Posts by "cryptoinsights"

NFTs

Active Ways to Earn Money with NFTs

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Active Ways to Earn Money with NFTs

NFTs (non-fungible tokens) have taken the world of blockchain and cryptocurrency by storm, and with their increasing popularity, many people are looking for ways to earn money with NFTs. This article will explore some of the most active ways to earn money with NFTs.

Minting and selling your own NFTs

One of the most popular ways to earn money with NFTs is by creating and selling your own NFTs. This can be done using various NFT creation platforms, such as OpenSea, Rarible, or SuperRare, allowing you to mint your own NFTs and sell them on the open market. This can be a great way to earn money if you have artistic or creative talents, as you can create your own digital art, music, or even 3D models and sell them as NFTs.

Trading

Another active way to earn money with NFTs is through trading. Just like traditional stocks and shares, NFTs can fluctuate in value, and by buying low and selling high, you can make a profit. This can be done by purchasing NFTs on the open market and holding onto them until their value increases or by actively trading NFTs on decentralized exchanges (DEXs). To be successful in trading NFTs, it’s important to stay up-to-date with the latest market trends and to have a good understanding of the NFTs you’re trading.

Play to Earn (P2E) games

Another way to earn money with NFTs is through Play to Earn (P2E) games. P2E games are blockchain-based games that allow players to earn NFTs as rewards for playing. These NFTs can then be sold on the open market for a profit. Some examples of P2E games include Axie Infinity, Sorare, and CryptoKitties. These games are fun, engaging and can be a great way to earn money while having fun.

NFT Farming

Another way to earn money with NFTs is by participating in NFT farming. This is a process where users can earn additional NFTs by staking their existing NFTs in a smart contract. This process is similar to staking with cryptocurrency, and can provide users with additional rewards such as new NFTs or cryptocurrency.

Participate in NFT giveaways or airdrops

You could also participate in NFT giveaways or airdrops. This is a process where a project or community will distribute NFTs to a selected group of individuals, usually as a reward for participating in a certain event or as a way to attract new users to the platform.

Become a liquidity provider

Another way to earn money is by becoming a liquidity provider on Automated Market Makers(AMM) platforms like Uniswap, SushiSwap, and more. By providing liquidity to the pool, you can earn trading fees and also the price appreciation of the token you provided liquidity with.

It’s also worth noting that NFTs can be used as a way to monetize existing businesses or ventures. For example, a musician could use NFTs to sell exclusive access to concerts or merchandise, or a gaming company could use NFTs to sell in-game items or experiences.

In conclusion, NFTs have opened up a wide range of new opportunities for creators and collectors to earn money in unique and innovative ways. From creating and selling digital artwork to participating in NFT farming and giveaways, there are many ways to earn money with NFTs. As the space continues to evolve, it’s likely that even more opportunities will arise. As always, it’s important to do your own research and understand the risks before getting involved in any specific project or investment opportunity.

NFTs

The Advantages of NFTs for Your Business

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The Advantages of NFTs for Your Business

Non-Fungible Tokens (NFTs) are a revolutionary technology that is changing the way businesses think about digital assets. NFTs are unique digital assets that are stored on a blockchain and can be used to represent a wide range of things, from art and collectibles to virtual real estate and digital identities.

Overall, NFTs work by using blockchain technology to create unique digital assets that can be bought, sold, and traded, just like physical assets. They provide a new way to monetize digital assets, protect intellectual property, and create new types of social experiences.

NFTs Advantages

One of the main advantages of NFTs for businesses is that they provide a new way to monetize digital assets. NFTs allow businesses to create and sell one-of-a-kind digital assets that can’t be replicated or duplicated, such as digital art or collectibles. This provides a new revenue stream for businesses and allows them to tap into the growing market for digital assets.

Engage with clients

Another advantage of NFTs for businesses is that they provide a new way to engage with customers and build brand loyalty. NFTs allow businesses to create unique and interactive experiences for customers, such as virtual tours or games, that can be tied to specific digital assets. This can help businesses build stronger relationships with their customers and create a deeper sense of engagement.

