In the ever-changing internet, everything changes fast, and the trends come and go more often than the seasons. NFTs (Non-fungible tokens) are among the latest developments in the digital industry that have quickly become a craze among netizens. Consequently, this popularity has also attracted negative attention, exposing users to various NFT-related scams and frauds.
Some NFTs out there look like nothing special, something anybody could have produced with Photoshop in a few minutes. But that is not preventing collectors and NFT artists from making a good deal of money transacting with these items.
However, this new environment is also one of the favorite new places to work for cybercriminals, as it’s also happened with digital currencies and other valuable digital assets. Wherever there’s value to trade, criminals will show up to make a profit.
Are you an NFT trader already? Or maybe you intend to look at this new environment to see how the game goes? Whatever the degree of involvement you currently have (or mean to have) with the NFT market, you need to know that risks exist. Keep reading as we tell you all about what NFTs are, the risks they can involve, and the most frequent scams you should be aware of so you can stay safe from them.
NFTs: What are they?
We all know that NFT stands for “Non-Fungible Token.” The critical bit is “fungible.” What does it mean? A non-fungible item . Star Trek fans can think of Latinum, the liquid that serves as currency because replicators can’t handle it.
