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5 Ways to Protect Yourself from NFT Scams

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The market for NFTs has exploded! In 2021, $25 billion of NFTs were sold, compared to $94 million just the year before. Everything from tweets, fine art, graphic designs and even sports cards now have NFTs and are bringing record prices in auctions and ‚xed price sales around the globe.

It’s not shady, illicit characters in the dark reaches of the internet that are usually selling NFTs. Staid, responsibl­e, risk-averse auction companies such as Christie’s and Sotheby’s are o‡ering NFTs to their clientele. But the dark side to $25 billion in annual sales attracts all kinds of interested parties – including those with fraudulent intent.

Here are five important things to remember about common NFT scams and how to avoid them. Make certain you are on a legiti mate website.

Fake, scamming NFT websites abound all over the internet, o‹en mimicking a legitimate site. If you intend to bid in a real NFT auction, do not click links in emails or in chats to get there. Enter the actual address into your browser.

A Google search will provide you with more site listings than you can imagine. But that same Google search will also serve up some sites that are not legitimate. A good place to start is with the largest and most dependable of these NFT sites - OpenSea: https:// opensea.io/

According to Wikipedia, OpenSea is an American online non-fungible token marketplac­e headquarte­red in New York City. —e company was founded in 2017. OpenSea describes itself as “the world’s ‚rst and largest digital marketplac­e for crypto collectibl­es and non-fungible tokens (NFTs). Buy, sell, and discover exclusive digital items.” When you consider that OpenSea has done over $5 billion in volume, you can feel more con‚dent than ‚nding a site through your own research.

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