2022-05-23 14:24:24
Common NFT scams and how to avoid them.
As NFTs exploded in popularity, scammers also jumped on the hype. Watch out for counterfeit NFTs, rug pulls, pump-and-dumps and other common scams plaguing the industry.
Looking back at 2012, colored coins were the first hint of what we now call non-fungible tokens (NFTs), or nifties for some. Ten years later, these blockhain-based assets that can represent pretty much anything are on everyone’s lips, especially in the worlds of arts, sports and videogames.
The NFT market began to pick up steam in 2020, having grown by more than 300% from the previous year and moving millions of dollars’ worth of cryptocurrency. By the first week of May 2022, however, the sale of these tokens plunged 92% to 19,000 from its high of 225,000 last September.
https://www.welivesecurity.com/2022/05/23/common-nft-scams-how-avoid-them/
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