NFT Scams are not old, but who are these new scammers? Let’s find out in this article!
NFT scams are the cash on the revolutionary opportunity for content creators to monetize their work. Basically, NFT is a one-of-a-kind digital code representing digital objects like art or music.
A long time ago, long-time internet users appreciated the relatively open and accessible internet assets. For instance, most tutorials, videos, or articles come to users at no cost. Even if you pay for a course or a post, it is usually distributed among thousands of buyers.
So, NFT pioneers like the idea that digital objects are fit for sale. In an NFT-driven environment, we might soon see galleries showcasing digital art and collectors bidding on online goods. Furthermore, as NFT reports record revenue streams, interested parties will likely face more NFT scams.
What is an NFT?
A non-fungible token (NFT) is a digital asset stored on a blockchain. Owners can sell or trade these items that should be impossible to replicate. Usually, an NFT can represent anything, be it a Tweet or a picture, as an Ethereum-based asset. Also, having an NFT helps people assign or prove ownership of such unique items.
How do NFTs work? How do people buy them?
Essentially, owning an NFT means buyers can boast about owning the original version of a digital asset. Content creators generate them by a process called minting. The latter turns one’s digital work into an NFT by introducing a representation of the file on blockchain networks. The easiest way to perform minting is through NFT platforms and marketplaces like OpenSea.
Once creators generate an NFT, they can put it for sale. The only possible way to make an NFT purchase is via a crypto exchange. So, interested parties will need Ethereum to get their hands on NFTs. Many marketplaces are in auction form, so you might need to submit a bid and hope for the best.
Overview of Twitter NFT Scammers
NFT Scammers are always playing their tricks on the people interested in investing in the NFTs or who are beginners in the mania of NFTs. Sometimes, the investors are even experienced but have little or no knowledge about the scams.
Speaking of the NFT scammers and we won’t mention these new Twitter scammers in the market?
The interesting part here is these scammers are not individuals doing the scam separately, but it’s only the one person doing all the scams by using different accounts.
We are mentioning the Twitter accounts below:
Scams always look authentic and real until it happens to you. The same is the story for these accounts; when you visit these accounts, you’ll feel nothing scammy about these accounts. However, the scenario is totally opposite!
These NFT scammer accounts buy cheap followers and buy ads to increase the followers of their accounts. The usual scam starts when they tweet some NFT, and over that NFT post and through the help of these fake followers, they also buy the likes and retweets, which help them optimize their advert, and they eventually sell the Fake NFT to the real people.
The prices of these NFTs vary between $59-$520. Another reason why people buy from these accounts is because of the fake paid followers and Retweets by these fake and paid accounts. Though these retweets, likes and comments are fake, they are enough to get anyone’s attention to their twitter spaces.
To ensure nobody comes into their scam, we are mentioning their ETH address:
To conclude, we can all say that you should always buy NFTs from reliable marketplaces. Official platforms are the only places you should look for investment opportunities. Such marketplaces put specific security mechanisms in place, like continuously banning scammers’ accounts.
Moreover, be skeptical of new but actively promoted projects. A highly prominent marketing campaign for NFTs does not mean that they are reliable, just as we’ve mentioned in the scam above. NFT scammers can mimic the hype by purchasing ads or influencer posts.