How NFTs are scamming Instagram artists and how to protect yourself.
NFT Scammers’ Targeting Tactics
When I started showing my AI art on Instagram it wasn't long before a received a spate of direct messages praising my work and asking if they could be purchased at extraordinarily high prices. My immediate reaction was "wow, i know my stuff is cool but $8000 for an AI graphic!!??" So, realising this was a scam I started to delve deeper into this whole NFT/Instagram scam. This blog post is the result of my research into this topic.
NFT fraudsters have devised various tactics to target Instagram artists, preying on their aspirations and willingness to embrace innovative digital art sales. These scammers often initiate contact through direct messages, where they shower artists with compliments about their work and express interest in purchasing it as NFTs. By leveraging flattery and false promises, they attempt to establish a sense of trust and credibility to manipulate artists into engaging in fraudulent transactions. For instance, an artist on Instagram might receive a message from a scammer expressing admiration for their digital art and offering a substantial amount of money to acquire it as an NFT, luring them into the scam.
Moreover, scammers frequently employ the strategy of persuading artists to set up NFT accounts and invest in cryptocurrency to facilitate the transaction, claiming it as a necessary step in the process. This tactic preys on the artists' unfamiliarity with the NFT marketplace and blockchain technology, leading them to inadvertently fall victim to fraudulent schemes without fully comprehending the risks involved. For example, an artist might be approached by a scammer who persuades them to create an NFT account and invest in cryptocurrency to proceed with the sale, ultimately exploiting their lack of knowledge in this emerging digital art domain.
Furthermore, scammers often resort to impersonating individuals from customer service centers or offering to overpay with fraudulent checks, creating an illusion of legitimacy to deceive unsuspecting artists. This method aims to exploit the artists' trust in conventional payment methods and customer service protocols, coercing them into believing that the transactions are genuine and secure. As an illustration, an artist could encounter a scammer posing as a representative from a renowned NFT platform, assuring them of a seamless transaction process, or offering to overpay with a fraudulent check to establish credibility and manipulate the artist into falling for the scam.
Warning Signs of NFT Scams on Instagram
When it comes to NFT scams on Instagram, artists need to remain vigilant and aware of the warning signs to protect themselves from potential fraud. Unsolicited messages, promising quick and easy transactions, and tempting with the prospect of huge profits are common tactics used by scammers to lure artists. For instance, an artist might receive a direct message from someone claiming to be a collector interested in purchasing their artwork as an NFT. The message could promise a swift and lucrative transaction, which should raise a red flag for the artist.
Moreover, scammers often pose as legitimate NFT traders or collectors to trick artists into falling for their schemes. They may send links to fake NFT trading platforms or use phishing websites to deceive individuals into revealing sensitive information or making transactions under false pretenses. These warning signs are crucial for artists to recognize to avoid falling victim to NFT scams and to safeguard their valuable work and financial well-being.
Protecting Yourself from NFT Scams on Instagram
In addition to trusting their instincts and establishing a no-contact policy, artists can take proactive measures to safeguard themselves from falling prey to NFT scams on Instagram. It is essential for artists to be cautious of potential red flags when approached by individuals looking to purchase their art as NFTs. One common tactic employed by scammers is to lure artists into uploading their artwork on fake NFT trading platforms and paying gas fees, which can be avoided by staying informed about the NFT marketplace and identifying reputable platforms for NFT sales.
Furthermore, artists should not only focus on protecting their own interests but also take steps to educate and inform others about the risks of NFT scams. By sharing information and experiences, artists can contribute to decreasing the number of victims and creating awareness within the artistic community. This collective effort to stay informed and alert can serve as a protective shield against potential NFT fraudsters, ensuring a safer environment for artists to navigate the digital art landscape on Instagram and other social media platforms.
Steps to Take If Targeted by NFT Scammers
When an artist falls victim to an NFT scam on Instagram, it is important to take immediate action to mitigate the impact. Firstly, they should stop any further transactions and gather evidence of the fraudulent activity, such as screenshots of the conversation, transaction details, and any other relevant information that could aid in the investigation. This evidence can be crucial in proving the scam and seeking recourse.
