There are many great #Solana NFT drops today, including @Danuki_Dojo and @DeGodsNFT π
Unfortunately, there will likely be some scam drops and rugs happening today as well.
Here are some tips to make sure you don't get scammed when dealing with NFTs today. Thread π§΅.
Unfortunately, there will likely be some scam drops and rugs happening today as well.
Here are some tips to make sure you don't get scammed when dealing with NFTs today. Thread π§΅.
1. Burner wallets!
If you see a mysterious dark alley IRL, do you walk into it with your life savings with pockets full of cash? No. (right?!)
Similarly, don't walk into mysterious digital alleys / projects with all of your crypto life savings.
Use a burner wallet!
β¬
If you see a mysterious dark alley IRL, do you walk into it with your life savings with pockets full of cash? No. (right?!)
Similarly, don't walk into mysterious digital alleys / projects with all of your crypto life savings.
Use a burner wallet!
β¬
How?
Use @phantom wallet and create a new wallet for each mint.
Fund all of them with the exact amount required for the mint + fees.
If you get scammed by a wrong link or a rug, you've at least cut your losses.
Use @phantom wallet and create a new wallet for each mint.
Fund all of them with the exact amount required for the mint + fees.
If you get scammed by a wrong link or a rug, you've at least cut your losses.
2. Make sure you have the correct link!
ONLY use the mint link that is provided by the official Twitter/Discord account.
Scammers will often DM you with a 99% similar link, e.g:
so1.nft vs sol.nft
They might even have a fake website coming up on Google.
Don't fall for this.
ONLY use the mint link that is provided by the official Twitter/Discord account.
Scammers will often DM you with a 99% similar link, e.g:
so1.nft vs sol.nft
They might even have a fake website coming up on Google.
Don't fall for this.
3. Originality of the art
This one is hard - but look at the art very critically.
Is the art something that could have been stolen from Google?
Take a screenshot of the image, and do a reverse search on Google to see if the images were used before!
support.google.com/websearch/answβ¦
This one is hard - but look at the art very critically.
Is the art something that could have been stolen from Google?
Take a screenshot of the image, and do a reverse search on Google to see if the images were used before!
support.google.com/websearch/answβ¦
4. Research the team!
Using a burner and the correct link won't matter if the team is shady to begin with.
Look at their track records. Do they have past projects?
Look at their Twitter. Did they just join Twitter in the past week with 10k fake followers, are they spammy?
Using a burner and the correct link won't matter if the team is shady to begin with.
Look at their track records. Do they have past projects?
Look at their Twitter. Did they just join Twitter in the past week with 10k fake followers, are they spammy?
5. Observe the community!
Even if you successfully mint, the NFT will be worth nothing in the future if the community isn't there.
Look at the Discord channels. Are the mods consistently banning people asking valid questions?
Do they ONLY talk about price? If so, stay away.
Even if you successfully mint, the NFT will be worth nothing in the future if the community isn't there.
Look at the Discord channels. Are the mods consistently banning people asking valid questions?
Do they ONLY talk about price? If so, stay away.
6. Be careful with auto-approving transactions!
Some wallets have an option to let you auto-approve transactions.
This might come in useful for a mint that's happening really fast and you don't even have time to click "Approve".
I'm not saying don't do it - but be cautious.
Some wallets have an option to let you auto-approve transactions.
This might come in useful for a mint that's happening really fast and you don't even have time to click "Approve".
I'm not saying don't do it - but be cautious.
7. Consider using a hardware wallet!
Hot take: most people will say this is a must-have, but I think that's overblown.
A hardware wallet is obviously more secure, but it's also less user friendly, especially for DeFi.
If you know how to use one, use it. If you don't, learn.
Hot take: most people will say this is a must-have, but I think that's overblown.
A hardware wallet is obviously more secure, but it's also less user friendly, especially for DeFi.
If you know how to use one, use it. If you don't, learn.
8. Do NOT give your seed phrase away, ever!
I can't believe I even have to say this but I've seen this happen.
Your seed phrase is equivalent to your bank account password.
If a project is asking for your seed phrase: run. And report them to the community.
I can't believe I even have to say this but I've seen this happen.
Your seed phrase is equivalent to your bank account password.
If a project is asking for your seed phrase: run. And report them to the community.
9. Don't blindly follow influencers.
Accounts like @SOLBigBrain @SolanaLegend @0x_fxnction etc are an awesome part of #Solana β€οΈ
But - just because they promote a project, that doesn't mean you shouldn't also do your own research!
Take responsibility, do NOT blame others. DYOR
Accounts like @SOLBigBrain @SolanaLegend @0x_fxnction etc are an awesome part of #Solana β€οΈ
But - just because they promote a project, that doesn't mean you shouldn't also do your own research!
Take responsibility, do NOT blame others. DYOR
You might get rugged anyway!
Even if you take every possible precaution, you may still lose your money.
The reason there are great returns in this space is because there are also great risks.
Do not invest what you can not afford to lose.
Even if you take every possible precaution, you may still lose your money.
The reason there are great returns in this space is because there are also great risks.
Do not invest what you can not afford to lose.
β’ β’ β’
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