An NFT scam involves fraudulently creating and selling fake digital assets, known as NFTs, which are stored on a blockchain and can be bought and sold like physical assets. Scammers may use easily accessible digital artwork or other content to create fake NFTs and sell them as valuable or rare assets to unsuspecting buyers. They may also use phishing tactics to obtain money or personal information in exchange for the promise of owning a valuable NFT.
To protect yourself from NFT scams, research the artist or creator of the NFT and the marketplace where it's being sold, be wary of red flags such as a low price, lack of verifiable information or sudden appearance of a rare item, and ensure you use a reputable and secure marketplace with a good track record of handling NFTs and protecting buyers from fraud.