{"id":59182,"date":"2022-03-09T21:01:41","date_gmt":"2022-03-09T13:01:41","guid":{"rendered":"https:\/\/www.hongkiat.com\/blog\/?p=59182"},"modified":"2022-10-23T19:36:33","modified_gmt":"2022-10-23T11:36:33","slug":"avoiding-nft-scams","status":"publish","type":"post","link":"https:\/\/www.hongkiat.com\/blog\/avoiding-nft-scams\/","title":{"rendered":"How to Avoid NFT Scams"},"content":{"rendered":"<p>Ah yes, <a target=\"_blank\" href=\"https:\/\/www.hongkiat.com\/blog\/tag\/nft\/\" rel=\"noopener\">NFTs<\/a> or non-fungible tokens. Certainly, you\u2019ve heard of it before. After all, everyone has been talking about it all over the Internet. But what exactly are NFTs?<\/p>\n<p>To put it briefly, NFTs are digital assets that you can own and trade for actual money. Some people even see it as an investment, and its value would depend on its <strong>rarity<\/strong> and <strong>utility<\/strong>.<\/p>\n<p>NFTs are quickly becoming a multimillion-dollar industry and the massive influx of newcomers and investors, as well as opportunists and scammers, is unsurprising.<\/p>\n<p>To avoid falling victim to such devious deeds, you should always be vigilant and assume that any NFT project can be a scam.<\/p>\n<div class=\"ref-block ref-block--post\" id=\"ref-post-1\">\n\t\t\t\t\t<a href=\"https:\/\/www.hongkiat.com\/blog\/nft-use-cases\/\" class=\"ref-block__link\" title=\"Read More: 10 Practical NFT Use Cases\" rel=\"bookmark\"><span class=\"screen-reader-text\">10 Practical NFT Use Cases<\/span><\/a>\n<div class=\"ref-block__thumbnail img-thumb img-thumb--jumbo\" data-img='{ \"src\" : \"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/nft-use-cases.jpg\" }'>\n\t\t\t\t\t\t\t<noscript>\n<style>.no-js #ref-block-post-57945 .ref-block__thumbnail { background-image: url(\"https:\/\/assets.hongkiat.com\/uploads\/thumbs\/250x160\/nft-use-cases.jpg\"); }<\/style>\n<\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"ref-block__summary\">\n<h4 class=\"ref-title\">10 Practical NFT Use Cases<\/h4>\n<p class=\"ref-description\">\n\t\t\t\t\t\tNon-fungible tokens (NFT) are an emerging technology that has already seen a ton of use cases outside the...\t\t\t\t\t\t<span>Read more<\/span><\/p>\n<\/div>\n<\/div>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/avoiding-nft-scams\/nft-scams.jpg\" width=\"1500\" height=\"962\" alt=\"NFT scams\"><\/figure>\n<h2>The 6 red flags to watch out for!<\/h2>\n<p>If you\u2019re thinking about investing, you should be aware of certain red flags. To protect yourself and your money from such scams, you must dig deep and investigate every detail about the developers and their projects.<\/p>\n<h3>1. An unknown anonymous team<\/h3>\n<p>You must look into their entire team and <strong>validate their credibility<\/strong>. An unknown team is more likely to pull off a <strong>rug pull<\/strong> on their community and run away with all the profit and investment.<\/p>\n<p>You should also check if the developers are active on social media and see if they have a vibrant and active community that supports them.<\/p>\n<p>Projects may also have phony followers. They can easily accomplish this by employing bots or <strong>hiring people to post fake reviews on fake accounts<\/strong>. And they don\u2019t even have to look hard because many people would willingly help if money is involved. So be wise and take things with a grain of salt.<\/p>\n<p>If a team is self-Doxxed, meaning \u2013 <strong>they have exposed their identity to the public<\/strong>, then that\u2019s plus points for them for being brave, because if the project fails, people already know who they are. This is also a deterrent to rug pull scams. If you see one like this, it might be a good project to take a look into.<\/p>\n<h3>2. Huge ROI<\/h3>\n<p>Some projects would promise <strong>generous returns for investors<\/strong>. And many would be convinced that they can make a decent amount of money without even considering the risk. Oftentimes, the promised ROI (return of investment) would be ridiculously high, but people would still line up to invest despite the obvious red flag.