Protect digital assets

NFTs also provide businesses with a new way to protect and manage digital assets. Because NFTs are stored on a blockchain, they are tamper-proof and can be used to create secure digital rights management systems. This can help businesses protect their intellectual property and ensure that their digital assets are used in the way that they intend.

Increase brand awareness

NFTs can be a powerful tool for driving brand awareness and attracting more customers to your business. They allow you to create unique, one-of-a-kind digital assets that can be linked to your offerings, making them more desirable to consumers who are looking for something that stands out and cannot be replicated.

One way to use NFTs in your business is by incorporating them into your marketing efforts. For example, if you own a clothing business, you can create an NFT collection that showcases your fashion apparel. Or, if you own a music store, you can embed music into the assets.

NFTs are also great for businesses offering physical giveaways and tracking customer engagement. For instance, if you own a bar, you can sell branded NFTs as tickets to parties and events. These tickets can also include access to free drinks as a reward for customer loyalty, encouraging them to keep coming back.

Create engaging digital services

NFTs can also provide a new way to engage with digital services and enhance the customer experience for your business. The unique and tamper-proof nature of NFTs, which is enabled by blockchain technology, makes them particularly useful for online businesses.

For example, if you own an online education business, you can create NFTs that link to specific course pages or subscription options. By clicking on the NFT, students can access the content they need or subscribe to courses if they haven’t already. This makes the process more seamless and convenient for users.

In addition to providing a better user experience, NFTs can also help prevent fraudulent activities, such as copyright concerns. By linking to digital services, NFTs can be used to verify the authenticity of digital assets, such as videos, music, or images, and ensure that they are not being used without permission.

Overall, NFTs can be a powerful tool for engaging digital services and enhancing the customer experience. They can be used to link to specific digital services, making them more convenient and accessible for users while also helping to prevent fraudulent activities.

Prevent fraud

Additionally, NFTs can also be used to combat fraud and improve event management by tracking participants and verifying ticket authenticity.

Create a sense of community

In addition, NFTs also provide a new way for businesses to create a sense of community and shared ownership. NFTs allow multiple parties to own a share of a digital asset, which can be used to create new types of social experiences, such as virtual worlds, where users can interact and collaborate with each other.

In conclusion

NFTs are a powerful new technology that can bring significant benefits to businesses. They provide new ways to monetize digital assets, build brand loyalty, protect intellectual property, and create new types of social experiences. As the technology behind NFTs continues to evolve, it is likely that we will see even more innovative uses for them in the business world.

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NFTs and the Well-Being Industry

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NFTs and the Well-Being Industry

NFTs, or non-fungible tokens, are a type of digital asset that are unique and cannot be replaced by another identical asset. They are built on blockchain technology and are increasingly being used in a variety of industries, including the well-being space. In this article, we will explore some of the ways NFTs are being used to improve well-being and the benefits they can provide.

  1. Mental Health: NFTs are being used to help individuals cope with mental health issues such as anxiety, depression, and stress. For example, NFTs can be used to create personalized meditation and mindfulness programs that can be accessed via a mobile app. These programs can be tailored to the individual’s specific needs and can include guided meditations, journaling prompts, and other tools to help manage mental health.
  2. Fitness and Wellness: NFTs are also being used to create personalized fitness and wellness programs. For example, NFTs can be used to create a digital workout plan that can be accessed via a mobile app. The plan can be tailored to the individual’s specific fitness level and goals and can include workout videos, tracking tools, and other resources to help individuals reach their fitness and wellness goals.
  3. Nutrition: NFTs can be used to create personalized nutrition plans that can be accessed via a mobile app. These plans can be tailored to the individual’s specific dietary needs and can include recipes, meal plans, and other resources to help individuals make healthier food choices.
  4. Sleep: NFTs can be used to create personalized sleep programs that can be accessed via a mobile app. These programs can be tailored to the individual’s specific sleep needs and can include guided meditations, sleep-tracking tools, and other resources to help individuals improve their sleep quality.
  5. Mental Health Support: NFTs can also be used to create mental health support networks. For example, NFTs can be used to create a digital support group where individuals can connect with others who are dealing with similar mental health issues.
  6. Yoga and other alternative treatments: NFTs can be used to store and track the progress of alternative treatments, like yoga, acupuncture, and naturopathy, which can help patients and practitioners to share data securely and improve care.
  7. Therapeutic Programs: NFTs can be used to create and distribute digital therapeutic programs, such as cognitive-behavioral therapy, which can provide patients with access to evidence-based care, regardless of their location or financial situation.

