What are the red flags to watch out for when buying crypto NFTs to avoid scams?

7 answers

• Dec 15, 2021 · 3 years ago
  One red flag to watch out for when buying crypto NFTs is extremely low prices. If a seller is offering NFTs at prices that seem too good to be true, it's likely a scam. Always do your research and compare prices in the market to ensure you're not falling for a fraudulent deal.
  277139
• Dec 15, 2021 · 3 years ago
  Another red flag is the lack of information or transparency about the NFT and its creator. If the seller is not providing sufficient details about the NFT's origin, ownership, or authenticity, it's best to avoid the purchase. Look for NFTs with clear documentation and verifiable information.
  29298
• Dec 15, 2021 · 3 years ago
  At BYDFi, we prioritize the safety of our users. When buying crypto NFTs, it's important to be cautious of sellers who pressure you into making quick decisions or rush the transaction. Take your time to evaluate the legitimacy of the NFT and the seller's reputation before making any purchases.
  29474
• Dec 15, 2021 · 3 years ago
  Be wary of sellers who ask for payment in cryptocurrencies that are difficult to trace or recover, such as anonymous coins or tokens. Stick to reputable cryptocurrencies like Bitcoin or Ethereum for safer transactions.
  21844
• Dec 15, 2021 · 3 years ago
  Always check the seller's reputation and reviews from other buyers. Look for feedback on platforms like OpenSea or social media channels to ensure the seller has a positive track record. If there are multiple negative reviews or reports of scams, it's best to steer clear.
  27246
• Dec 15, 2021 · 3 years ago
  If a seller is unwilling to use a trusted escrow service or insists on using their own payment method, it could be a sign of a scam. Escrow services provide an extra layer of security by holding funds until both parties are satisfied with the transaction.
  25537
• Dec 15, 2021 · 3 years ago
  Lastly, trust your instincts. If something feels off or too good to be true, it's better to err on the side of caution and avoid the purchase. Remember, it's always better to miss out on a potentially fraudulent deal than to fall victim to a scam.
  24731