NFT Scams: Warning Artists of Fake Enthusiasts
In the evolving world of social media and digital art, artists are finding new platforms to showcase their creations and connect with potential buyers. However, alongside this exciting growth, a concerning trend has emerged – the rise of NFT scams. These scams target artists with promises of high-value purchases, but they are nothing more than elaborate ploys to swindle artists out of their work and money. In this blog post, we'll shed light on this alarming trend- looking into ways to spot a scammer of this nature and share the frustrations artists face when encountering these deceitful schemes.
The Allure of NFTs
Non-Fungible Tokens (NFTs) have made their way into the art industry by offering a way for digital creators to authenticate and monetize their work. Wether you personally enjoy NTF’s or are against them - it can be said that they have attracted genuine collectors and enthusiasts who appreciate the value of owning a unique piece of digital art. However, as with any popular market, scammers grasp onto it for their dear life.
The NFT Scam:
One prevalent NFT scam involves a seemingly enthusiastic individual, often posing as an "NFT enthusiast" or "NFT collector." This scammer approaches artists through social media platforms, especially Instagram, with messages praising their artwork and expressing a keen interest in purchasing their creations as NFTs. The scammer dangles the allure of high prices, suggesting substantial sums in exchange for minting the art, paying gas fees, or using obscure NFT exchanges. These scams prey on artists' hopes and aspirations, making them more susceptible to falling for the trap.
Recognizing the Red Flags
While it's essential to approach every inquiry with an open mind, certain red flags can help artists identify potential scams:
Fake Profiles: Scammers often use fake profiles, sometimes featuring images that don't align with the typical NFT collector persona.
Limited Activity: These profiles typically have very few posts, yet boast a suspiciously high number of followers and people they are following. This could also present in high followers, decent posting levels (50+) but you can notice none of the photos have comments - suggesting bought followers.
Uniform Messages: Scammers often use copy-and-paste messages to contact multiple artists, asking for artwork collections in a similar manner.
Links: Sometimes their comments with include a link. DO NOT CLICK. It feels obvious to not click on random links but they can be convincing.
The Frustration of False Compliments
One of the most frustrating aspects of these scams is the emotional rollercoaster artists experience. Receiving compliments on their work, even if they're fake, can stir up genuine feelings of pride and excitement. However, these emotions are quickly replaced by disappointment and distrust when the artist realizes they've fallen victim to a scam.
Fighting Back Against NFT Scams:
To protect themselves and their fellow artists, individuals can take several precautions:
Research Profiles: Investigate the profiles of those expressing interest in your work. Look for inconsistencies and verify their legitimacy.
Ask Questions: Engage in a genuine conversation with potential buyers. Legitimate collectors will be willing to discuss the details and provide information about their interests.
Avoid Hastiness: Scammers often pressure artists to act quickly. Take your time to evaluate the situation and gather information.
My Latest Experience
I frequently receive a multitude of comments on my social media posts, often originating from bots and scammers. This phenomenon is especially prevalent on Instagram. As of my current writing, my Instagram account has a modest following of 341 individuals. It's safe to assume that accounts with a larger follower count would encounter a higher volume of both legitimate interactions and fraudulent attempts. However, on Instagram in particular, I recently received a message request that included the following content:
Immediately, my suspicions were raised; there was a definite sense of uneasiness surrounding the message. A key factor of this is the vague language used around my art, no mention of “portraits” or anything in particular, if this was someone interested they would perhaps be more forthcoming with a more relevant compliment.This feeling was further intensified by the fact that none of my Instagram activity or content mentions the creation or utilization of NFTs. As a result, I opted to visit their profile to gain a better understanding of the situation.