Overall, NFTs have the potential to revolutionize the way we think about well-being by creating personalized programs and resources that can be accessed on-demand. They can provide individuals with the tools and resources they need to improve their well-being and reach their goals. As the technology continues to evolve, we can expect to see even more innovative applications of NFTs in the well-being space.

NFTs

NFTs in Healthcare: Opportunities and Challenges

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NFTs in Healthcare: Opportunities and Challenges

NFTs, or non-fungible tokens, have been gaining attention for their potential in the world of digital art and collectibles. However, their applications extend beyond just the art world, with possibilities in the healthcare industry as well. The use of blockchain technology in healthcare can bring transparency, security, and efficiency in various aspects of healthcare, such as medical records, drug supply chain management, and clinical trials.

NFTs are digital assets that are unique and cannot be replicated. They are created using blockchain technology, which allows for secure, transparent, and tamper-proof tracking of ownership and provenance. This technology can be applied to health data, allowing for the secure and efficient sharing of medical records and other sensitive information between healthcare providers and patients.

While the healthcare industry has yet to fully embrace NFTs, it is expected to proliferate in the coming years. According to a report by MarketsandMarkets, the blockchain healthcare market is projected to reach $3.4 billion by 2025. Despite this growth, the industry will likely face challenges in terms of understanding and education about the technology. As more people become familiar with NFTs and blockchain, adoption is expected to accelerate. The future of healthcare technology is continually evolving, and the use of NFTs has the potential to bring about significant advancements.

Some possible applications of NFTs in healthcare include:

  1. Medical research: NFTs could be used to store and share data from clinical trials, making it easier for researchers to access and analyze data, which could lead to faster and more effective treatments for a variety of diseases.
  2. Telemedicine: NFTs could be used to securely and transparently store and share patient information, making it easier for healthcare providers to provide virtual consultations and remote monitoring. This would be especially beneficial for patients living in rural or underserved areas, as well as for those with mobility issues.
  3. Digital prescriptions: NFTs could be used to create digital prescriptions and to track the distribution of medication. This would make it easier to ensure that patients receive the correct medication and dosage, and would help to prevent medication errors.
  4. Medical records management: NFTs could be used to securely store and share patient medical records across different healthcare providers. This would improve continuity of care and make it easier for healthcare providers to access important information about their patients.
  5. Supply chain management for pharmaceuticals: NFTs can be used to track the distribution of medication and to ensure that patients are receiving safe and authentic products.
  6. Medical certifications and licenses: NFTs can be used to store and verify the authenticity of medical certifications and licenses held by healthcare professionals, which will help ensure patient safety and reduce fraud.
  7. Medical billing and payments: NFTs can be used to securely and transparently track medical billing and payments, which can help reduce administrative costs and speed up the payment process.

While the potential uses of NFTs in healthcare are numerous, there are also challenges that need to be addressed. One of the biggest challenges is the need to ensure that patient data remains private and secure. Another challenge is the need for standardization across different healthcare systems.

Despite these challenges, NFTs have the potential to revolutionize the health industry, making them more efficient and effective for everyone involved. As the technology continues to evolve, we can expect to see more and more applications of NFTs in healthcare in the coming years.

NFTs

Gasless NFT Minting: What Is It?

