Money 2.0 Conference - Frequently Asked Questions(FAQs)

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Evaluating NFT Art Scams: A Comprehensive Review

Whether you are a newbie or a seasoned investor in the world of NFTs, it is crucial to take into consideration the numerous scams happening in the arena. While NFT artworks have posed to be lucrative, long-term investment opportunities, many scammers and fraudsters have jumped into this bandwagon to steal your money. Therefore, knowing how to validate the authenticity of NFT artworks ensures that you end up with the real deal every time.

Because of strides made in blockchain tech, artists can sell their artworks in the form of NFTs and get the patronage they deserve. But there are also stolen, plagiarized works doing the rounds. We asked a few experts attending the Money 2.0 Conference about how investors can ascertain the uniqueness of a particular artwork. These are the tips they came up with:

Authenticity Checks - How To Do It?

  • While going through projects on OpenSea, ensure that they have legitimate names, thumbnails, descriptions, and of course, blue ticks. There is a high chance that the artworks displayed may be fake if the profile looks hurriedly put together. Also, several fraudsters may impersonate well-known NFT artists and put up artworks that closely resemble theirs. Notice inconsistencies in the names of the projects, such as spelling errors? Get off the fake profile ASAP.

  • Every project has a contract address, which blockchain requires to determine the authenticity of the NFT pieces. This will give you an idea about the origin point of the NFT artwork. Any artwork creating a lot of buzz online will have its contract number available publicly on the creator’s website. So, if the numbers on the project don’t match that of the original, the artwork is most likely fake.

  • Keep an eye out for NFT giveaways on Twitter, Discord, and Telegram because they mostly turn out to be big, fat scams! Scammers may contact you via spammy emails and messages, saying that you are the lucky winner of a coveted NFT artwork. However, their goal is to actually get you to visit links that may steal your personal information. So, be careful!

  • Review whether the artist is promoting the same artwork on multiple blockchain ledgers at the same time. This might be a ploy to defraud several investors simultaneously. It would be a good idea to scan through the social media accounts of the creators to know if they have a respectable presence online.

  • Try out Google’s reverse image search feature. By running a quick review, you will get to know if there are other variants of the image, how long it has floated around on the internet, and its date of publication.

Takeaways

The NFT art market is booming. However, do follow these essential steps to ensure that you don’t get taken for a ride with plagiarized works. The Money 2.0 Conference’s 2022 agenda pays a lot of attention to this emerging trend of NFTs and will invite renowned investors in the arena to talk about its future. Book your seat at our upcoming finance conference for more information on the subject!

12/28/2021 - 10:34

Yash Dogra

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Yash Dogra
Author Bio

Yash Dogra is deeply interested in learning more about the world of finance and is a cryptocurrency enthusiast. He is a member of the organizing committee of the Money 2.0 Conference which will explore insurance and finance trends, acquaint attendees with new financial management tools, and highlight tactics to stay safe from fake/fraud investment schemes as well as spam and stock market scams.