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NFT fraud explained

What are NFTs?

Also known as non-fungible tokens, NFTs are a type of digital asset often bought and sold using cryptocurrency. They’re unique, which means each one holds individual value and can’t be directly swapped with another token like-for-like.

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    Marketing NFTs

    NFT fraud shows up in many ways. Scammers can use social media ads, influencer endorsements, and cold outreach on email or messaging apps to build hype around a new NFT campaign. Like many scams, they usually promise quick profits and claim to be exclusive “drops”.

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    Counterfeit NFTs

    This is when fraudsters copy a digital file (such as an artwork or song), mint it as a new NFT, and attempt to sell it as an original. They’re often listed on legitimate platforms, which makes them harder to spot. However, as NFTs are stored on the blockchain, you can usually do your research to verify the NFT’s origin and ownership.

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    Smart contracts and cryptocurrency theft

    NFTs are created and managed by “smart contracts” — which is code stored on the Ethereum blockchain. Because this code is publicly accessible, it can leave you open to scams—fraudsters can use fake smart contracts or malicious links to access your crypto wallet and steal your NFTs. That’s why it’s crucial to double-check links, platforms, and permissions to help protect yourself from theft.

The common types of NFT scams to watch out for

Impersonation NFT scams

If you receive a direct message from someone who claims to be an NFT artist, celebrity, or influencer, don’t respond. This is a classic sign of an impersonation scam. NFT owners or sellers never usually start a conversation unless someone messages them first. If someone does contact you first, ignore them, don’t click on any links or disclose your information.

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Richard Irving

Pump and dump NFT scams

Pump and dump scams are when fraudsters buy a large selection of NFTs or cryptocurrencies to build artificial hype. Once demand spikes and prices rise, they swiftly sell their holdings and leave buyers with NFTs that rapidly lose value. You can avoid these scams by researching the project’s history, ownership, and distribution, and whether the hype seems organic or artificial.

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Counterfeit NFTs

Scammers will also often attempt to sell counterfeits of famous NFTs, passing them off as the original at a much lower price, in order to attract unsuspecting investors. Counterfeits are sold even across popular NFT platforms, so it is vital to do your research to verify a seller and the NFT before making any investments.

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Liam Ben Ari, Head of Crypto Investigations at WRS

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Falling victim to fraud can be overwhelming and distressing. You deserve expert guidance and support every step of the way. That’s what we’re here for.  

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NFT Fraud Frequently asked questions

  • How do you buy NFTs?

    How you pay for NFTs depends on the platform you use. There are thousands of platforms, but most use waitlists.  

    Usually, once you reach the top of a waitlist, you’ll be randomly selected to buy an asset. Some platforms access USD and cryptocurrencies – however, some only accept the OpenSea cryptocurrency. The first step to buying NFTs is to purchase your currency on a crypto exchange platform and then transfer your crypto to a secure crypto wallet.  

    Some exchanges, such as Coinbase, have built-in wallet features that are usually offered when you open an account. You can then connect your wallet to your chosen NFT marketplace. Once connected, you’re free to browse the marketplace’s NFTs and make NFT investments. 

  • Is buying an NFT risky?

    Buying an NFT can be risky. The market is still new and unregulated, which means it’s volatile and scams are common. Due to lack of regulation, there’s also a real risk of buying counterfeit or stolen NFTs or falling victim to phishing scams.  

    If you’re considering buying an NFT, you should always research the project, check the creator’s credibility, and use a platform you can trust.  

  • Who owns NFTs?

    An NFT can only have one owner at a time, and ownership is recorded on the public blockchain. This makes it easier to verify the credibility of someone who owns an NFT.  

    Each NFT contains metadata. This can include important details like ownership history and access credentials. It makes NFTs a target for scammers seeking personal or sensitive information.  

    Have your NFTs been stolen? We may be able to help. Get in touch today to discover more about our NFT recovery services. 

  • Are NFTs a good investment?

    You can make significant earnings from NFTs, particularly when you buy them early from creators or collections, and they grow in popularity. But it’s important to stay vigilant. After all, the NFT market is still very new and volatile—prices can fluctuate dramatically, and many NFTs may lose value over time.  

    Factors like market trends, creator reputation, and rarity also play significant roles in an NFT’s potential worth. Because of this, they should be approached carefully and researched thoroughly before investing.  

  • I think I’ve been the victim of an NFT scam, what should I do?

    We know it’s difficult but try to remain calm and take a record of everything, including dates, account numbers, and statements. This will make the process simpler when building a case for recovery.  

    That’s where we can help. As an SRA-regulated law firm, our trusted UK solicitors can manage your case from start to finish, ensuring you get the best possible chance of recovery. It’s why we’ve recovered more than £50m in the past three years. Get in touch today.  

    If you choose to use our specialist services, ensure you only contact and communicate with the number we’ve provided. This will help you avoid potential scammers looking to further exploit your situation. 

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