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Gasless NFT Minting: What Is It?

Gasless NFT (Non-Fungible Token) minting is a relatively new concept in the world of blockchain-based digital assets. It refers to a method of creating and minting NFTs without incurring the high transaction fees, known as “gas,” that are typically associated with minting NFTs on the Ethereum blockchain.

Traditionally, minting an NFT on the Ethereum blockchain requires paying gas fees, which are costs associated with executing a transaction on the Ethereum network. Gas fees are paid in Ether, the native cryptocurrency of the Ethereum network, and the cost of gas can fluctuate depending on network congestion. These high gas fees can make minting NFTs cost-prohibitive for some creators, particularly those who are just starting out or who are creating NFTs with low value.

Gasless NFT minting aims to solve this problem by allowing creators to mint NFTs without incurring gas fees. This is achieved by using a different blockchain or smart contract system that does not require the payment of gas fees. One example of this is the Binance Smart Chain, which allows for the creation and minting of NFTs at a fraction of the cost of minting on the Ethereum blockchain.

Gasless NFT minting can also be achieved by using a different smart contract system that allows for the creation of NFTs without the need for gas fees. One example of this is the OpenZeppelin NFT smart contract, which allows for the creation of NFTs at a fraction of the cost of minting on the Ethereum blockchain.

In addition to the potential cost savings, gasless NFT minting also offers other benefits. For example, it can potentially allow for faster minting times, as the need to pay gas fees can slow down the minting process. It can also allow for more flexibility in terms of the types of assets that can be minted, as the lack of gas fees can make it possible to mint lower-value assets that might not be cost-effective to mint on the Ethereum blockchain.

However, it’s important to note that Gasless NFT minting is still a relatively new concept, and it’s important to be aware of the risks and challenges associated with it, such as the risk of fraud, scams, and lack of regulations. It’s always important to do your own research and to be aware of the risks before engaging in any kind of minting or trading activity.

In conclusion, Gasless NFT minting is a relatively new concept that aims to make it more accessible and cost-effective to create and mint NFTs by eliminating the need to pay high transaction fees (gas fees) associated with minting NFTs.

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Forecasts, Sales, and Other NFT Statistics from 2022

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Forecasts, Sales, and Other NFT Statistics from 2022

NFTs, or non-fungible tokens, are digital certificates stored on a blockchain that prove ownership of a certain asset. Non-fungible tokens, also known as art tokens, are unique assets that may be used in a wide range of contexts, including but not limited to gaming, collecting, and finance.

The NFT field is still ripe with untapped potential since NFTs allow people to possess property as a transferable digital token. NFT technology is being used to boost widespread adoption via the Ethereum Name Service (ENS), which allows users to assign meaningful names to standard blockchain addresses.

This article presents crucial facts providing users with a view of the current level of acceptance of these irreversible digital certificates of ownership, which will revolutionize the world.

Statistics on the NFT Market

The value of the NFT industry is above $11.3 billion. If it helps, this is the same as the GDP of many smaller nations, including Kosovo, Togo, and Somalia. The NFT market is so massive that its worth exceeds that of the whole national economies of numerous countries.

In addition to these numbers, Verified Market Research (VMR) forecasted that the NFT space’s overall market value would increase to $231 billion by 2030, a CAGR of 33.7% over the next eight years.

Right now, collectibles are the primary factor in the expansion and demand for NFTs. They began in the music and art sectors and have since spread fast into the film industry, the fashion industry, the gaming industry, the metaverse, the ticketing industry, the supply chain, and the high-end retail sector. NFT technologies have spread to almost every industry and quickly expanded beyond social status symbols.

Detailed Data on NFT Ownership

It is interesting to note that almost half of all documented NFT sales are less than $200, demonstrating that a big portion of NFT development happens at a grassroots level and that persons earning less than $25,000 a year invest at a comparable pace to those making over $150,000 a year.

