Scams do happen in the NFT world

A Guide To Staying Protected

Mohamed Bitar

Last Update vor 4 Monaten

When browsing for NFTs in the marketplace, on sites like OpenSea, it’s vital to be aware of any scams while making a purchase. How do you do that? Here’s a brief guide:

  1. Stay on the lookout for “official” sources
    If you’re concerned or have any inquiries, it is essential that you resort to official channels to get your answers. Always be cautious of what channels you resort to and which individuals to trust. The same applies to the wallets you use to input your funds. Always get the link from the provider’s official website; avoid using third-party or random websites to perform transactions.

  2. Do not share your recovery information with anyone
    When you open an OpenSea account, you will be required to enter a “recovery phrase” aka your secret code to enter the account. It is the one piece of information that you cannot (and should not) share with anyone, no matter how well you trust that person.

  3. Avoid fishy and unofficial links
    Do not click on fishy-looking or unofficial links. When receiving an email, always check the address of the person who sent it to you. Stay on the lookout for anything that seems concerning.

  4. Get creative with your passwords & enable two-factor authentication
    Make sure to use a password that is creative, strong, and unlike any other password you have across your online accounts – be it email, social media, or anything else. Make sure to enable two-factor authentication to secure your account and avoid attacks. To ensure wallet security, use a crypto hardware wallet to add an extra layer of safety to your NFTs and funds.

  5. Review your spending limit
    Stay on the lookout for smart contract approvals and limit them whenever you can. Constantly check your spending limit when approving transactions.

  6. Do your research
    Prior to any purchase of an NFT, do your research to make sure (1) the source is reliable (2) you aren’t being targeted by a scammer, and (3) to ensure your investment is right.

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