NFT

Check-in here on how a new Web3 email design will prevent you from NFT fraud

Nonfungible tokens are taking the digital world by storm with people making money and trading these digital assets. But there are also plenty of scams to dupe people and businesses out of money. In March 2022, threat actors stole more than US$600 million from Sky Mavis, developers of the popular NFT-based game Axie Infinity. The threat actors used hacked private keys to make withdrawals out of people's digital wallets.  NFT frauds are there in reality. As more artists and designers embrace NFTs and are exposed to this new technology and revenue streams the more NFT scams we'll likely see. To keep yourself safe you need to acknowledge NFTs are a new technology and need improvements, and understand NFT scams and crypto scammers are a reality of the current state of play.

NFT scams either deceive people out of money directly or get credentials to access a person's digital wallet or cryptocurrency wallet. Unfortunately, it is hard to recover lost money or stolen digital wallet credentials after a scam.

Supplied that Web3 is nevertheless an emerging area, it’s unsurprising that a considerable part of these losses come from an abuse of interaction logistics in the NFT area. Hackers frequently goal undertaking Discords and fill them with malicious backlinks wallet interfaces have an awful observed history of becoming utilized towards NFT local community members that firms are urging customers to study the wonderful print just before conducting transactions.

Founded in late 2021 by Shant Kevonian and Gerald Heydenreich, the company aims to be the first Web3 email solution to set a new standard for anonymous and encrypted wallet-to-wallet communication, according to a press release shared with nft now.

The service, which is still in beta testing, allows users to “claim” their Web3 email address at ethermail.io and access it via a familiar email client of their choosing, or by using EtherMail’s client. To claim an address, users log in with their wallet of choice and sign a transaction agreeing to the service’s terms and conditions.

How EtherMail Prevent NFT Fraud?

This email service, the company says, will help NFT project developers proactively mitigate the risk of communication fraud by preemptively informing users of breaches and vulnerabilities. thermal also enables self-updating mailing lists for community newsletter distribution based on up-to-the-minute smart contract data.

“Communication in this space is highly fragmented, frustrating, and overwhelming,” explained Founder Kevonian in an email exchange with nft now. “Users’ wallet addresses are not notified of any Web3 activity related to them, so they have to check various channels to stay up-to-date with their digital assets. It’s overwhelming, sifting through thousands of spammy messages and notifications on Telegram, Discord, and Twitter. Given the frequency with which holders sell their crypto assets and NFTs, there is a high risk of vital information loss, both for users and projects. Users can benefit from blockchain-synced real-time information in their Inbox, so they don’t need to worry about losing vital information on their digital assets.”