'There are many scams' in NFT sales, warns NFT Watchdog: How to protect yourself from scammers. Sponsored by cryptocom
But plenty of investors are seeing the value in NFTs. Some want to own rare digital collectibles. Others are fans of the art they're purchasing. Still others believe that the technology that allows internet users to track the provenance and ownership of things online is the future of the internet.
This is where scammers lurk as well, he adds. "They will often join Discord servers and mass-message their members, DM people on Twitter, or make connections on apps like Bumble Bizz," he says. "They will do their best to sell their scam as the next big marketing opportunity." The scam messages you'll receive will take a few common forms, says Morris. You may be offered an NFT in exchange for sending cryptocurrency to a particular online wallet, and never receive it.
Or you may be asked for help in marketing an "up-and-coming" collection or to work alongside an exciting new creator. When you send crypto to help "mint" the new collection of NFTs, the project will disappear completely. Morris says that once you join NFT communities on Discord, for example, you will likely receive dozens of messages a day about potential NFT opportunities. "While some may be legitimate, it is generally a good idea to avoid all direct messages," he says.
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