5 Ways To Become A Wise NFT Investor
Nov 8, 2022•2 min read
Non-fungible tokens (NFTs) have become sharply popular and swept the digital world thanks to their rarity and uniqueness. In fact, some NFTs have proven their high value up to millions of dollars, which has raised users’ interest in learning as well as owning NFTs. Taking advantage of their concern, many people make schemes to defraud individuals and companies via NFTs.
NFT cheating comes in many forms, including rug pull, phishing, pump and dump, counterfeit NFTs, and more. These accidents either get credentials to access a person's cryptocurrency wallet or outright defraud victims of their money. Thus, users should stay alert on their NFTs and how they exchange NFTs on the marketplaces. Here are 5 tips that may help:
1. Use reputable NFT exchange markets
Do not believe offers that sound too good to be true. New marketplaces are popping up all over and offer minimal security. You ought to stick to reputable exchange markets, such as OpenSea, Binance NFT, TofuNFT, and GameFi Digital Collectibles.
2. Keep keys private
Both these keys and any recovery codes must be kept in confidence. These passcodes are entirely unnecessary for anyone to know. You should also create solid passwords for NFT accounts and cryptocurrency wallets. Two-factor authentication is another way to keep NFTs safe. Using facial recognition or fingerprints makes it more difficult for someone to steal an identity.
3. Research the NFT seller
You should look for the blue check verification symbol on the seller's NFT marketplace account before making a purchase. Additionally, the seller's social media profiles, previous postings, and online reviews are good references for your decision.
4. Do not click on suspicious attachments or links
You should only go directly to reliable exchange links or websites. There might be links or attachments redirecting to a legitimate website, but do not click on them. You can never know whether they are suspicious or not.
5. Cross-check NFT price
You can visit several trade sites like GameFi Digital Collectibles, OpenSea, or NFTrade to compare prices before purchasing an NFT. It is most likely fraud if the price appears significantly higher or lower than those on trustworthy trading websites.
One of the most awaited features built on GameFi.org will be onboarded this month - GameFi Digital Collectibles. It operates like an NFT marketplace, which is designed to give users a smoother experience. Web3 digital goods such as in-game objects, avatars, and works of art in NFTs are available for everyone to explore, collect, and trade in this forward-thinking virtual marketplace.
With the initial wave of NFT collections from League of Kingdom, GensoKishi Online, Dvision World, and more to be announced, Digital Collectibles is formally launched on November 8, 2022. Are you looking forward to experiencing the superb feature? Let’s stay tuned for our complete guidelines!