<\/p>\n<p><strong>ROI graphs <\/strong>and <strong>statistics <\/strong>for their non-existent investors <strong>can also be manipulated by pumping and dumping<\/strong>; this scheme refers to the process of <strong>buying the NFTs themselves<\/strong> to drive the price and demand up. And seeing such returns makes it hard for unknowing investors to resist.<\/p>\n<p>So, if it\u2019s too good to be true, then it\u2019s most likely a scam.<\/p>\n<h3>3. NFT without genuine utility<\/h3>\n<p>Does the NFT project have good utility? What is it for? Does it solve a problem? If an NFT serves an <strong>essential purpose for its society<\/strong> or even if it\u2019s just <strong>part of a popular game<\/strong>, then it could be a good investment because there would always be a demand for it.<\/p>\n<p>Most NFTs today are made with <strong>false scarcity with no real value<\/strong> but still attract the attention of investors who hope to flip it and make a profit. It may hold its value and popularity today, but it wouldn\u2019t be a good investment in the long run.<\/p>\n<p>Some NFTs that have skyrocketed are only <strong>driven by hype and FOMO (fear of missing out).<\/strong> But when everything stabilizes and NFTs become part of our daily lives, those NFTs that don\u2019t have genuine utility would lose their value.<\/p>\n<h3>4. No apparent long-term goals<\/h3>\n<p>When investing in a project, you\u2019d want it to have a <strong>clear vision<\/strong> and <strong>long-term goal<\/strong> to retain its value in the future. If the developers aren\u2019t transparent with their plans and current progress, that\u2019s a glowing red flag for you.<\/p>\n<h3>5. Abnormally high price<\/h3>\n<p>Some NFT projects would presale their tokens and NFTs at <strong>ridiculous prices at the start of their launch<\/strong>. This should be considered a bad sign, especially if the developers behind that project are unknown. They often do this to grab as much profit as they can from their community.<\/p>\n<p>However, if the team behind that project is <strong>well-known<\/strong> or a <strong>big brand<\/strong> announcing their arrival on the NFT space, then having a high price for their NFT projects can be easily justified. After all, the value of their product would still depend on the <strong>demand <\/strong>from the market.<\/p>\n<h3>6. Fake NFT stores<\/h3>\n<p>Scammers create <strong>fake websites<\/strong> for popular NFT stores like <a target=\"_blank\" href=\"https:\/\/opensea.io\/\" rel=\"noopener\">OpenSea<\/a> and <a target=\"_blank\" href=\"https:\/\/rarible.com\/\" rel=\"noopener\">Rarible<\/a>, replicating the website interface and even the NFTs they sell.<\/p>\n<p>It\u2019s very easy to fall for such tricks, so always double-check the URL of their website because the difference there could be <strong>one single letter<\/strong>, and you\u2019ll find yourself at an entirely different website designed to steal your information and money.<\/p>\n<p>There are also <strong>fake NFT stores<\/strong> that sell <strong>NFTs that don\u2019t even exist<\/strong>, and several people have fallen victim to this, thinking that they had a cheap bargain. So make sure to check the URLs and links shared online and see if it\u2019s legit or an altered one.<\/p>\n<h2>Some recent NFT scams you should know<\/h2>\n<p><strong>NFT scams may come from well-known individuals and enthusiasts<\/strong>. Thus, nothing is inevitable in the Defi space, and anyone can pull off a rug pull at any moment, so always think twice before investing.<\/p>\n<p>Below are some recent examples of NFT scams that we can all learn from.<\/p>\n<h3>CryptoSis<\/h3>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/avoiding-nft-scams\/cryptosis.jpg\" width=\"2065\" height=\"1697\" alt=\"CryptoSis\"><\/figure>\n<p><a target=\"_blank\" href=\"https:\/\/www.imdb.com\/name\/nm8407559\/\" rel=\"noopener\">Lana Rhoades<\/a>, an actress who launched an NFT project called CryptoSis, was one example of an NFT scam. Their facade remained up for quite some time before it was revealed that they had abandoned the project and drained the funds of approximately <strong>$1.8 million<\/strong>.<\/p>\n<p>Lana Rhoades denied that the project was a scam and even tweeted that the funds went to their developers before deleting her Twitter account.