Be Careful of Free NFT Giveaways with These Safety Rules

NFT

NFTLet’s know about the some of the safety rules to make free from NFT Giveaways and scams

Non-fungible tokens are one of the latest trends to hit the internet. NFTs are essentially unique tokens that correspond to specific positions on a blockchain. NFTs can be anything digital – photos, videos, audio files, and so on. They have generated a lot of excitement because of their potential to use technology to sell and collect digital art. Project owners frequently distribute tokens free of charge to promote new NFTs. This is called NFT Giveaways. While many NFTs have no real-world utility, a number of projects in this space are now offering lucrative giveaways.

Investors should be highly skeptical of free NFT giveaways, as well as small peculiarities in sites they interact with. NFTs are stored in cryptocurrency wallets and are traded using blockchain technology. As a result, NFT investors are exposed to the same online threats as everyone who uses cryptocurrencies. Both cryptocurrency and NFTs are relatively unregulated spaces. This means there is potential for criminals to exploit loopholes and carry out scams. The popular non-fungible token, or NFT, project Bored Ape Yacht Club (BAYC) suffered its third security compromise. Around 142 Ethereum NFTs were stolen.

 

These safety rules make free from NFT Giveaways and scams:

Hackers quickly moved stolen funds to the obfuscation platform Tornado Cash, making it impossible to trace any further flow of funds on the blockchain. After hackers gained access to the Discord account of a Bored Ape Yacht Club community manager and posted a message with a link to a fake website. The link advertised a limited-time free-NFT giveaway to users who connected their wallets, which were then drained of NFTs, scammers can easily disguise a link to appear genuine.

Crypto enthusiasts look for subtle peculiarities on such sites, as they are frequently an indicator of malicious activity. NFT holders should also be highly suspicious of anyone claiming to offer free assets, as these can often be phishing attacks. There are a lot of malicious apps impersonating official ones. Download your wallet app or browser extension from the legitimate, official site to avoid getting phished.

Never click on links or attachments from unknown sources. Always look to the official customer service on official NFT trading sites for help instead of someone who contacted you via other platforms like social media. The URL of any NFT platform you want to visit into your browser to check if the address is legitimate. Never click on links in emails unless you are certain that the sender is trustworthy.

Always do your research before using an NFT platform. Hackers often set up fake NFT trading platforms to access the wallets of unsuspecting victims. And find out who is behind the project, their credentials, and what plans they have for the collection for NFT investment. The NFT giveaways can often carry security risks. hackers can attach authorizations to access wallets, sell holdings, and more. Never accept an NFT from someone don’t know and trust.

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