{"id":825,"date":"2022-01-21T13:41:33","date_gmt":"2022-01-21T13:41:33","guid":{"rendered":"https:\/\/threatcop.ai\/blog\/?p=825"},"modified":"2024-08-13T13:03:47","modified_gmt":"2024-08-13T07:33:47","slug":"nft-scam","status":"publish","type":"post","link":"https:\/\/threatcop.com\/blog\/nft-scam\/","title":{"rendered":"What is an NFT Scam and How to Avoid it?"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Cryptocurrency and blockchain technology have taken over the attention of the media in the last couple of years. It can be seen that more and more people are becoming interested in cryptocurrency trading. In the meantime, <\/span><strong>NFT Scam is rising in the limelight<\/strong><span style=\"font-weight: 400;\"> for its immense profitability, apart from cryptocurrency. These NFTs have become <\/span><strong>a medium for scamming crypto and NFT (Non-Fungible Tokens) enthusiasts nowadays<\/strong><span style=\"font-weight: 400;\">.<\/span><\/span><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #414141;color:#414141\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #414141;color:#414141\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#What_is_NFT_Scam\" >What is NFT Scam?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#How_NFT_Scam_is_a_Social_Engineering_Attack\" >How NFT Scam is a Social Engineering Attack?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#Book_a_Free_Demo_Call_with_Our_People_Security_Expert\" >Book a Free Demo Call with Our People Security Expert<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#Enter_your_details\" >Enter your details<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#What_are_Non-Fungible_Tokens_NFTs\" >What are Non-Fungible Tokens (NFTs)?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#What_is_Blockchain_Technology\" >What is Blockchain Technology?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#NFT_Scam_Using_Blockchain_Technology\" >NFT Scam Using Blockchain Technology<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#Common_NFT_Scams\" >Common NFT Scams<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#1_Phishing_Scams\" >1. Phishing Scams<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#2_Fake_NFT_Websites_Social_Media_Accounts\" >2. Fake NFT Websites &amp; Social Media Accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#3_Impersonation\" >3. Impersonation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#4_Fake_NFT_Stores\" >4. Fake NFT Stores<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#5_Replica_Scams\" >5. Replica Scams<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#6_Fake_Offers_or_Giveaways\" >6. Fake Offers or Giveaways<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#The_Dark_Web_and_the_NFT_Scam\" >The Dark Web and the NFT Scam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#How_to_Avoid_NFT_Scam\" >How to Avoid NFT Scam?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/#The_Ultimate_Goal_is_to_Become_Aware_and_Avoid_NFT_Scams\" >The Ultimate Goal is to Become Aware and Avoid NFT Scams<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Cryptocurrencies are primarily entangled with an array of scams. There have been numerous cases of scams in the past with NFTs. For example, there was an NFT marketplace by the name of <strong>&#8220;<\/strong><\/span><strong>Evolved Apes&#8221; that had 10,000 unique NFTs<\/strong><span style=\"font-weight: 400;\">. The project was associated with a game where these Apes would fight and one of them would prevail. A week after the launch of the project, the game vanished, along with its official website and Twitter account. From the traces, it was found that they drained <\/span><\/span><strong><span style=\"color: #000000;\">$2.7 million (798 Ether coins)<\/span> <a href=\"https:\/\/hypebeast.com\/2022\/1\/bored-ape-yacht-club-nfts-stolen-todd-kramer-ross-kramer-gallery-owner-opensea\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #183994;\">from users who registered<\/span><\/a><\/strong><span style=\"color: #000000;\"><b>.