Fraudulent NFT Images A Big Concern for Artists and Customers

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VIEWS: 3874 Views CATEGORY: Tech READING TIME: 12 Min To Read UPLOADED ON: 30 Oct 2023

NFT (Non-Fungible Token) has taken the world by storm. From Hollywood celebrities to sports stars and tech influencers, people from almost every walk of life promoted them.

These tradable tokens made many people millionaires. NFT artists and traders invested a lot of their time and money in making and selling NFT art.

People used to invest in NFTs believing they were free from every kind of scam. However, like every other profitable market, scammers also entered the NFT world and looted people. They make money using different tactics, including selling fake NFTs, bidding scams, phishing scams, etc.

The Biggest Scam

A major scam involving NFTs is the sale of fake or plagiarized work. Scammers duplicate others' creative work and sell them to real buyers. When buyers pay for them, they realize they have bought a plagiarized NFT. This is harmful to both artists and their customers.

Last year, OpenSea, one of the biggest NFT platforms, announced via Twitter that many scammers have exploited free mint tools to create plagiarized NFTs. 

The misuse of these tools has discouraged both creators and customers. The creators have faced a considerable loss as plagiarists sold their artistic work, and they got nothing from it. Similarly, the buyers purchased fake NFTs by paying real money.

Whether you are a buyer or artist, you must be aware of such scams and try to protect your work or money.

Ways to Prevent NFT Scams

Here are the best ways to avoid NFT scams and protect your work and money:

1. Purchase NFTs from Reliable Platforms

Recently, many fake NFT platforms have been built for fraudulent activities. These platforms sell fake NFTs for lower prices. Buyers are attracted to these platforms and purchase NFTs from there just to save money. However, when they complete the transaction and get access to the NFT, they shortly realize that it is fake or plagiarized work.

Buyers who want to purchase NFTs must ensure the platform is reliable. The benefit of using reliable platforms is that whenever you purchase NFTs from there, you know you are buying the real tokens and not getting scammed.

Another benefit of purchasing NFTs from such platforms is that they support users and help them avoid scams. Moreover, they also ensure the transactions are secure, and no scammers can get your details and bag your money.

2. Check Sellers' Profiles

While purchasing NFTs, you should also check sellers' profiles. When you check their profile, you can ensure that the seller is trustworthy and always provides the shown work to the sellers.

This practice can also help you know what people say about that particular seller. You can trust the seller if they have an excellent reputation in the community.

It will help you avoid scams and get what you have paid for.

By checking the profile, you can also know about the seller's track record, analyze what type of work they create, and assess the value of their artistic work. It can help you make an informed decision and protect your money.

3. Use the Image Search Method 

This trick is helpful for both sellers and buyers. The image search engines are very similar to other search engines. However, the major difference is that here you can upload image queries and find out where the same or similar images are uploaded online.

Image search can help you in many ways. For instance, if you are an NFT artist, this method can help you locate which platforms are selling your work without your permission. You can also quickly discover where your NFTs are uploaded online and what people are saying about that.

If you find anyone is using your work without your consent, you can report them and force them to remove them from the platforms. If they don't take any action, you can send legal notice and protect your artistic work from fraudulent activity.

Similarly, if you are a buyer, you can easily check the work's authenticity. For example, you can check whether you are watching the real work or not. The reverse image search utility will help you know where the same NFT is uploaded and who its actual owner is. That's how you can easily make the right decision and protect your money.

4. Check the Bids

To get the best value for your work, you must also check the bidding history of an NFT. Some NFTs are great, and people want to purchase them by hook or crook as they know they are getting the right deal. Moreover, they are created by well-reputed artists whose work goes hand-in-hand.

However, sometimes, you may feel that the bidding for a new seller's ordinary work is getting higher. If it happens, you should keep an eye on it and watch the trend. It can help you know whether the creators are raising the bids themselves or if people loved the work.

If you find any red flags, you must refrain from purchasing the NFT, as you may not get a valuable deal. Purchasing these NFTs at a higher price will provide you nothing except regret. That's why you should always look for the bidding trend and history.

5. Create Strong Passwords

If you don't want someone to steal your NFTs, you must create strong passwords for your NFT accounts or wallet. That's how you can easily protect your work or investment. Many scammers and hackers always try to break the security of wallets and get access to others' work. Ensure the password you are using is secure using a password strength checker.

Keeping your account safe from scammers is essential for you. Otherwise, someone may wipe out your account, and you may not know about it. If possible, you can also set up a two-step verification so that even if someone gets your password, they may not enter the wallet.

Conclusion

Fraudulent NFT images are becoming very common and one of the biggest threats to the NFT world. However, if artists and buyers do some research and keep an eye on red flags, they can easily protect their work and investments. This article has shared some of the best practices to avoid such scams, utilize them, and keep scammers away from yourself.

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