NFT Transaction, SAFETY and HOW-to!
We are all over NFT nowadays, but have you ever wondered how safe it actually is? In spite of the fact that the NFT market is still in its early stages, NFTs are highly popular between communities and the public in general. To genuinely own a digital asset, it can be done with a public blockchain. Since blockchain is not controlled by a centralized authority.
NFT is starting to be well known. With its attractive function and advantages, it picked up the trend easily. However when it comes down to NFT buy, sell, trading & marketplace. People are advised to be selective. Blockchain is claimed to be the safest place to do crypto-asset transactions yet, but you also need to pay attention to several issues.
To get your transaction done securely and safe. Here are some quick tips!
1. Do Your Research!
Before purchasing an NFT, visit any NFT marketplace, and make sure to do a background check on your said NFT creator. Look into their trading history. Some NFT creators sell NFTs to themselves to increase their creations’ value. You may tell if the price of the NFT has been exaggerated by looking at the addresses of previous owners and the purchase dates. When you are certain that your purchase is genuine, not a false copy, and priced fairly. Then you can proceed to buy it.
2. Track The List!
Some trick that might be used by a mischievous seller, is the same item being relisted for different prices repeatedly. Each listing, was devalued over time. Avoid these red flags! As you can be pretty sure that this mischievous seller has no real value in their work.
3. Get a Double Take!
You are not sure if an NFT that you see is authentic or not? Getting a benchmark, and checking the links provided is another approach to be sure your NFT is genuine. It’s not entirely foolproof though, some of the trustworthy sellers do not have a verification check.
4. Smart Contracts!
All NFTS are issued by smart contracts. Find out which contract is in-charge when NFT is issued. On a popular NFT Marketplace like OpenSea, you can check it to scroll down the details in the Contract Address line on the bottom of the NFT details you wish to purchase which contract is responsible. Checking other user reviews can be a help too!
In short, NFT transactions can be safely traded if you are aware of all the red flags. Getting a trustable marketplace, doing your research, doing every double take you can, and taking your time before you do purchase are the keys.