<\/p>\n<h3>Frosties<\/h3>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/avoiding-nft-scams\/frosties.jpg\" width=\"2065\" height=\"1697\" alt=\"Frosties\"><\/figure>\n<p>This rug pull by the developers of Frosties was the first recorded rug pull of this year, 2022. On January 10, the night before the rug was pulled, investors were alarmed to see that Frosties\u2019 discord channel and Twitter account suddenly disappeared.<\/p>\n<p>It turned out that the creators of Frosties had withdrawn the funds worth over <strong>$1 million<\/strong>, leaving only $4000 worth of ETH tokens. And the collection of <strong>8,888 NFTs<\/strong>\u2018 prices dropped nearly zero overnight.<\/p>\n<p>Some investors have shared their thoughts after the rug pull occurred. They were dumbfounded and, oddly enough, felt enlightened at the same time. They realized that they were all baited by the community\u2019s hype without considering the risks.<\/p>\n<p>One individual even advised that you should rethink your decisions before investing, even if that project you\u2019re eyeing has over 10,000 people following and hyping about it.<\/p>\n<h3>Jacked Ape Club<\/h3>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/avoiding-nft-scams\/jacked-ape-club.jpeg\" width=\"2065\" height=\"1697\" alt=\"Jacked Ape Club\"><\/figure>\n<p>Have you ever heard of the famous NFT collection <a target=\"_blank\" href=\"https:\/\/boredapeyachtclub.com\/#\/\" rel=\"noopener\">Bored Ape Yacht Club<\/a>? It\u2019s one of the most significant NFT projects out there, and it sparked the creation of the <strong>Jacked Ape Club<\/strong>. It\u2019s the same concept, except that all the apes were jacked up and buffed.<\/p>\n<p>The project promised to release over 8,888 NFTs up for grabs, but after they\u2019ve sold 3,200 NFTs, the developers got rid of the remaining supply and told everyone that they\u2019ve all been sold out. It was then found out that almost <strong>$1.5 million<\/strong> total funds went to <a target=\"_blank\" href=\"https:\/\/twitter.com\/fauxcondor\/status\/1493175162375745537\" rel=\"noopener\">13 different crypto wallets<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Update on <a href=\"https:\/\/twitter.com\/JackedApeClub?ref_src=twsrc%5Etfw\">@JackedApeClub<\/a>\u2013 8888 NFTs collection, 3200 sold\u2013 Team paid \"influencers\" to shill\u2013 Claim \"sold out\" but burn the remaining supply\u2013 Mint was 0.15\u039e, Floor is now 0.03 and falling\u2013 Discord is now paused people got rekt\u2013 470\u039e (1.4M$) distributed to 13 wallets <a href=\"https:\/\/t.co\/GucDN1JmN8\">pic.twitter.com\/GucDN1JmN8<\/a><\/p>\n<p>\u2014 fauxcondor.eth \ud83d\udca5\ud83e\udd85\ud83d\udca5 (@fauxcondor) <a href=\"https:\/\/twitter.com\/fauxcondor\/status\/1493175162375745537?ref_src=twsrc%5Etfw\">February 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3>Balloonsville<\/h3>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/avoiding-nft-scams\/balloonsville.jpg\" width=\"2065\" height=\"1697\" alt=\"Balloonsville\"><\/figure>\n<p>On February 6, 2022, the developers behind <strong>Balloonsville <\/strong>tweeted about how easy it was to fool and make people take the bait by simply hiring paid actors for their project.<\/p>\n<p>They also revealed that they were the same team that pulled a <strong>$30,000<\/strong> rug from an NFT project called <strong>Doodled Dragons<\/strong> a month before this. And this time, they\u2019re fleeing <strong>Balloonsville <\/strong>with a total of <strong>$590,000<\/strong> in cash.<\/p>\n<h3>Surf Shark Society<\/h3>\n<figure><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.hongkiat.com\/uploads\/avoiding-nft-scams\/surfsharksociety.png\" width=\"2065\" height=\"1697\" alt=\"Surf Shark Society\"><\/figure>\n<p><strong>Surf Shark Society<\/strong> is a Philippine-based NFT that got rug pulled by their blockchain developer. On March 3, 2022, at 11:00 PM, news blew up on social media that their website was suspended, their discord channel was deleted, and not a single update on their Facebook page. It was estimated that the total amount stolen was roughly <strong>$225,968.28<\/strong>.<\/p>\n<p>Their team, later on, put out a message saying that they\u2019ll continue the project and work on what they have left, plus some added investment. And that they\u2019re also looking for a new developer to continue the work.