art NFT, Giveaways, nft, NFT collectibles, NFT scam, Non-fungible token (NFT), Research Report, Scams

As non-fungible tokens (NFTs) are becoming a global phenomenon increasingly due to their mainstream adoption, there are also concerns about the surge of related scams. A recent study revealed the most common NFT scams that are spreading on the net.

Suspicious Domain Registrations With ‘NFT’ Word Surged 250% in March 2021

According to the research conducted by security experts of Bolster, replica stores are on a bullish trend, as the recent figures show a boost in the number of domain registrations.

Scammers have been actively setting up replica stores with suspicious-looking domains with names such as “rarible,†“opensea,†and “audious.â€

Per the study, such domain registrations have skyrocketed nearly 300% in March 2021 when compared to previous months.

The replica stores or phony copycats, says Bolster, often rely on using the same design of legitimate NFT stores, even replicating their logos.

Similarly, fake NFT stores are considered a variant of the replica NFT stores, with the difference that the first one doesn’t impersonate the design of an existent legitimate store. That said, the fake stores sell NFTs that don’t exist whatsoever.

Also, figures are not optimistic in terms of stopping the bullish steam of the fake NFT stores. In March 2021, suspicious domain registrations with the word “nft†accounted for 17,118, representing an increase of 250% compared to February 2021.

Bolster highlights other types of NFT-related scams, such as selling “counterfeit NFTs†by impersonating original artworks. Researchers elaborated on the matter:

The Uptrend of Scams Is Far From Slowing Down

As usual in the crypto sphere, the NFT landscape is not exempt from dealing with fake giveaways or airdrops. According to Bolster, “thousands of such scams†are spotted by them every month. Telegram, Facebook, Twitter, and Discord are the most common way to spread fake giveaway campaigns.

In the same line, scammers are using social media networks to perform NFT-related brand impersonation. Bolster highlighted an example of several active fake Rarible.com communities in Telegram.

But the firm doesn’t believe the NFT scams’ growing trend will slow down soon:

What are your thoughts on the study’s findings? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

Edward Snowden Plans to Auction an NFT, Proceeds Will Go to Freedom of the Press Foundation

The whistleblower and former Central Intelligence Agency (CIA) employee and subcontractor Edward Snowden has revealed he is stepping into the world of non-fungible token (NFT) assets. Moreover, 100% of the NFT sale proceeds will be donated to the Freedom of the Press Foundation. American Whistleblower Edward Snowden Mints an NFT

Xem chi tiết: Edward Snowden Plans to Auction an NFT, Proceeds Will Go to Freedom of the Press Foundation

Maximizing TPS: Smartbch Developer Explains Project’s Potential, Metamask Capabilities Seen in the Wild

During the first week of April, Bitcoin.com News reported on the sidechain project Smart Bitcoin Cash Project (Smartbch), as the community has been very excited about this new venture. Smartbch aims to connect Ethereum’s EVM and Web3 APIs to a smart sidechain built using the Bitcoin Cash network. On April 7, 2021, Smartbch’s lead developer […]

Xem chi tiết: Maximizing TPS: Smartbch Developer Explains Project’s Potential, Metamask Capabilities Seen in the Wild

NFT Roundup: Tom Brady’s Autograph Initiative, Topps Digital Baseball Cards, Annoying Orange’s 4K NFT Clip

The past week has been busier than usual for the NFT ecosystem. Rap stars Jeezy and Riff Raff entered the NFT realm, Hoard introduced its lending platform for NFT-collateralized crypto loans, The Topps Company is dropping its Series 1 Baseball collectibles, super-quarterback Tom Brady is launching his own NFT initiative, Terra Virtua is releasing a […]

Xem chi tiết: NFT Roundup: Tom Brady’s Autograph Initiative, Topps Digital Baseball Cards, Annoying Orange’s 4K NFT Clip

Edward Snowden Plans to Auction an NFT, Proceeds Will Go to Freedom of the Press Foundation

The whistleblower and former Central Intelligence Agency (CIA) employee and subcontractor Edward Snowden has revealed he is stepping into the world of non-fungible token (NFT) assets. Moreover, 100% of the NFT sale proceeds will be donated to the Freedom of the Press Foundation. American Whistleblower Edward Snowden Mints an NFT

Xem chi tiết: Edward Snowden Plans to Auction an NFT, Proceeds Will Go to Freedom of the Press Foundation

Maximizing TPS: Smartbch Developer Explains Project’s Potential, Metamask Capabilities Seen in the Wild

During the first week of April, Bitcoin.com News reported on the sidechain project Smart Bitcoin Cash Project (Smartbch), as the community has been very excited about this new venture. Smartbch aims to connect Ethereum’s EVM and Web3 APIs to a smart sidechain built using the Bitcoin Cash network. On April 7, 2021, Smartbch’s lead developer […]

Xem chi tiết: Maximizing TPS: Smartbch Developer Explains Project’s Potential, Metamask Capabilities Seen in the Wild

Kenyan Athlete and Olympic Champion Eliud Kipchoge Gets $40K in ETH After Auctioning NFTs of ‘Key Moments’

Kenyan athlete and world record holder, Eliud Kipchoge recently auctioned off his first set of NFTs for a total of 17.9837 ethereum tokens. The auction, which was conducted on the NFT marketplace Opensea, includes some of the key moments in Kipchoge’s career. According to a report, one of these moments, Kipchoge’s 2019 record-breaking run in […]

Xem chi tiết: Kenyan Athlete and Olympic Champion Eliud Kipchoge Gets $40K in ETH After Auctioning NFTs of ‘Key Moments’

14 Years of Art for $500K: Youtuber Ali Spagnola Compiles All Her Free Paintings Into an NFT

In mid-January, Bitcoin.com’s newsdesk wrote about the popular artist and Youtuber, Alicia Dawn “Ali†Spagnola after she “accidentally got bitcoin rich†from her Free Paintings project. Since then, a great number of people told her to create a non-fungible token (NFT) asset with her artwork, so she decided to execute the idea after many requests. […]

Xem chi tiết: 14 Years of Art for $500K: Youtuber Ali Spagnola Compiles All Her Free Paintings Into an NFT

NFT Roundup: A Closer Look at Key Developments Over the Last Week

Another exciting week in the NFT universe has unfolded as Kiwie digitizes graffiti in new collectibles, the original meme makes its way to market, and a new integration between Videocoin and Filecoin supports video-based NFTs. The Fat Monster Meets the Mint Latvian-based art collective Kiwie is bringing its iconic Fat Monster character to the blockchain […]

Xem chi tiết: NFT Roundup: A Closer Look at Key Developments Over the Last Week

DEX Barter Smartplace Launch: A New Era of NFT Trade

Paris Hilton ‘Very, Very Excited’ About Bitcoin — Confirms She Is a Long-Term Crypto Investor

Lifestyle and Entertainment Company Playboy Plans to Launch NFTs With Nifty Gateway

Paris Hilton ‘Very, Very Excited’ About Bitcoin — Confirms She Is a Long-Term Crypto Investor

Torum: DeFi + NFT + Social Media – the Next Brilliant Utility Innovation in the Blockchain World?

Non-Fungible Token Sales Begin to Dive, NFT Interest Declines, Finance Author Highlights NFT Oversupply

Popular Bobblehead Manufacturer Funko Announces New Lineup of NFT Products

Topps Digital Towers Over NFT Universe With Upcoming Godzilla NFT Collectibles

Other Articles