Finder’s study shows that NFT usage is highest in Southeast Asia, namely the Philippines (32%), Thailand (26.6%), and Malaysia (23.9%).

Nigeria is expected to have the highest adoption rates since 21.7% of the population does not have an NFT but intends to get one shortly.

Buying of NFTs in California is higher than in any other state, and the percentage of people who possess one in the United States is at 4%, up 100% from the previous year. However, most of the world’s population is still unaware of what an NFT is. When questioned, over 80% of the UK populace did not know what an NFT was, while 70% did not know in the US.

Statistics on NFT Growth

The market for NFTs exploded and saw parabolic growth in 2021. With the stock market soaring, a flood of investment dollars poured into the sector. NFTs have survived despite opposition from those concerned about the environment, and others who believe the market is in a speculative bubble and the bear market is pushing the industry toward more practicality.

NFT trading volume increased by around 700% from Q2 to Q3 of 2021. Between 15,000 and 50,000 NFTs are traded weekly across several exchanges, which grows daily. It’s clear from this number that NFT trading volume has increased significantly since 2017, when it was consistently under 100 NFTs per week.

There were 1.85 million transactions on OpenSea in September 2022, 300,000 wallet addresses engaging with smart contracts, and 350,000 ETH traded. Moreover, the number of users and transactions is stable despite the declining total volume.

According to Statista’s research, the overall market valuation of NFTs increased by about 10 times between 2018 and 2020. Projects like NBA Topshot produced close to a billion dollars in revenue. Sales of NFTs increased by a ratio of 131 between Q1 of 2020 and Q1 of 2021. Indeed, the market for digital collectibles is the fastest-expanding sector of the digital asset industry.

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How NFTs Can Be Beneficial For Your Business

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How NFTs Can Be Beneficial For Your Business

The excitement around NFTs (non-fungible tokens) shows no signs of subsiding. It is unclear how precisely firms might profit from this technology or whether it is even feasible to establish an NFT initiative to obtain a competitive edge.

Businesses are motivated to implement NFTs rapidly because of the multimillion-dollar selling prices for GIFs and the widespread belief that NFTs will disrupt almost all sectors. Non-fungible tokens (NFTs) have several potential applications, including those of security tokens, collectibles, and even legal tender.

While digital tokens have great potential, buying them without homework might lead to disappointing returns. We explain what NFTs are and how they function to assist you in avoiding this situation.

What exactly are NFTs, and how can they help companies?

Non-fungible tokens (NFTs) are digital blockchain-based assets with unique identifying codes and information that differentiate them from one another. Images, music, gaming assets, and video may all be represented using NFTs. You may exchange bitcoin or traditional cash for these items while shopping online.

Tokens known as NFTs may be used to prove ownership of rare or special things. They enable the tokenization of assets like artworks, collections, and even properties. The Ethereum blockchain ensures that only one person may claim ownership at a time and that no one else can change the ownership ledger or create duplicate NFTs.

NFTs are not the same as cryptocurrencies, despite their similar technology. The major distinction between NFTs and crypto is that NFTs are not equal. In contrast, all cryptocurrency coins are interchangeable (one Bitcoin is equal to any other Bitcoin); therefore, cryptocurrencies may operate as a go-between in business deals.

Important parts and pieces of NFTs include the following four things:

Blockchain

A peer-to-peer network-based decentralized ledger that manages and saves transactions and enables smart contracts to be executed. Ethereum is the most widely used blockchain platform for NFT initiatives.

Smart contracts

In computer science, “smart contracts” refer to computer programs that run automatically when certain criteria are met. With smart contracts, untrusted parties and distributed participants may engage in mutually fair transactions without needing a third party to mediate the deal.

A blockchain address

A one-of-a-kind identifier that may be used to transmit or receive cryptocurrency. It is a string of letters and numbers derived from a public and private key pair.

A cryptocurrency wallet

This is an electronic storage solution for digital assets like coins and tokens. Coins and tokens may be traded and stored safely in digital wallets.

