What are NFT Investments?

NFT Investment stands for non-fungible token Investments. They are generally built using the same type of programming as cryptocurrencies like bitcoin.But unlike cryptocurrencies NFT Investments are not fungible, that means they cannot be exchanged for one another. NFT's exist on a blockchain.

An NFT is created from digital things, such as:

• Arts
• GIFs
• Videos and sports highlights
• Music

These NFT's are used by artists and content creators to monetize their wares.

NFT can also be bought and sold. Content creators and artists can buy and sell these NFT's and earn money. 

Whether you should buy NFT's or not?

NFT's are a risky investment option as their future can never be predicted and also they don't have a history due to which it becomes difficult to judge their performance. Soo if you are open to risk then you can buy NFT's.

 Infernal Drainer: A new phishing scammer

Infernal Drainer a software scammer which has successfully stolen nearly $6 million in assets via cryptocurrencies and NFT's from nearly 5,000 victims. It is difficult to detect it and once it infects the victim's computer, it steals all their assets. These scams were detected when a suspected Inferno Drainer named ' Mr Inferno' appeared in a ' Scam Sniffer's' telegram group along with which a website was found that was promoting scammer's services. Scam Sniffer explained to Decrypt that "We have a product that provides Web3 malicious website scanning service for platforms, so we identify a lot of malicious websites,” “The Telegram channel helped us connect them together."

 It has also been found that scammers charge 20% - 30% of the amount of stolen assets in exchange for their 'malicious software' which helps them to create fraudulent websites. Inferno has created 689 fraudulent websites since March and scammed people.

One of the victims has suffered the greatest loss of assets of $400,000. According to the scam sniffer, he tried to negotiate with the scammer to retain 50% of the stolen assets.

These scammers have targeted some of the well-known brands such as Metamask, pepe,  sync etc. Around 220 brands have been used to deceive users. Decentralized finance (DeFi) breaches are the most common crypto attacks. Inferno has about $21.2 stolen since January and around 46,000 people have become its victim.

In this case millions of dollars were stolen, 1000's of people had become the victim of this scam, just because of their carelessness and irresponsibility. While making any type of investment it is very important to check the website and find out whether that website or company is a fraud or not. Proper research should be done and only after proper research and verification such investments should be made. NFT investors have a serious threat from Infernal Drainer and everyone investing in NFTs should take major steps to protect their NFT investments.

How to protect your NFT Investments?

• Use a reputed NFT investment marketplace only.
• Don't click on any links which you are not aware of and do not have any information about.
• Don't share your bank or personal details on any website.
• Always research your software, website and stay updated.
• Your NFT's should always remain updated.
• You should regularly back up your NFT's.
• You should use a VPN when connecting to the internet.
• Invest only that much amount which you can afford to lose.
• Don't believe in any get-rich-quick scheme.
• To store your NFT's offline only use hardware software.
• You should not use a hot wallet to store your NFT'S.
•  Also don't download any softwares, websites or emails.
• Distribute your NFT Investments across various platforms.

These tips will help you to keep your NFT Investments safe from scammers and whenever you feel something is wrong in your software you should take action immediately.

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FAQ’s

Q: What are NFT investments?

A: NFT Investments are non-fungible token Investments, which are built from the same kind of programming as cryptocurrencies.

Q: What is the difference between NFT Investments and cryptocurrencies like bitcoin?

A: NFT Investments are Investments are non-fungible that means they cannot be exchanged for one another and cryptocurrencies like bitcoin are fungible that means they can be exchanged for one another.

Q: Are NFT's stored directly on my device?

A: No, they are stored on the blockchain.

Q: How can you access your NFT Investments?

A: You can access your NFT Investments through your private key.

Q: Can you trust all the NFT Investment marketplace?

A: No, you cannot trust all the NFT Investments marketplace as the level of reputation and security is different on all marketplaces. After doing well research about the exchange you want to invest in, you can invest in it and it will be a good investment option for you!