<\/b><\/span><\/p>\n\n<style type=\"text\/css\">\n      @media print, screen and (max-width: 63.99875em){\n      .tnp-submit\n      width: 48%;\n      }\n      .wp-block-tnp-minimal{\n      padding: 20px;\n      }\n      .blog_para\n      margin-top: 4px !important;\n      line-height: 25px !important;\n      font-size: 15px !important;\n      }\n\n      }\n      .blog_para{\n      font-family: jost,sans-serif;\n      margin-top: 14px;\n      margin-bottom: 30px;\n      color: #fff;\n      font-size: 15px !important;\n      color: black !important;\n\n      }\n\n      .wp-block-tnp-minimal{\n      padding:20px;\n      border: 1px solid grey;\n      }\n\n      .tnp-submit a{\n        background: #1d58c7!important;\n    border-radius: 5px!important;\n    text-transform: inherit!important;\n    padding: 8px 25px!important;\n    font-weight: 600!important;\n    color: #fff!important;\n    width: 30%!important;\n    border: none;\n      }\n\n      .blog_get{\n      font-size: 24px !important;\n      font-weight: 700;\n      padding-bottom: 0px;\n    font-family: 'Poppins' !important;\n      margin-bottom: 0px;\n      margin-top: 0px;\n      margin-bottom: 0px !important;\n      color: white;\n          line-height: 30px;\n          color: white;\n      }\n      .row{\n             display: flex;\n    flex-wrap: wrap;\n    flex-direction: row;\n    padding: 25px 0px 25px 36px;\n    align-items: center;\n\n      }\n\n.colLeft{\n         flex-basis:50%;\n    -webkit-box-flex: 0;\n    flex-grow: 0;\n    max-width: 50%;\n    color: white;\n}\n    \n .colRight{\n       flex-basis: 45%;\n    -webkit-box-flex: 0;\n    flex-grow: 0;\n    max-width: 50%;\n }\n\n.tnp-subscription-minimal{\n    float: right;\n}\n<\/style>\n<div style=\"max-width: 741px; margin: 0 auto; background-image: url('https:\/\/awareness.threatcop.ai\/marketing\/linkedinlowerbanner.webp'); background-repeat: no-repeat; background-size: cover; background-position: center; \">\n<div class=\"row\">\n<div class=\"colLeft\">\n<p class=\"blog_get\" style=\"font-family: 'Poppins' !important; color: white !important\">Subscribe to Our Newsletter On Linkedin<\/p>\n<p class=\"blog_para\" style=\"font-size: 16px;font-family: 'Poppins' !important; color: white !important; margin-top: 10px; margin-bottom: 28px;line-height: 25px;\">Sign up to Stay Tuned with the Latest Cyber Security News and Updates<\/p>\n\n<div>\n<div class=\"tnp\" style=\"margin-bottom: 10px;\">\n            <form action=\"https:\/\/threatcop.com\/newsletter-thank-you\" method=\"get\" target=\"_blank\">\n<div class=\"tnp-submit\">\n                  <a class=\"libutton\" href=\"https:\/\/www.linkedin.com\/build-relation\/newsletter-follow?entityUrn=7062043746430783488\" target=\"_blank\" rel=\"noopener\">Subscribe<\/a><\/div>\n<\/form><\/div>\n<\/div>\n<\/div>\n<div class=\"colRight\">\n<div>\n<div class=\"tnp tnp-subscription-minimal \">\n            <img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/marketing\/newsletter-icon.webp\" class=\"img-fluid\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_NFT_Scam\"><\/span><span style=\"color: #000000;\">What is NFT Scam?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">The foremost element that <\/span><strong>lures users to buy NFTs is the expectation of profitability<\/strong><span style=\"font-weight: 400;\"> from them. As cryptocurrency\u2019s price varies with the fluctuation in the crypto market, the prices of NFTs fluctuate too. So, designers and developers who establish a particular NFT or a whole NFT market can be imitated by scammers to funnel money, which is known as an NFT scam.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Digital artists and NFT creators are creating NFTs that <\/span><strong>cost somewhere around $50,000 to $60,000<\/strong><span style=\"font-weight: 400;\"> and making millions from them. <\/span><strong>Scammers<\/strong><span style=\"font-weight: 400;\"> and malicious actors <\/span><strong>attempt to impersonate<\/strong><span style=\"font-weight: 400;\"> them or their medium to <\/span><strong>funnel such a large amount of money to themselves<\/strong><span style=\"font-weight: 400;\">.<\/span><\/span><\/p>\n\n\n<div class=\"wp-block-image size-full wp-image-9601\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"480\" height=\"270\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/01\/giphy.gif\" alt=\"NFT Scam\" class=\"wp-image-9601\"\/><figcaption class=\"wp-element-caption\"><span style=\"color: #000000;\">(Source: Giphy)<\/span><\/figcaption><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_NFT_Scam_is_a_Social_Engineering_Attack\"><\/span><span style=\"color: #000000;\">How NFT Scam is a Social Engineering Attack?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">The notion of social engineering tactics used in the NFT scam is that each NFT is created with the objective of increasing its value. Prices in the domain of blockchain tokens fluctuate based on their quantity and demand in the market.