto Insurance Cover Rentals?

The Best M4A4 Restricted Skin

The Best M4A4 Restricted Skin

The Top Signs You Need HVAC Repair: Don't Ignore These Warning Signs

The Top Signs You Need HVAC Repair: Don’t Ignore These Warning Signs

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR

No Result
View All Result
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR