What are the most common NFT scams?

10. Pump and dump schemes Inspired by a form of securities fraud, experienced NFT scammers use “pump and dump” schemes to artificially drive up the price of an NFT. They do this by making several bids within a short time span to make it appear as though the NFT is popular.

What is a fake NFT project?

Fake NFT projects (rrug pull scams) Scammers often use new NFT projects to lure people into purchasing fake NFTs — or rug pull scams. This is when a hacker creates a seemingly legitimate NFT that turns out not to be resellable, effectively taking away its future value.

Is clothing a scam?

Clothing is a category that makes a lot of victims in the online shopping world. What’s interesting is that many people even acknowledge the fact that most websites sell counterfeit consumer goods. However, they rather buy fakes as long as they look good or if the reviews are fine (watch out for the Amazon Vine scam).

Are MCN NFTS a scam?

MCN MCN Insights: NFTs are a scam. By Andrea Ledesma, Digital Product Specialist, The Field Museum, Jeremy Munro, Database Administrator, Smithsonian National Museum of African Art, Erin Canning, Ontology Systems Analyst, LINCS, University of Guelph and MCN Board member, and Claire Blechman, former Digital Asset Manager, Peabody Essex Museum.