As non-fungible tokens (NFTs) are becoming a global phenomenon increasingly due to their mainstream adoption, there are also concerns about the surge of related scams. A recent study revealed the most common NFT scams that are spreading on the net.
Suspicious Domain Registrations With ‘NFT’ Word Surged 250% in March 2021
According to the research conducted by security experts of Bolster, replica stores are on a bullish trend, as the recent figures show a boost in the number of domain registrations.
Scammers have been actively setting up replica stores with suspicious-looking domains with names such as “rarible,” “opensea,” and “audious.”
Per the study, such domain registrations have skyrocketed nearly 300% in March 2021 when compared to previous months.
The replica stores or phony copycats, says Bolster, often rely on using the same design of legitimate NFT stores, even replicating their logos.
Similarly, fake NFT stores are considered a variant of the replica NFT store
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