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Scammers use tactics like forging and popularizing a specific Non-Fungible Token. And when such tokens become overvalued or overbought, the scammer nullifies all the domains of websites or social media accounts where those tokens were populated.<\/span><\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n\n<head>\n    <meta charset=\"UTF-8\">\n    <meta http-equiv=\"X-UA-Compatible\" content=\"IE=edge\">\n    <meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n    <title>Document<\/title>\n<\/head>\n\n<style>\n    .interestedBtn {\n        width: 80% !important;\n        box-sizing: border-box !important;\n        display: inline-block !important;\n        padding: 11px !important;\n        border: 1px !important;\n        border-color: #ddd !important;\n        margin-top: 10px !important;\n        background-color: #183e8b !important;\n        background-image: none !important;\n        text-shadow: none !important;\n        color: #fff !important;\n        font-size: 14px !important;\n        line-height: 20px !important;\n        border-radius: 5px !important;\n        margin: 0 !important;\n        cursor: pointer !important;\n        box-shadow: 0px 4.66px 22.99px 0px rgba(0, 0, 0, 0.10);;\n    }\n\n\n        .formSec .formSecTwo{\n            padding-top: 15px !important;\n            margin-bottom: 30px !important;\n        }\n\n\n    .tnp-email {\n        width: 80% !important;\n        box-sizing: border-box;\n        padding: 8px 10px;\n        display: inline-block;\n        border: 1px solid #ced4da;\n        background: #fff;\n        color: #000 !important;\n        font-size: 13px;\n        line-height: 20px;\n        border-radius: 2px;\n        padding-right: 30px;\n        margin-bottom: 0px;\n    }\n\n    .formSec {\n        border: 1px solid #ced4da;\n        float: left !important;\n        width: 55% !important;\n    }\n\n    .mainBox {\n       \/* border: 1px solid #183e8b;*\/\n         background: white;\n        max-width: 600px !important;\n        margin: 0 auto !important;\n        padding: 20px !important;\n        font-family: Arial, Helvetica, sans-serif !important;\n    }\n\n    .boxDiv {\n        display: flex !important;\n    }\n\n    .boxConsult {\n        float: left !important;\n        width: 45% !important;\n        padding: 10px !important;\n    }\n\n    .formSecTwo {\n        text-align:center !important;\n        width: 100% !important;\n    }\n\n    .formHeading {\n        font-family: Arial, Helvetica, sans-serif;\n        margin-top: 0px;\n        font-weight: 700;\n        line-height: 25px;\n        font-size: 18px !important;\n        \n       margin-bottom: 60px !important;\n       color: #000!important;\n          margin-top: 5px !important;\n    }\n\n    .fieldHeading {\n        margin: 0 !important;\n        font-size: 13px !important;\n        text-align: left !important;\n        margin: 0px 39px 2px 93px !important;\n        font-weight: 500 !important;\n    }\n\n    .image {\n        max-width:90% !important;\n        height: auto !important;\n    }\n\n     .email-icon {\n            position: absolute;\n            right: 50px;\n             top: 20px;\n            transform: translateY(-50%);\n            pointer-events: none; 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\/* Make sure the icon doesn't block clicking on the input *\/\n        }\n       \n        .email-container{\n             position: relative;\n        }\n\n    }\n<\/style>\n\n<body>\n\n    <div class=\"mainBox\" box-sizing:=\"\" border-box;=\"\">\n\n        <div class=\"boxDiv\">\n\n            <div class=\"boxConsult\">\n                <div>\n                    <h3 class=\"formHeading\" style=\" font-size: 16px !important;\"><span class=\"ez-toc-section\" id=\"Book_a_Free_Demo_Call_with_Our_People_Security_Expert\"><\/span>\n                        Book a Free Demo Call with Our People Security Expert<span class=\"ez-toc-section-end\"><\/span><\/h3>\n                <\/div>\n                <img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/form.svg\" class=\"image\">\n            <\/div>\n\n            <div class=\"formSec\">\n                <div class=\" formSecTwo\">\n                    <h4 style=\"margin-top: 0; font-size: 16px !important;\"><span class=\"ez-toc-section\" id=\"Enter_your_details\"><\/span>Enter your details<span class=\"ez-toc-section-end\"><\/span><\/h4>\n                    <div class=\"tnp tnp-subscription-minimal\">\n                        <form action=\"https:\/\/threatcop.com\/thankyou-blog\" method=\"get\" target=\"_blank\">\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n\n                                <input class=\"tnp-email\" type=\"text\" required=\"\" name=\"FullName\" value=\"\"\n                                    placeholder=\"Full Name\">\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon01.