As the NFT market expands in value, more scammers seek opportunities to cheat buyers with counterfeit NFTs. This is where NFT Authentication comes in handy. Read more ⤵️
Sales of NFTs totalled $24.3 billion over the first nine months of 2022, according to an October 2022 report by Reuters. The amount of money now involved in thegoes some way to showing how popular and important this type of digital asset has become among many crypto users. Indeed, such is the mainstream interest in NFTs that renowned British auction house Christie’s sold an NFT by the artist Beeple for $69 million in March 2021.
But buyers need to be careful because an explosion in the value of the NFT market has seen an accompanying rise in scammers looking to cheat people and cash in on their lack of knowledge or attention to detail. The existence of inauthentic or fake NFTs can fool buyers into spending money on something that’s actually worthless.
The first tool to consider is the blockchain explorer. Each blockchain has its own explorer, which is basically a site where you can inspect transactions, wallet information, and token data. Using this tool and examining the publicly available data can help to validate the ownership and origin of an NFT. In terms of authentication, you could check if the NFT really was minted as part of a specific collection, for instance.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What is NFT staking and how to earn income from NFTs?Letting your NFT sit idle in your wallet may get boring. NFT staking lets your nonfungible token do the work for you. We explained how that works in this guide:
Read more »
Japan to Invest in Metaverse and NFT ExpansionJapan is diving deeper into the metaverse. Japan’s Prime Minister Fumio Kishida said the country will continue to focus on “supporting the social implementation of digital technology” and will “expand the use of Web3 services that utilize the metaverse.'
Read more »
30-Day NFT Sales Are 88% Lower Than They Were 8 Months Ago, Google Searches Nosedived – Markets and Prices Bitcoin NewsAt the end of January 2022, NFT sales raked in $4.77 billion and NFT sales have slipped month after month since then. NFT interest has also nosedived, according to Google Trends data.
Read more »
NFT, GameFi Sectors Show Optimistic Trends: DappRadarOn-chain indicators signal a recovering crypto market, said DappRadar in its Q3 report.
Read more »