Don’t Get Fooled, Differentiate between a Real and Fake NFT
Real and Fake NFTs
How does one know that an NFT is not fake? This is a question that people have pondered over globally because more and more people are now turning toward the NFT industry. While this is a good sign, there is an increase in the chances of fraud.
Customers need to know the differences between real and fake NFTs, which is why we will be talking about it in this article below. We will help you learn some pointers that can assist you to tell how to spot a fake NFT quickly. Let us begin.
Differences between real and fake NFTs: How to Spot?
Following are the most common differences between a real and fake NFT that you should keep in mind.
Consider the Price
The first red flag you should keep an eye out for is the price. If the price of an NFT is a little too good to be true; chances are that it’s fake. Consider that the NFT is unique, and the artwork (or whatever NFT you are interested in) has great value.
There is no logical explanation why a seller may want to sell it to you for a lower price. Thus, it is essential to steer away from deals that are a bit too discounted.
Or, you should always stay cautious, check the deal details, and only make the transaction if you are fully satisfied.
This may sound like a lot of work, but it is worth it. You wouldn’t want to spend your hard-earned money in an NFT only to find out that you have been mugged.
Reverse Google Image Check
There is nothing wrong with reaching out to technology to check if a particular NFT is real. The platform allows users to search for a particular NFT, check other artists who have worked on similar NFTs, and much more.
It is the best possible way to identify fraudulent attempts. It is best to cancel the deal if you see a similar NFT on sale, only at a higher price. The sellers are probably fake and are trying to loot you.
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Having a copy NFT means technically it has no value, so always consider the monetary sustainability before spending time and money on it.
The Reverse Google Image process is fast and effective and will help you understand the differences between real and fake NFTs in no time.
Choose the Right Platform
A common reason why most NFT buyers get mugged online in deceit is that they do not think of their buying platform. The NFT industry is growing rapidly, and users should consider the chance of fraud. However, choosing the right platform can help make things much more streamlined, and fraud-free.
Frequently Asked Questions
Still looking for more info? We’ve compiled a list of FAQs – check them out!
Can you learn the differences between fake and real NFTs?
Yes, the following are some factors, which may indicate that an NFT is fake.
- Low price
- Similar NFTs online
- Suspicious dealing platforms
Can NFT be faked?
While it is illegal to fake an NFT, it still happens around platforms.
How Do I Know If NFT Is Worth Buying?
The demand for an NFT determines it is a token that is worth buying.