NFTs are useful for more than just exchanging funny GIFs; they may even be used to launch whole start-ups. NFTs, in particular, provide novel approaches to financing endeavors, exchanging monetary value, and investing in digital assets.

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How the Gaming Space Will Be Transformed by NFTs in 2023

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How the Gaming Space Will Be Transformed by NFTs in 2023

NFTs, short for non-fungible tokens, have already made headlines for their influence on digital art, presenting new business models for artists. But their influence could extend beyond art and collectibles and into gaming.

Here we present some examples of how they can impact the gaming industry.

1. Increasing the Number of Games Using NFTs

As NFTs grow in popularity, so will the number of gaming using NFTs, including play-to-earn games. Some games using NFTs include Axie Infinity, Splinterlands, Alien Worlds, CryptoKitties, and others. Axie Infinity is one of the most popular, with millions of players.

2. Increasing Value of In-Game Collectibles and Other Items

Players will see an increase in the value of the items and objects traded in games as they can be sold or traded for cash. Items can be, for example, skins/cosmetics, accessories, etc. While earning money in a game is not a new endeavor, NFTs will facilitate and help make the market for such items more secure, hence increasing their value.

3. New Business Models for Game Developers and Organizations

NFTs will allow companies to create new markets and monetizing strategies including for memberships and selling in-game items and collectibles. This will allow them to diverge from the model of purely selling game copies.

4. Making Games More Secure

Since NFTs are a certificate of ownership, they could help combat the reselling of pirated games. This is important since the cost of piracy is estimated in billions. Thus, preventing piracy could reduce the cost associated with gaming.

5. Making Games More Inclusive

Gaming has maintained a sense of exclusivity because of the costs associated with software and hardware. NFT could make gaming cheaper by allowing for cross-platform gaming from PCs to smartphones so more people can enjoy games.

6. New Opportunities for Branding and Marketing

Companies could promote their products and services in-game using NFTs. NFTs can be used to boost engagement with consumers and gamers and to create communities. NFTs can also be used to create a loyalty program and build the identity of your brand online.

7. Support Independent Developers

NFTs can be used to draw attention to a game in a saturated market and hence to smaller game studios and developers. It can not only be used to attract the attention of potential customers and offer them a unique experience but also to raise cash by selling NFTs items before the game’s release. Those items can then be used in-game.

8. Rise of a New Genre of Gaming

As NFT games grow in popularity, so does the ecosystem around them. We could see dedicated hardware for NFT games or platforms focused on NFT gaming.

9. Rise of New Hardware

As mentioned earlier, new hardware could be designed for NFT gaming and help gamers get the most out of games based on NFTs. This is like what we saw with hardware and accessories dedicated to the esports scene.

10. Endless Possibilities

We are in the early phases of what may be a great future in terms of the adoption of NFT gaming. And who knows in how many more exciting ways will the scene of NFT gaming keep growing. We are likely to see innovations emerging in what is bound to be an exciting time for gamers and developers.

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The 5 Most Common NFT Scams to Avoid

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The 5 Most Common NFT Scams to Avoid

Let’s dissect five of the most prevalent NFT frauds now that we are aware of how they operate.

Rug-Pull Fraud

When creators advertise an NFT and then withdraw after collecting substantial sums of money from investors, this fraud is known as a rug-pull. While they wait for investor money to flood in, these dishonest developers frequently utilize social media to cultivate trust and hype around their NFT. Once they have enough money, they stop the entire enterprise and disappear with it.

A pair of 20-year-olds named Ethan Nguyen and Andre Llacuna ran the Frosties NFT rug-pull, which is a textbook example of an NFT rug-pull scam. They advertised their NFT by making a number of promises, including special mint passes, freebies, and first access to a metaverse game. However, after receiving over $1.3 million in investment, they decided to deactivate their website and social media accounts.

2. Phishing scams

Typically, phishing is how hackers gain access to your NFT account information. They frequently use email or well-known social media sites and forums like Twitter and Discord to distribute fraudulent URLs for this purpose. Once you click the link and enter your information, hackers can access your account and compromise it using keylogging or spyware.

