Beware of FIFA World Cup 2022 NFT Scams

New Delhi,UPDATED: Nov 21, 2022 17:02 IST

By Jasmine Anand: With the kickstart of the FIFA World Cup 2022, the NFT fever knows no bounds. The craze for these new-age digital collectibles has swept the game, with players, including some of the iconic names in the soccer world, foraying into this space.

Ronaldo, Messi launch their own NFT collection

Recently, Cristiano Ronaldo, a five-time FIFA player of the year, and one of the greatest icons of soccer club, Real Madrid’s history, launched his NFT collection on 18 November 2022, forging a partnership with Binance, a leading crypto exchange. The maiden collection will consist of seven animated statues with four rarity levels, namely, Super Super Rare (SSR), Super Rare (SR), Rare (R), and Normal (N). Interestingly, every rarity level has some benefits, including a personal message from Ronaldo and autographed merchandise.

Another exemplary soccer player, Lionel Messi, has joined Sorare, a French fantasy sports company, which uses NFT technology and therefore blockchain. The Argentine soccer superstar will assist the sports company in raising the bar for how fans interact with clubs and players.

NFT hawkers try to cash in Queen Elizabeth II’s death

However, not all NFT launches are authentic. Often, scammers pose as genuine NFT trading platforms on social media to promote NFT giveaways. For instance, let us take the latest case of the death of Queen Elizabeth II. In the days following the Queen’s passing, more than 40 types of meme coins were launched on Ethereum and Binance Smart Chain, reveal industry data and media reports. Numerous crypto gamblers, NFT hawkers, and Web3 enthusiasts quickly moved to cash in on the world’s attention.

Experts opine that most of these coins are typically a joke or a scam rather than legitimate forms of payment. It must be pointed out that fraudulent tokens like “London Bridge is Down”, “Queen Elizabeth Inu”, and “Save The Queen” were created after her death as a way of “paying tribute to Her Majesty”.

Platforms like these are new and may not be secure, so any crypto wallet data that users enter might be at risk if the site’s database is leaked. The crypto community has criticized the actions of these Web3 developers who have been trying to capitalize on the Queen’s death by creating fake tokens and NFTs.

Hence, utmost caution must be taken when venturing into this newest Web3 space, and should not get caught up in the hype.

How to steer clear of NFT scams?

Let us now discuss ways to avoid NFT scams. Some of them are enumerated below:

· Never share private keys or seed phrases to your crypto wallet with anyone

· Don’t interact with suspicious messages

· Use security tools to protect one’s devices

· Look into the NFT’s history

· Double-check the NFT project price

· Use reputed and trusted NFT marketplaces for trading in NFTs

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