Subsequently, reporting the scam to the appropriate authorities is essential. Artists should contact their banks or cryptocurrency providers to inform them of the fraudulent activity and seek assistance in preventing any further financial losses. Additionally, seeking legal help can also be beneficial, as it may provide guidance on the available options for recourse and potential steps to recover any losses incurred due to the scam.
Furthermore, educating others about NFT scams is vital in reducing the number of victims. By sharing their experiences and providing insights into the tactics employed by scammers, artists can help protect the community from falling prey to similar fraudulent schemes. This proactive approach can create awareness and empower fellow artists to recognize and avoid potential NFT scams on Instagram, thereby fostering a safer environment for digital art transactions.
In conclusion, taking swift and decisive action, including halting transactions, gathering evidence, reporting the scam, seeking support from financial and legal entities, and educating others, is crucial if an artist becomes a target of NFT scammers on Instagram. These steps not only safeguard the affected artists but also contribute to the collective effort to combat NFT fraud and protect the digital art community from exploitation .
Legitimate NFT Sales and Trustworthy Platforms
Legitimate NFT sales can occur if artists are well-informed and proactive about selling their work on trustworthy platforms. Artists should conduct thorough research on the NFT trading platforms they consider using and ensure that these platforms have a history of successful and secure transactions. For example, SuperRare is known for its strict curation process, ensuring that only high-quality digital artworks are featured on its platform, which in turn provides a sense of legitimacy and security for artists.
Additionally, artists should be cautious of potential red flags such as unsolicited messages, quick and easy transactions, and promises of huge profits, which are commonly associated with NFT scams. By staying informed about the NFT marketplace and being selective about the platforms they choose, artists can significantly reduce the risk of falling victim to fraudulent activities while ensuring the legitimacy of their NFT sales. It’s crucial for artists to sell their digital art on reputable platforms like OpenSea, which is one of the largest NFT marketplaces, providing a wide range of digital artworks and collectibles, thus offering artists a reliable and well-established platform to showcase and sell their work securely.
let me know about your experiences on NFT scams so we can help protect the AI art community.
Look out for more articles from me on this topic.
David Miller, founder inlovewithit.com
Frequently Asked Questions (FAQs)
- How are NFT fraudsters targeting Instagram artists? NFT fraudsters target Instagram artists by approaching them through direct messages, complimenting their art, and offering to purchase it as NFTs.
- What are the common tactics used by scammers to approach artists on social media for NFT scams? Scammers use unsolicited messages, quick and easy transactions, and promises of huge profits to approach artists for NFT scams.
- What precautions can artists take to protect themselves from NFT scams on Instagram? Artists can protect themselves by trusting their instincts, having a no-contact policy, and staying informed about the NFT marketplace.
- What are the warning signs of potential NFT scams on Instagram? Warning signs include scammers posing as legitimate NFT traders or collectors, luring artists to fake NFT trading platforms, and the use of phishing websites, fake sales, and bidding bots.
- Is it safe to sell digital art as NFTs on Instagram? It can be safe if artists are cautious and sell their work on trustworthy platforms.
- What are the steps to take if an artist falls victim to an NFT scam on Instagram? Artists should stop further transactions, gather evidence, report the scam, and seek legal and financial assistance.
- Which are the reputable NFT trading platforms that artists can use to sell their work? Reputable platforms include SuperRare, OpenSea, Nifty Gateway, Rarible, Foundation, Async Art, KnownOrigin, and MakersPlace.
- Are there specific red flags to watch out for when receiving comment and messenger invitations related to NFTs on Instagram? Yes, red flags include unsolicited messages, quick and easy transactions, and promises of huge profits.
- How can artists inform and educate others about NFT scams to decrease the number of victims? Artists can share information about NFT scams to decrease the number of victims and protect the community.
- What are the characteristics of legitimate NFT sales, and how can artists be proactive about selling on trustworthy platforms? Legitimate NFT sales occur when artists are proactive about selling on trustworthy platforms and remain cautious of potential NFT scams .