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What is a non fungible token?
Non-Fungible Tokens (NFTs) are a new type of digital asset. They are like cryptocurrencies, but they are different in one key way: each NFT is unique.
NFTs can represent anything from collectibles to verifiable claims to ownership of an asset. They are made possible by the Ethereum blockchain, which allows for the creation of decentralized applications and smart contracts. The first major use case for NFTs is in video games, where developers use them as rewards for players or as virtual items that can be traded between players.
Choosing The Right NFT To Invest In
The internet has given us many things, but one of the most exciting might be non-fungible tokens (NFTs). NFTs are digital assets that are unique and can be used to represent a wide range of products.
If you’re in the market for an NFT, you might have some questions about how to choose the right one. We’re here to help.
Some tips on buying an NFT:
- Check if it’s truly authentic.
- Take a look at the metadata associated with it.
- Understand what rights you get when you buy it.
- Consider the future value of the asset.
- Think about what it represents.
How NFT Scam Works
In case you’re new here, NFTs have become a hot topic in the last several months—and unfortunately, that means that scammers have started to take notice. Here’s what you need to know about NFT scams so you can avoid falling for any of them.
cloning of successful projects to create a counterfeit nft project: In the NFT cryptocurrency world, cloning is used to make copies of successful projects with slight changes and offer them as something new. The idea behind this is to attract investors by promising high returns on investment and then take their money and run away with it.
Clones are usually easier to develop than original projects because they are based on already existing code written by someone else. Clones can be made in any programming language but they most often use smart contracts which are open source and free of charge.
The Fake Marketplace: A fake marketplace is a website that looks like a legitimate NFT marketplace, but isn’t. It might be a phishing site used to obtain your personal information or credit card number, or it might be an outright fraudulent site that will take your money without ever delivering your purchases.
Don’t fall for “hoarding,” which is when someone tries to convince you to part ways with your tokens by telling you they’ll buy them back from you at a later date. They likely have no intention of doing so.
Check whether your broker is charging “excess fees.” This is when someone charges you 25% more than the market rate for a particular NFT and then pockets the difference in price as profit for themselves.
How To Not Fall For NFT Scam
- Know the seller. You should always make sure that the seller is reputable and has a clear track record with other buyers. If they have only sold one NFT, they may not have the experience necessary to correctly price their NFT at its true value.
- Validate ownership using blockchain technology. All NFT transactions are recorded on the blockchain, which allows you to check if the seller actually owns the NFT they’re trying to sell or if they’re just trying to sell something they don’t own in order to scam you out of your money.
- Check the contract before buying an NFT. Make sure that the terms of sale are clearly defined and that all parties agree on terms for transferring ownership of the NFT after it has been purchased.
Do not be a paper hand; always mint new NFT in a new wallet. The possibility of coming across a fake project with malicious source code that might be used to steal your other NFT in your wallet is high.
Scammed Or Stolen NFT?
It happens to the best of us—you accidentally send it to the wrong address, or you lose your key. Whatever happened, we'll help you recover it.Report Scam
Here are some more tips
- Perform due diligence on the NFT you’re buying: do a reverse image search on what you’re buying, and if it appears on many NFT exchanges/markets, it’s probably not real; Make sure the release is coming from a reliable source, such as the artist’s own social media/website.
- Implement two-factor authentication procedures for account access whenever possible. Text message or email-based two-factor authentication is less secure than physical token generators, device-based authenticator apps, and push authentication.
- Check to see if the site where you’re buying the NFT is legitimate. When in question, don’t follow links and type the known URL into the browser yourself; if in doubt, don’t follow links and type the known URL into the browser yourself.
- Don’t give out your username or password to anyone; no one who is real would ask for it. It’s crucial to change passwords on a regular basis, just like any other online account, and to avoid using the same password on several accounts.
- Do not just buy a NFT, be a part of the community, make sure you join a projects social groups and channels to participate and know what is happening in the community before minting or making a purchase.
Let the Journey To Recover
Your Money Begin
Chargeback Pros is here to help you fight back against NFT scams.
- Saving private keys as screenshots
- Sending them over text messages/emails
- Using public wifi networks like those found at coffee shops
- Falling victim to a phishing scam
- Customer support impersonation
I am a victim of hackers who stole more than $100,000 from my Metamask account. I have tried many ways to recover my nft and I was in a real mess. Then I found chargeback pros, who helped me to recover my lost nft tokens. Thanks to chargeback pros for their help.