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n                               \n                                <input class=\"tnp-email\" type=\"email\" required=\"\" name=\"email\" value=\"\"\n                                    placeholder=\"Corporate Email Id\">\n                                     <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon02.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n\n                            <div class=\"email-container\" style=\"margin-bottom:20px;\">\n                               \n                                <input class=\"tnp-email\" type=\"text\" required=\"\" name=\"CompanyName\" value=\"\"\n                                    placeholder=\"Company Name\">\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon03.svg\" class=\"img-fluid\" \/><\/span>\n\n                            <\/div>\n\n                            <div class=\"email-container\">\n                               \n                                <input class=\"tnp-email\" type=\"number\" required=\"\" name=\"Phone\" value=\"\"\n                                    placeholder=\"Phone No.\"><br>\n                                    <span class=\"email-icon\"><img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/threatcop_blog\/icon04.svg\" class=\"img-fluid\" \/><\/span>\n                            <\/div>\n                            <input type=\"hidden\" name=\"BlogForm\" value=\"BlogForm\"><br>\n                            <input class=\"tnp-submit interestedBtn\" name=\"submit\" type=\"submit\"\n                                value=\"SUBMIT\">\n\n                        <\/form>\n                    <\/div>\n                <\/div>\n            <\/div>\n\n        <\/div>\n    <\/div>\n\n<\/body>\n\n<\/html>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_Non-Fungible_Tokens_NFTs\"><\/span><span style=\"color: #000000;\">What are Non-Fungible Tokens (NFTs)?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">NFTs are digital assets that are based on blockchain technology to keep a record of ownership of any object. This object can be an image, a game item, a video, etc. It is a non-interchangeable unit of data that is stored in a digital ledger that is encrypted. The most popular usage of NFT is that it is used as a public digital ledger to issue a &#8220;<\/span><strong>certificate of authenticity<\/strong><span style=\"font-weight: 400;\"><strong>.<\/strong>&#8220;<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">NFTs have become a multi-billion dollar sector of the crypto industry, gaining a lot of attention and popularity. There were several items that had attained <\/span><strong>prices of over $30,000<\/strong><span style=\"font-weight: 400;\">. The selling proposition of NFT is that it utilizes <\/span><strong>blockchain technology to establish an indelible digital record<\/strong><span style=\"font-weight: 400;\">.<\/span><\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"640\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2023\/10\/NFT.jpeg\" alt=\"NFT Scam\" class=\"wp-image-10145\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Blockchain_Technology\"><\/span><span style=\"color: #000000;\">What is Blockchain Technology?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">A blockchain is a type of distributed database that is shared across the nodes of the network. As a database, they record information in the form of a digital ledger. The popularity of this technology came with the existence of Bitcoin, which was first formed for the purpose of securing and decentralizing transaction records.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NFT_Scam_Using_Blockchain_Technology\"><\/span><span style=\"color: #000000;\">NFT Scam Using Blockchain Technology<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">The application of the blockchain is <\/span><strong>to provide an encrypted stream of blocks that can be used as non-fungible tokens<\/strong><span style=\"font-weight: 400;\">. Scammers use this token to generate fake NFTs, which they use to popularize using other multiple mediums. They use websites and social media websites to popularize those tokens and scam users.