The scam involving art NFTs often targets artists through fraudulent schemes that exploit the buzz around NFTs (Non-Fungible Tokens). Here’s how these scams typically work:
1. Fake Buyers Express Interest:
Scammers pose as potential buyers or collectors who are interested in purchasing the artist's work as an NFT. They usually reach out via social media, email, or even through platforms like Discord and Telegram. These scammers often flatter the artist, claiming to be big fans or stating that they want to buy a specific piece or commission new work.
2. Request for Upfront Payments or Fees:
After gaining the artist's trust, the scammer might ask the artist to mint their artwork as an NFT on a particular platform. They might recommend a specific marketplace or claim that they will pay for the minting fees but ask the artist to cover an initial, often minor, transaction fee.
Alternatively, the scammer might offer to help the artist mint the NFT but claim that the artist needs to pay some upfront fee for gas (transaction) fees, registration, or to list the NFT.
3. Phishing Links:
Scammers might send a link that leads to a fake NFT marketplace or a phishing website disguised as a legitimate platform. The link might prompt the artist to connect their cryptocurrency wallet to the platform. Once the artist connects their wallet, the scammers can drain the funds from the wallet or gain access to sensitive information.
4. Fake Payment Confirmations:
Scammers might send fake transaction confirmations or receipts to trick the artist into thinking they’ve been paid or that their NFT is listed successfully. They might even send a small payment to make the scam seem more legitimate. After this, the scammer may disappear, leaving the artist with no actual sale and possibly out of pocket for any fees paid.
5. Fake Escrow Services:
Some scams involve fake escrow services where the scammer claims that the payment will be held in escrow until the NFT is transferred. These fake services can look convincing but are set up to steal the artist's money or artwork.
6. Impersonation Scams:
Scammers might impersonate well-known NFT collectors, curators, or platforms, using fake profiles to approach artists. These impersonations are meant to add credibility to the scam.
7. Demanding Private Keys or Sensitive Information:
In some cases, scammers might try to trick artists into giving away their private keys or seed phrases, which would give the scammer full control over the artist’s cryptocurrency wallet.
How to Protect Against These Scams:
Verify Buyer Identity: Always verify the identity of anyone who expresses interest in your work, especially if they approach you out of the blue.
Use Reputable Platforms: Only use well-known, reputable NFT marketplaces and avoid connecting your wallet to unknown sites.
Beware of Upfront Fees: Be cautious of anyone asking you to pay fees upfront. Legitimate buyers or platforms typically won’t require this.
Double-check URLs: Always double-check URLs to ensure you're on the official website, especially before connecting your wallet.
Protect Your Wallet: Never share your private keys or seed phrases with anyone. Legitimate transactions do not require this information.
By understanding how these scams operate, artists can better protect themselves and their work in the evolving digital art landscape.
Comments