How to avoid NFT scams

Some pointers on spotting red flags in the NFT space.

Recently, one of our community members got scammed and they lost a few Legends NFTs. We understand that many people are still new to the NFT space and are prone to scams of any nature.
Regardless of how legit and trustworthy a project may seem, there’s a fair chance that they might scam you and steal your funds. Once you approve a smart contract, it can instantly drain your wallet and send your wallet assets to the scammer. In most circumstances, the assets can never be recovered.

Here are a few ways to avoid getting scammed in the NFT space:

> Never share your wallet’s SEED PHRASE/PRIVATE KEY with anyone, under any circumstances.

> If your DMs are open on discord, blindly ignore messages from accounts mimicking any project discord you might have joined.

> While minting any (literally, any) NFT project, always make sure to use a Burner wallet. A burner wallet is a separate wallet where you usually don’t keep your other NFTs and tokens. When minting, your burner wallet should only have enough funds to cover the mint and transaction fees. After minting, you may move your minted NFTs from your Burner to your Main wallet.

> Unless you are linking with Grape Protocol, take necessary caution while linking your wallet with any other custom discord verification system.

> Always read all the messages displayed on your Solana wallet before authorizing your signature for any smart contract.

> Never participate in direct trading or any dealings outside the verified marketplaces, with anyone.

> In case you get scammed of any NFTs, always inform the project devs or mods. Avoid seeking third party help, they may request you to transfer them your funds to recover lost NFTs. They are scamming; desperation can lead to you losing even more.

Finally, always DO YOUR OWN RESEARCH before minting or buying into any NFT project. Over the last few months, some projects have scammed their holders even after getting listed on verified Solana secondary markets. At the end of the day, whether you GMI or NGMI depends solely on your decision making! 🤝

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