NFT Scams Are Everywhere. Here's How to Avoid Them

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Wanna get into NFTs but scared of a scam? We talked with experts about how to spot red flags in the crypto market

According to Greek mythology, the Trojan War started when a goddess, Eris, threw something sparkly — a golden fruit now known as “the apple of discord”— into a party of feasting revelers. Nowadays, a fake link on Discord — the decentralized, online network of chatroom servers — can be similarly enticing and chaos-inciting.

who co-founded Six, a Web3 consultancy firm, with Constantinou and their colleague Jesse Grushack last year. “Project teams will never DM you first,” says Constantinou. “It’s best practice to assume everyone is a scammer until proven otherwise.

But sometimes these airdropped tokens don’t actually do anything other than serve as smoke and mirrors: If someone is creating a project with both a fake NFT collection and useless tokens, they may airdrop said tokens into influencers’ wallets so they can technically say that the influencer holds their currency, implying that they back the project.Fake, or half-baked collections, have become a huge problem.

their affiliation. So, her modus operandi is to question everything: “Who are the people investing in this project and do they want to see it survive longterm — or are they gonna dump their NFTs?”

 

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