While this is certainly one of the purposes they can serve, NFTs are a digital representation of any asset that is unique in nature and indivisible. With artists like Beeple and Pak, as well as projects like CryptoPunks, Axie Infinity, Bored Ape Yacht Club, and many more, NFTs have become a synonym of digital collectibles. ![]() As such, don’t worry if you believe any of these misconceptions! What Actually Are NFTs? From thinking of NFTs as cryptocurrencies to thinking about owning an NFT as owning the copyright of a work, many savvy investors have fallen for this. However, there are many misunderstandings about how NFTs work and what they actually represent.įor this reason, we will first take a brief look at what NFTs are and some of the most common misconceptions around them. If you are reading about NFT scams, chances are that you already have an idea of what an NFT is. The first step toward avoiding NFT scams is to “truly” understand what NFTs actually are. With that out of the way, let’s get started! NFTs: A Brief Overview However, it is important to remember that new scams are always being created by scammers and you should never drop your guard. Today, we will be taking a look at some of the most frequent NFT scams and how they work, which will hopefully help you avoid falling for them. This means doing your research on the validity of NFTs, platforms, artists, and other relevant data before completing a deal. If you have already been participating in the NFT space or are considering doing so, there is only one way to protect your assets: Inform yourself. These scams can range from selling copyrighted material as an NFT without the proper authorization to phishing attacks that result in robberies worth millions. With most people still in the process of familiarizing themselves with the nature of crypto and NFTs, many are easy prey to these scammers. Of all of them, those who seem to be benefiting the most out of the relatively young technology are scammers. Unfortunately, as the potential for profits grows in the NFT space, bad actors have found more reasons to disrupt it. With NFTs having become as big as they are now in popular culture, it is not surprising that companies like YouTube seem to be planning on integrating them., which has increased the number of NFT scams too. NFTs have been all the rage for more than a year now as millions of people continue to join the craze.
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