What it is:
Scammers create and sell counterfeit NFTs that look like legitimate artwork from well-known collections. It’s relatively easy to plagiarize an NFT, which enables scammers to flood the market with fake NFTs. At one point, it was estimated that 80% of NFTs were fraudulent. Just because it’s minted on the blockchain doesn’t mean it’s unique or holds the value it promises. Victims think that they are buying a verified, valuable asset only to find out it’s worthless.

How to avoid it:

• Only buy NFTs from verified marketplaces and collections. Reputable marketplaces will verify authenticity for you, but “verification” is not standard across marketplaces. Always dig deeper into the marketplace and what their version of verification consists of
• Research the artist or project to confirm legitimacy

Check the history. Every transaction is recorded on the blockchain. This level of transparency allows you to verify the NFT’s authenticity and the seller’s transaction history