Anyone in this globe would know the number of times the painting of 'Mona Lisa' by Da Vincy was stolen, forged, and made into a controversy. Long gone are the days when the rarest of the rare arts were auctioned off. Today the world is getting digital and paperless, and now it is the age of digital art and collectibles in the form of NFTs. NFT trading platforms are the place where people buy and sell NFTs of these rare works of digital creators. The NFT boom not only gave us a lot of beautiful art collections but also made us aware of the scams and theft that happened around them. How can you spot the scam before getting into them? Here is a guide.
Spot the thief before it's too late!
You might have heard a lot of scam stories surrounding cryptocurrencies. People who host early funding for a crypto project take off with the funds and abandon the project. Since blockchain is all about privacy and anonymity, it is indeed difficult for anyone who lost their money to get them back.
Not just in cryptocurrency, the artist who are in need of funds to develop their NFT projects also comes up with an initial funding process. There are many instances where the creator of the NFTs proposed an initial funding process. There are projects that were abandoned before launching the collection and some even before creating or minting them.
Before getting into such projects, you will have to check for the legitimacy of the artist first. Check out the social media platforms of the artist, his personal profile, and other details about his previous work.
It is also important to check out the technical team behind the NFT development. Nowadays, NFT project developers are creating their own community on common platforms like Discord. This is for the NFT buyers to communicate with the team behind the project as well as other buyers. You can get into these communities and get reviews from your fellow buyers.
The bottom line
A proper Background check is an important step before you buy or sell NFTs. Though it is difficult to find a worthy project in the middle of scams, top NFT marketplace platforms are trying to regularize them to give a better NFT experience for the NFT enthusiast.
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