It's Wise to Be Skeptical
Howdy!
NFTs are on everyone's radar. Crypto natives have been deep into the NFT adoption movement for about a year now. Many legitimate artists and creators have now caught on, and we're seeing more and more celebrities as well.
With all this public attention, things get more difficult to decipher between quality projects, cash grabs, outright scams, or even malicious smart contracts.
It's imperative to be diligent in your security practices, and to always use common sense.
Crypto always has a high degree of suspect behavior and scams, but when a segment of the market really takes off, deception can get much more intense. By default, it's wise to be a skeptic, even if it means you sometimes miss out on the next hot thing.
Every project wants your hard earned ETH. It is a competitive market to take from the naive. It's actually amazing just how hard some scammers work, when the good scammers could probably succeed simply by staying on the up-and-up in such a creator-friendly environment.
Sometimes, the con can be as simple as a rug-on-reveal, where the actual art is highly disappointing (see the Pudge Penguin egg reveal into fishing rods.) While your safety isn't at risk, the deliverable is unacceptable.
There are a bunch of new projects that fit this mold every day. The lazy effort in, willing minters who want to ride the next wave, and the ETH goes into the hands of low energy creators. These con-artists repeat this soft rug over and over again and it won't stop until minters demand more upfront.
The scarier con is when malicious code is involved. Interacting with a smart contract (and that's what an NFT collection is) is no joke, and we should take it seriously. A couple years from now we will likely be stunned by our current-day stupidity.
Takeaway: stay diligent. Do not let your greed and fomo take over.
On our blog this week, to go along with these warnings, we also give tips on practical safety and security measures every NFT degen should be taking.
Happy Flipping,
The Flip Team
FROM THE BLOG
NFT Safety & Security
In light of the recent OpenSea phishing attack, it's definitely a good time to refresh on some ‘best practices’ for NFTs.
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