When it comes to investing in NFTs, you should always be very careful because scammers always find ways to fool the unsuspecting. In this regard, the internet unfortunately provides an excellent platform to scam you in the most creative ways. Even the NFT world is not immune to this, with cases of fake artwork coming to light time and time again.
In this article we will show you how to increase the probability of buying from real artists.
Whenever you are interested in a particular work, ask yourself these four questions:
- Is this work too cheap? If something is dirt cheap, be vigilant. It’s not the only characteristic you should pay attention to, but if something is too cheap to be true, it usually is. Now go through the next questions to make sure.
- Where else does the work appear?: Use Google Image Search to answer this question. Simply drag the artwork into Google Image Search or type in the URL. You can see how many variations of the image are circulating on the Internet and how long the image has been around.
- Background check: What is the artist doing on Social Media? Look at the seller’s profiles. One look at the accounts on social media is enough to learn a lot about the person. Does it look like the profile of real artists? What are people saying about it in the comments? Pay attention to the social signals from other followers.
- Is the work still sold on other platforms? Check if the same work is sold on other platforms. Serious artists choose one blockchain and stick with it. Even if she wants to market it on other marketplaces on the same network, the people buying must come through one blockchain.
These questions will help you make a better decision when buying NFTs. But keep in mind:.
All investments, including NFT investments, involve risks that may result in loss of asset value, financial losses, or legal consequences. In this article, we only want to inform you, not give you financial advice. Seek the advice of a licensed financial professional before making any legal or financial commitments.