How to Identify Fake NFTs
How to Identify Fake NFTs
As the art world transitions into the new digital age, more and more artists are turning to non-fungible tokens (NFTs) to help them create and sell their work. NFTs are an excellent way for artists to protect their work from plagiarism and ensure proper credit for their creations. However, as the popularity of NFTs grows, so does the creation of fake tokens. Let’s discuss how to identify fake NFTs and protect yourself from fraud
What to look for when purchasing NFTs
Before purchasing an NFT, you must do your research and make sure you are buying from a reputable source. Here are some things to be aware of when purchasing NFTs to help you stay safe and avoid falling victim to scammers.
Be vigilant about fake emails
Scammers are active on several platforms, and they can also infiltrate your inbox by sending emails with fake offers. The email will ask you to click onto a site to verify your account and retrieve your wallet, but this will steal your account information, making it impossible to recover. These phishing scams can also happen with pop-ups, so hover over links before clicking, and if something looks suspicious, don’t click on it.
Use reputable platforms
Many scams seek to take advantage of unsuspecting buyers. One way to protect yourself from these scams is to buy NFTs from popular exchanges or marketplaces. Analyze the site for credibility before making a purchase.
It should raise a red flag if an NFT is priced significantly higher or lower than similar NFTs from the same collection or category. Supply and demand determine the market prices, so if something sounds too good to be true, it probably is. Be aware of wash sales, too. That’s when someone created an NFT and put it up for sale, then quickly buys it themselves for a high price to make it look more valuable than it is before offering it again at an even more inflated price.
Make sure you are buying an original
If an NFT appears on multiple sites, the project is part of some fraudulent activity. Remember that NFTs can easily be reproduced, so if possible, track down the content creator and reach out to them directly to verify that the NFT you’re buying is original.
Verify the image
Check the authenticity of an NFT by doing a reverse Google image search. This can help verify collections and their artists, and if something is the real deal, typically, a blue checkmark will appear next to its title.
Trace the contract address for accuracy
Know the accurate contract address of the piece you are purchasing. If the piece is a bespoke edition, make sure it exists on the marketplace you are using before making a purchase.
Inspect token information
Another thing to look for when purchasing an NFT is the token’s authenticity. Many fake tokens will have misspellings or incorrect information on them. Be sure to compare the information on the token with trusted sources online. If something looks off, chances are it is a fake token.
Validate the blockchain history
One of the best ways to identify a fake NFT is by checking its blockchain history. Fake tokens will often have fake or nonexistent transactions on their blockchains. You can verify that the token is authentic and has not been tampered with by checking the blockchain.
When buying NFTs, always remember to use caution and do your research. Protecting yourself from fraud is essential in this new digital age. Ultimately, the best way to ensure your NFT is genuine is to choose a secure platform. Top-tier platforms will have the proper checks and balances to make purchasing NFTs safer.
How Rev3al can help protect you from fraud
Rev3al’s platform allows artists and creators to upload and apply preset multi-factor authentication layers. This secure solution provides additional creative dimensions that can also be sent with artwork files. As a result, the final file is protected pre-blockchain and authenticates as an original digital creation.
Before minting or publishing online, a unique and encrypted authentication layer is encoded within the image and applied overtly, covertly, and forensically to the digital asset. During this process, data is created and added to the second dataset for future verification. Collectors and buyers can verify a digital asset’s authenticity within seconds directly on Rev3al’s platform by using multi-factor layers of encrypted authentication. When Rev3al’s proprietary algorithm authenticates all factors, users will see a green checkmark and be confident in their purchase authenticity. Our robust solution can prevent digital counterfeiting in a world where everything is available for the taking.
What is REV3AL?
REV3AL Digital Copyright Protection & Anti-Counterfeit Technology protects artists, creators, and owners of Intellectual Property across the digital spectrum and into the physical world.
REV3AL is positioned to become a standard for digital media security similar to the world wide standard GIA which protects Diamonds. Each diamond has a laser etch of the unique identifier to establish value and authenticity. This same principle has been missing from the Digital and NFT space until now.
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