The NFT market has been a breeding ground for scams since its explosive growth in 2021. While trading volumes have moderated, scam activity has not — attackers have simply become more sophisticated. In 2024, NFT-related fraud accounted for over $400 million in losses. This guide covers the 8 most common NFT scam types and exactly how to protect yourself.
Scam 1: Fake Mint Sites
Attackers create fake minting websites that impersonate legitimate NFT projects. They drive traffic via compromised Twitter accounts, fake Discord announcements, and Google Ads. The fake mint site either drains your wallet via a malicious contract or simply takes your ETH and delivers nothing. Always verify the official mint contract address from the project's verified Twitter or official website before minting.
Scam 2: Counterfeit Collections
Scammers copy the artwork and metadata of popular collections (Bored Apes, CryptoPunks, Azuki) and deploy them as new contracts with similar names. Buyers on secondary markets may accidentally purchase a worthless copy. Always verify the contract address against the official collection address listed on the project's official website.
Scam 3: NFT Rug Pulls
An NFT rug pull follows the same pattern as a token rug pull: developers hype a project, sell out the mint, then abandon the project and disappear with the funds. Warning signs include anonymous teams, no roadmap details, unrealistic promises, and mint prices that seem too high for an unproven project.
Scam 4: Wash Trading
Wash trading involves selling an NFT between wallets controlled by the same person to create the appearance of high trading volume and rising prices. This attracts organic buyers who pay inflated prices. Check an NFT's sales history on Etherscan — if the same wallet addresses appear repeatedly as both buyer and seller, it's wash trading.
Scam 5: Discord Server Hacks
Hackers compromise the Discord accounts of NFT project admins and post fake 'surprise mint' or 'exclusive whitelist' announcements. The links lead to wallet drainers. Always verify announcements through multiple official channels (Twitter + Discord + project website) before clicking any mint links.
Scam 6: Airdrop Phishing
Attackers airdrop NFTs directly to your wallet. When you try to list or sell them on OpenSea, the transaction requires approving a malicious contract. Never interact with NFTs you didn't purchase or request.
Scam 7: Fake Royalty Offers
Scammers contact NFT holders via Discord or Twitter claiming to be interested buyers, then direct them to a fake escrow or trading platform that steals their NFT or funds during the 'trade'.
Scam 8: Influencer Pump and Dumps
Paid influencers promote NFT projects without disclosing their financial relationship. They hold large allocations from the team and sell during the hype they generate. Research whether influencers promoting a project received free or discounted allocations.