Non fungible tokens or NFTs have been raking in millions of dollar in sales in the last few months. Be it Jack Dorsey’s tweet that went up for $2.3 million or a dog’s photo that garnered over $4.3 million in sales. Whether you like the concept of NFTs or not—these digital collectibles in the form of art, GIF, videos, music, etc, cannot be ignored. But NFTs are no exception to scams. It now seems like everyday an NFT collector is either defrauded or made the victim of theft.
Last week, in this column, we talked about how you can sell your NFTs easily. This week we focus on NFT scams, so that you don’t lose your digital collectible before making any profits.
Scams from the beginning
Classic rug pulls are quite common in the world of NFTs. In October 2021, a collection of 10,000 “Evolved Apes” went live on OpenSea NFT marketplace. The NFT project described itself as “a collection of 10,000 unique NFTs trapped inside a lawless land.” They are “fighting for survival, only the strongest ape will prevail,” it said, referring to the project’s much-hyped fighting…