Before delving into the details, I'd like to provide a brief context for my decision to showcase the profile along with its accompanying photos. One might naturally wonder whether it's appropriate to censor the images, out of respect for the privacy of the person whose images were apparently stolen. However, it's important to note that the actual individual and the images in question are already accessible to the public. This is due to the fact that the owner of these images is someone whose business operations are conducted online. I'll elaborate further on this point in the subsequent sections. Nonetheless, my intention in highlighting this profile serves a dual purpose. On one hand, it could potentially serve as an alert to the individual whose images are being exploited for these deceptive activities. On the other hand, it also serves as a cautionary measure for others, serving to raise awareness about accounts that employ identical images for potentially fraudulent purposes.
Here is the profile:
Straight away there were things that stood out:
“SerialEntrepreneur”: While being a serial entrepreneur isn't inherently indicative of a scammer, the use of this term without any context or specific information about their ventures raises suspicion. Scammers often use grand titles to create a facade of credibility.
“NFT ART COLLECTOR”: While being an NFT art collector isn't necessarily a red flag, the combination of this title with the other elements in the bio raises suspicion. Scammers often claim to be enthusiasts or experts in trendy fields to lure in victims.
Username: The inclusion of a seemingly random sequence of numbers following a name often raises suspicion. It's uncommon for individuals to arrange arbitrary numbers in their username without a discernible pattern or purpose.
"If you are an artist andstill dont use NFT (Non-Fungible Token) you are potentially missing millions of dollars": This statement is a clear indication of a scam. It preys on the fear of missing out (FOMO) and promises unrealistic financial gains by adopting NFTs. Whilst there are also legitimate individuals who promote this sort of wealth - following the “too good to be true” is usually a safe bet.
Typos and Errors: The presence of typos, such as "andstill" instead of "and still," reflects a lack of professionalism. Scammers often don't pay attention to details, leading to these errors.
Posts, Followers, and Following: The profile having 55 posts, 2051 followers, and following 1800 accounts can raise suspicions. The high follower count combined with low post engagement (no comments) could indicate the use of fake followers or engagement, a common tactic among scammers. I had scrolled through images and only the occasional post would have a comment.
No Comments on Posts: The lack of comments on any of the posts is a significant red flag. Genuine accounts typically have at least some engagement in the form of comments from followers. The absence of comments suggests that the followers might be inactive or fake accounts. I had scrolled through all their images and only the occasional post would have a comment.
Lack of Specifics: The bio lacks any specific information about the person's actual identity or background. Scammers often provide vague information to avoid detection and create an air of mystery.
BUT…how can you be sure?
It's not a natural inclination for everyone to be inherently suspicious, so if you're looking for certainty before dismissing potential opportunities, I recommend employing Google's reverse image search using the individual's photo. This action yielded numerous websites featuring the same face, as well as additional fraudulent accounts across various social media platforms like Facebook, Instagram, and LinkedIn. Among the fabricated identities used by this person were names such as "Michael Ben" and "Erich Erwin." However, my investigation led me to the true individual behind these images—Stephen Key.
Stephen key is an Author, and co founder at company offering advice and education to inventors looking to commercialize their products. The company along with himself have produced thousands of articles, videos, blogs webinars etc - one of the reasons I was content in sharing the profile impersonating him.
It's crucial to highlight that the exploitation of photos in these scams isn't limited to well-known public figures alone. Anyone with a public profile or online presence, providing a wealth of available images, can fall victim to the creation of counterfeit profiles. However, the process of spotting such deception becomes more straightforward when the origins of the images can be verified.
Interestingly, it's not uncommon to come across instances where public figures from diverse subject areas are utilized. In my personal experience, I had no prior knowledge of the individual whose images were used in the scam, underscoring that such fraudulent practices extend beyond the realm of recognizable personalities.
To the best of my knowledge, Stephen Key was not implicated in the scam; however, if this turned out to be a strategic marketing move, then well played!
I trust that this information has been a valuable alert and source of guidance for navigating social media. While it's an incredible platform for connecting with like-minded individuals, it's essential to recognize its potential hazards. Exercise caution when engaging with messages from unfamiliar sources, safeguard both your personal identity and creative endeavors, and promptly report suspicious accounts to not only protect yourself but also to ensure the safety of others.
Stay safe and stay creative, see you next week.
