I LOST $1600 to one of the WORST NFT scams to watch out for in 2022. The NFT space is rife with scams and scammers so buying NFTs can often be risky. There are so many NFT scams that most people who buy and sell NFTs have been scammed at some point.
It's super frustrating that these types of NFT scams are still possible in 2022 despite the fact that Opensea has been aware of these exploits for months.
Most NFT beginners buy NFTs on Opensea, however, the platform is not safe and it is almost inevitable that they will get caught out by Opensea scams.
This is the bait and switch NFT scam explained:
1) The seller lists their NFT on Opensea with a price just below the floor price (to generate urgency)
2) Opensea displays the NFT and price in the search results
3) In the meantime, the seller changes the price, usually removing a 0 e.g. from 0.05 Eth to 0.50 Eth
4) There is then a delay between the seller changing the price and Opensea updating the list price
5) An unsuspecting buyer sees the outdated price on the search results page and in the urgency of securing a good deal, buys the NFT not realising the price has changed
In my opinion, this is the worst Opensea scam as it catches out both beginners and experienced NFT buyers.
Have you been scammed buying or selling NFTs? Let us know in the comments below!
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