<\/span><\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Common_NFT_Scams\"><\/span><span style=\"color: #000000;\">Common NFT Scams<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Several mediums lead to NFT scams. Among them, phishing is a conceptual medium, and others are fake NFT websites, fake offers, giveaway scams, etc.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Phishing_Scams\"><\/span><span style=\"color: #000000;\">1. Phishing Scams<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">It is one of the most common forms of <\/span><span style=\"color: #183994;\"><strong><a style=\"color: #183994;\" href=\"https:\/\/www.kratikal.com\/blog\/social-engineering-attack-hack-to-manipulate-human-psychology\/\" rel=\"noopener\">social engineering attack<\/a><\/strong><\/span><span style=\"font-weight: 400; color: #000000;\">. Scammers send out emails posing themselves as famous NFT website and lure them into offers. Such emails usually ask users to click on an embedded link that takes a user to a phishing website. These websites record the link and credentials to your wallet. Scammers use them to wipe out every cent from it.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Fake_NFT_Websites_Social_Media_Accounts\"><\/span><span style=\"color: #000000;\">2. Fake NFT Websites &amp; Social Media Accounts<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Whoever gets interested in NFT seeks websites where they can buy and sell them. There are <\/span><strong>numerous websites and online resources about NFT, and many of them are fake<\/strong><span style=\"font-weight: 400;\">. These websites <\/span><strong>look like genuine websites<\/strong><span style=\"font-weight: 400;\"> but it\u2019s there so that you can make at least one purchase. Once the scammers have all the credentials and MetaMask wallet addresses, they <\/span><strong>steal all the available cryptocurrency<\/strong><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">These websites or marketplaces also require social media accounts to popularise them. So, mainly <\/span><strong>Twitter and Telegram social media accounts are created to develop a reputation among the users<\/strong><span style=\"font-weight: 400;\">. For example, <\/span><strong>MetaBirkins NFT on the OpenSea website was sold for $42,000<\/strong> <span style=\"font-weight: 400;\">and was replicated from the Hermes website. They also have an Instagram account for MetaBirkins NFT that helped them in popularising the NFT.<\/span><\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Impersonation\"><\/span><span style=\"color: #000000;\">3. Impersonation<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Impersonation is one of the intrigued mediums of carrying out the NFT scam which lures most of the people out there. There are mainly two types of <\/span><strong>impersonation<\/strong><span style=\"font-weight: 400;\"> that are carried out by NFT scammers given below.<\/span><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"color: #000000;\"><strong>Artist Impersonation<\/strong><b>: <\/b><span style=\"font-weight: 400;\">It is one of the most common NFT scams that involve scammers presenting themselves as some artist. Scammers easily commit <\/span><strong>digital art theft<\/strong><span style=\"font-weight: 400;\"> and portray it as it is theirs. Further, they attempt to sell such popular NFTs at a very low price. This allows them to make a few successful sales after which they terminate the impersonated account. For example, <\/span><strong>Rarible.com replicas<\/strong><span style=\"font-weight: 400;\"> on Telegram.<\/span><\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\">In another scenario, a digital artist name Milos Rajkovic reported that his <strong>122 images have been impersonated<\/strong><span style=\"font-weight: 400;\">. These images were put on sale for a <\/span><strong>total worth $50,000 on OpenSea<\/strong><span style=\"font-weight: 400;\">.