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With the increasing use of NFTs, understanding how to authenticate an NFT is more crucial than ever. How do you spot a fake NFT? And when can you be sure it’s authentic? Understanding how to authenticate an NFT before investing in a digital collection is essential for all users.
In this expanding market, scammers frequently take advantage of users’ lack of awareness. The easiest approach to protect yourself is to grasp the fundamentals of authenticating NFTs so that you understand exactly what you’re purchasing.
In one word: yeah! With the rise of NFTs and the metaverse in 2020 and 2021, the market has become a prominent target for scammers who use fraud and plagiarism to exploit customers. Many novice investors struggle to understand blockchain technology and NFTs. In this perfect environment, scammers can take advantage of naïve NFT buyers.
Another aspect is the low price of creating NFTs. While this benefits NFT artists and makers, it also means that scammers can swiftly create counterfeit NFTs for a low cost. Do not worry! The following guide will give you some tips for identifying suspicious NFTs. Conducting a little research is the best way to keep your money safe.
Make sure it’s legit: If you’re buying directly from an artist, visit their official website and social media to verify that it’s the real deal.
Do a quick credibility check: Before trusting a company, research it on social media and its official site to ensure its reliability. Alternatively, seek advice from established NFT organizations.
If you purchase from a secondary market, look for the seller’s wallet address and the NFT’s on-chain ID to determine its origin. Be cautious if the marketplace doesn’t allow you to view the seller’s wallet address.
Don’t get duped: Scammers can replicate entire websites. While an NFT site might look genuine, the URL might be off. Look out for missing details, poor text quality, or other obvious signs of forgery.
Avoid connecting your wallet: Never link your wallet to a site until you’re confident it’s legitimate. Connecting your wallet to a fraudulent site can put your funds at risk.
Check the contract: Along with the seller’s wallet and on-chain data, confirm the NFT contract address. You should be able to find the exact contract address from a legitimate source. If the data doesn’t match, the NFT isn’t authentic.
Check the trade history: If it’s a well-known collection, the NFT should have past sales. You can find this on a blockchain explorer or an NFT marketplace. If there’s no sale history, be careful.
Examine the activity history: Even if there are many transactions, ensure they don’t involve the same wallet or a limited number of wallets. This could indicate that a scammer is inflating the sales volume and price by repeatedly trading their fake NFTs.
If it seems too good to be true, it probably is: Check the floor price of the collection and compare it to the price of the NFT you’re interested in. If you see a CryptoPunk listed for just $5,000, it’s likely a scam. Even if the price seems reasonable, verify that a small group of wallets hasn’t manipulated it.
Confirm originality: Even if you believe you’re acquiring an original piece, double-check by conducting a reverse image search. This may uncover further instances of the image online. Some may be authentic. However, it’s possible that another artist made the image without licensing it as an NFT.
Don’t Take Risks When Trading NFTs: Even when using reputable exchanges such as Binance NFT Marketplace, it is critical to exercise caution. The suggestions we’ve provided are a good starting point for determining whether you’re buying a real NFT. Keep in mind that every blockchain transaction is final. If anything feels odd, trust your instincts and don’t rush to buy.