<\/p>\n<p>I don\u2019t know about you guys, but I highly doubt they\u2019ll recover from this even if they continue, especially from an NFT project that\u2019s been rug pulled once. But who knows, they might pull it off.<\/p>\n<p>Suppose you\u2019re wondering why these people are not held responsible for the losses. Well, it\u2019s simply because there are <strong>no strict regulations yet<\/strong> on the Defi (decentralized finance) space. And people on the internet can easily remain anonymous. This is why people doing such scams can get away fairly quickly. And this is <strong>one of the downsides<\/strong> of our current blockchain technology that needs to be addressed.<\/p>\n<h2>Final Thoughts<\/h2>\n<p>To some people, these incidents and rug pulls are a crushing blow of reality and regret, but it is a lifelong lesson to some. The NFT market is as volatile as ever, not to mention that NFT scams are rampant.<\/p>\n<p>These scammers will take every chance they can to get their hands on everyone\u2019s pocket, which is why we need to stay vigilant and spread awareness to discourage such schemes. And we can\u2019t stress enough that extensive research and analysis are required before taking such risks.<\/p>","protected":false},"excerpt":{"rendered":"<p>Ah yes, NFTs or non-fungible tokens. Certainly, you\u2019ve heard of it before. After all, everyone has been talking about it all over the Internet. But what exactly are NFTs? To put it briefly, NFTs are digital assets that you can own and trade for actual money. Some people even see it as an investment, and&hellip;<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3398],"tags":[3825,4605],"topic":[],"class_list":["entry-content","is-maxi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to Avoid NFT Scams - Hongkiat<\/title>\n<meta name=\"description\" content=\"Ah yes, NFTs or non-fungible tokens. Certainly, you&#039;ve heard of it before. After all, everyone has been talking about it all over the Internet. 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But what\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.hongkiat.com\/blog\/avoiding-nft-scams\/\" \/>\n<meta property=\"og:site_name\" content=\"Hongkiat\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/hongkiatcom\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-09T13:01:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-23T11:36:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.hongkiat.com\/uploads\/avoiding-nft-scams\/nft-scams.jpg\" \/>\n<meta name=\"author\" content=\"Rean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@hongkiat\" \/>\n<meta name=\"twitter:site\" content=\"@hongkiat\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rean\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/avoiding-nft-scams\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/avoiding-nft-scams\\\/\"},\"author\":{\"name\":\"Rean\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#\\\/schema\\\/person\\\/9055cf045c2ed578773e8a4e184ba621\"},\"headline\":\"How to Avoid NFT Scams\",\"datePublished\":\"2022-03-09T13:01:41+00:00\",\"dateModified\":\"2022-10-23T11:36:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/avoiding-nft-scams\\\/\"},\"wordCount\":1656,\"publisher\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/avoiding-nft-scams\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/assets.hongkiat.com\\\/uploads\\\/avoiding-nft-scams\\\/nft-scams.jpg\",\"keywords\":[\"Cryptocurrency\",\"Internet Security and Privacy\"],\"articleSection\":[\"Internet\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/avoiding-nft-scams\\\/\",\"url\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/avoiding-nft-scams\\\/\",\"name\":\"How to Avoid NFT Scams - Hongkiat\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/avoiding-nft-scams\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.hongkiat.com\\\/blog\\\/avoiding-nft-scams\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/assets.hongkiat.com\\\/uploads\\\/avoiding-nft-scams\\\/nft-scams.jpg\",\"datePublished\":\"2022-03-09T13:01:41+00:00\",\"dateModified\":\"2022-10-23T11:36:33+00:00\",\"description\":\"Ah yes, NFTs or non-fungible tokens. 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