<\/span><\/span><\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"813\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2023\/10\/brand-impersonation-1-600x813.png.webp\" alt=\"Several Fake Communities of Rarible\" class=\"wp-image-10147\"\/><figcaption class=\"wp-element-caption\">(Source: Quillhash)<\/figcaption><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"color: #000000;\"><strong>Brand Impersonation<\/strong><b>:<\/b><span style=\"font-weight: 400;\"> This has been a more common form of impersonation scam that is prevalent in cryptocurrencies. The scammers usually create an account that is similar to a particular brand. They exploit the popularity of the brand and make several sales for their own profitability. In one case, <\/span><strong>an NFT collector, Jeff Nicholas<\/strong><span style=\"font-weight: 400;\">, was targeted and his <\/span><strong>wallet was wiped out, incurring him a loss of $480,000.<\/strong><\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Fake_NFT_Stores\"><\/span><span style=\"color: #000000;\">4. Fake NFT Stores<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">In this kind of NFT scam, the threat actors often <\/span><strong>create a fake store that is similar to some popular marketplace<\/strong><span style=\"font-weight: 400;\">. The impact of such fake stores is that people often make purchases but they never receive any allocation. For example, some NFT scammers have created a fake marketplace just like <\/span><strong>OpenSea<\/strong><span style=\"font-weight: 400;\"> to carry out their targeted activities. In one scam, an <\/span><strong>NFT known as ApeGang<\/strong><span style=\"font-weight: 400;\"> was priced at <\/span><strong>$39,428.10 (10 ETH at the time)<\/strong><b>.<\/b><\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Replica_Scams\"><\/span><span style=\"color: #000000;\">5. Replica Scams<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">The impersonation and fake stores can be considered as a type of replica scam. But in this one specifically, the digital art and object, whose NFTs are created are replicated. It means a scammer copies some genuine art and claims it as its own. For example, in 2021 there were several registrations of domains with names like <\/span><strong>Rarible<\/strong><span style=\"font-weight: 400;\">, <\/span><strong>Audius<\/strong><span style=\"font-weight: 400;\">, <\/span><strong>Opensea<\/strong><span style=\"font-weight: 400;\">, etc., that have <\/span><strong>replicated genuine marketplaces or NFTs<\/strong><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"763\" height=\"537\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2023\/10\/nftscam-1-1.jpg\" alt=\"A typical NFT scam \" class=\"wp-image-10150\"\/><figcaption class=\"wp-element-caption\">(Source: NFT Plazas)<\/figcaption><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Fake_Offers_or_Giveaways\"><\/span><span style=\"color: #000000;\">6. Fake Offers or Giveaways<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><b><\/b><span style=\"font-weight: 400;\">The primary target of an NFT scammer is crypto enthusiasts. They are more interested in targeting people who are already associated with blockchain technology. They <\/span><strong>carry out scams by promising them free NFTs or crypto coins related to a particular NFT market<\/strong><span style=\"font-weight: 400;\">. Sometimes, these scammers launch a project where they promise to airdrop or giveaway after a certain period of time and after making certain purchases of NFTs.<\/span><\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Dark_Web_and_the_NFT_Scam\"><\/span><span style=\"color: #000000;\"><b>The Dark Web and the NFT Scam<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Several marketplaces and NFT stores are available on the <\/span><b>dark web<\/b><span style=\"font-weight: 400;\"> too. According<span style=\"color: #000000;\"> to an <\/span><\/span><\/span><strong><span style=\"color: #000000;\">article from the<\/span><span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/indianexpress.com\/article\/technology\/crypto\/dark-web-market-place-founder-ross-ulbricht-sells-first-nft-for-6-2-million-7667627\/\" target=\"_blank\" rel=\"noopener\"> Indian Express<\/a><\/span><\/strong><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">, Ross Ulbricht founded a marketplace on the dark web by the name of Silk Road. He sold an NFT of a pencil sketch that was titled <\/span><strong>\u2018Perspective\u2019 at a price of $6.2 million, which was overpriced<\/strong><span style=\"font-weight: 400;\">. He was later convicted of a slew of illegal operations on Slik Road.