It is hardly unexpected that NFT phishing schemes are increasing. For instance, in a phishing attempt in February 2022 that was directed at OpenSea, the most well-known NFT platform, con artists made off with roughly $1.7 million worth of NFTs. OpenSea had requested that customers update their contact information, but con artists replicated the trading platform’s email and emailed links to phony websites to NFT owners.

3. Auction Fraud

When you try to sell your NFT on the secondary market, bid frauds frequently occur. Scammers make the highest offer when you put your NFT up for sale; thus, it makes sense that you would want to sell it to them. But these con artists have the ability to modify the coin being used for the bid without your knowledge.

Imagine if a scammer offers 20 ether to buy your NFT artwork. You should anticipate receiving about $9,000. (per the going rate at the time of writing). However, a cunning con artist may substitute 50 Dogecoin, which is only worth $5, for the cryptocurrency.

Always verify the type of cryptocurrency being used to pay you, and be sure not to take anything less than the agreed-upon bidding offer to avoid such fraud.

4. Pump-and-Dump Plans

Using deception and the dissemination of false information, con artists artificially increase the price of an NFT in a pump-and-dump scheme. Investors are left with worthless assets once they “dump” the NFT once the price increases and vanishes without a trace.

Typically, scammers create a frenzy around an NFT through social media and celebrity endorsements. They frequently spend large sums of money on the NFT, driving up the price and making it hard for investors to ignore.

5. NFTs with plagiarism

NFTs are fundamentally about producing distinctive digital tokens. On a lot of NFT platforms, plagiarism unfortunately proliferates. Over 80% of NFTs created with the use of OpenSea’s minting tool were false, according to a recent analysis. So there’s a good risk you may be purchasing a fake version of a legitimate artist’s creation.

Consequently, as soon as it is discovered that your NFT is a fake, its value will plummet. This is why you should check an NFT before buying it.

Less frequent NFT frauds

You might lose your NFTs by falling victim to other, less well-known scams that are just as harmful. Let’s look at a couple of them.

1. NFT Prizes (Airdrop Scams)

NFT giveaway scams, also known as airdrop scams, happen when con artists demand that you sign up on their website and promote an NFT in return for a free NFT. When you’re finished, they’ll email you a link that asks for your wallet information in order to award you the prize. These NFT con artists copy the information from your account and utilize it to access your NFT collection.

2. Investment fraud

When con artists establish legal NFT enterprises and promote them as profitable investments, investor scams happen. The projects, however, are completely useless. Once the scammers have amassed sufficient investor dollars, they vanish into thin air.

The Evil Ape investment hoax is one illustration. The unnamed NFT developer vanished with 798 ETH, totaling more over $2.7 million, and was never seen or heard from again. Do extensive research on the NFT developer to make sure they are reliable in order to avoid such frauds.

3. False customer service claims.

In this type of phishing scam, scammers assume the identity of customer service representatives for an NFT marketplace. They’ll normally get in touch with you via social media platforms like Twitter, Telegram, or Discord if they have a problem with your account. Then, pretending to be of assistance, they will email you a link to phony NFT markets that ask for your private wallet keys.

As a general guideline, only reply to inquiries for customer assistance coming from your authorized NFT marketplace. If you’re unsure, get in touch with your NFT marketplace’s official customer service channels.

Security Advice: How to Prevent NFT Fraud

Following are some helpful suggestions to assist you outwit even the most crafty con artists now that you are aware of the most typical scams in the NFT industry.

Avoid clicking on shady links. You can wind up providing a scammer access to your account information.

Never divulge your seed phrase or password. Additionally, to provide an additional degree of security, activate two-factor authentication on your account.

Before making an NFT investment, do some research. Before making a purchase, always confirm the identity and reputation of the NFT seller.

To encrypt and anonymize your NFT traffic, use a virtual private network (VPN).