Are you worried about the safety of NFT projects you’re looking into and want to know how to keep yourself from being scammed? It’s essential that we stay safe from these schemes, but it can be difficult to know how best to safeguard our digital assets. Luckily, with the correct information, sidestepping fraud is achievable. In this article, we will delve deep into what exactly these scams are, explore their mechanics and more critically provide helpful tips on evading them in 2023!
What are NFTs?
Non-fungible tokens (NFTs) are a form of a cryptographic asset created through the same type of coding employed for cryptocurrencies. In layman’s terms, this is powered by blockchain technology and signifies that NFTs cannot be interchanged or substituted similarly to other cryptocurrencies.
Unlike popular digital currencies, like Bitcoin or Ethereum, Non-Fungible Tokens (NFTs) are unable to be exchanged and replaced because of their unique properties. On the flip side, fungible tokens like cryptos provide a unique ability to act as a medium for commerce because of their identical nature.