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400;\"><span style=\"color: #000000;\">This is a popular example of how the<\/span> <span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/blog\/surface-web-dark-web-and-deep-web\/\" rel=\"noopener\"><strong>dark web<\/strong><\/a><\/span> <span style=\"color: #000000;\">is coming under the radar for carrying out NFT scams. Scammers are looking for opportunities to carry out targeted activities aimed at popularising a particular faked or impersonated NFT.&nbsp;<\/span><\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Avoid_NFT_Scam\"><\/span><span style=\"color: #000000;\"><b>How to Avoid NFT Scam?<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">One must <\/span><strong>avoid providing personal information and credentials for digital wallets in pop-ups or ads on any NFT website<\/strong><b>.<\/b><\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Make sure to <\/span><strong>verify the contact address of any NFT<\/strong><span style=\"font-weight: 400;\"> with the creator\u2019s website.<\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400; color: #000000;\">Use a couple of free tools online to scan a website for its legitimacy.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Make sure to check the <\/span><strong>historical record of the wallet<\/strong><span style=\"font-weight: 400;\"> associated with the NFT project before making an investment.<\/span><\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><strong>Don\u2019t get trapped in the marketing of social media influencers and conduct your own research<\/strong><span style=\"font-weight: 400;\"> on a particular NFT project.<\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400; color: #000000;\">One can seek other investors in the same project and communicate with them for their opinion.<\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">One must double-check the currency of the NFT trade to <\/span><strong>avoid bidding scams<\/strong><span style=\"font-weight: 400;\">.<\/span><\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Avoid using third-party customer support and <\/span><strong>always choose the official website\u2019s customer service<\/strong><span style=\"font-weight: 400;\">.<\/span><\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">One must always check and verify the offers or giveaways that can be categorized under \u2018<\/span><strong>too good to be true<\/strong><span style=\"font-weight: 400;\"><strong>.<\/strong>\u2019<\/span><\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Ultimate_Goal_is_to_Become_Aware_and_Avoid_NFT_Scams\"><\/span><span style=\"color: #000000;\">The Ultimate Goal is to Become Aware and Avoid NFT Scams<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Since the NFT market is still in its budding phase, it is bound to attract a lot of attention. With the promising notion of huge profit, it will continue to attract scammers and threat actors. The most vigilant method of ensuring defense against NFT scams is by keeping oneself <\/span><strong>updated<\/strong><span style=\"font-weight: 400;\">, <\/span><strong>aware<\/strong><span style=\"font-weight: 400;\">, and <\/span><strong>connected<\/strong><span style=\"font-weight: 400;\"> with similar <\/span><strong>NFT enthusiasts<\/strong><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Self-education and research are prominent in the blockchain technology-based industry. But there will be a time when one reaches the end of the line, and then they must look out for experienced creators and collectors. The most educated decision will be to <\/span><strong>stay alert<\/strong><span style=\"font-weight: 400;\"> to secure your investment and make minimum losses.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency and blockchain technology have taken over the attention of the media in the last couple of years. It can be seen that more and more people are becoming interested in cryptocurrency trading. In the meantime, NFT Scam is rising in the limelight for its immense profitability, apart from cryptocurrency. These NFTs have become a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cybersecurity-awareness"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is an NFT Scam and How to Avoid it? -ThreatCop Blog<\/title>\n<meta name=\"description\" content=\"An NFT Scam involves brand and marketplace impersonation performed by scammers to lure users to buy NFTs and wipe out their digital wallets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/threatcop.com\/blog\/nft-scam\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is an NFT Scam and How to Avoid it? 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