Previously, wash trading of NFTs was a big problem. In wash trading, users pretend that select NFTs have increased in value. Fraudsters tend to sell an NFT to another fraudster via a self-funded wallet. By choosing an established NFT marketplace, you ensure you don’t fall victim to these scams. Be aware that regulations on NFTs are still patchy throughout the world. It’s advised you do your homework before committing to a marketplace or NFT.
Pay attention to the verification process when registering with a marketplace as this determines its security. NFT marketplaces using two-factor authentication are a good choice. It also lowers the risk of accessing marketplaces distributing NFTs that aren’t coming from the original artists. Marketplace ratings serve as useful guidance. Satisfied users are a good sign of trusted NFT transactions and the probability of dubious transactions is lower.
OpenSea is an example of a secure NFT marketplace and one of the largest platforms for buying NFTs. OpenSea guarantees user protection through various security features. Verified and approved accounts are marked by a blue tick, similar to those used on Instagram verified accounts. This way, you know which providers you can trust. OpenSea has made it particularly easy to report suspicious NFTs. The popular platform also provides two-factor authentication.
Binance is another popular, secure marketplace for selling and buying NFTs based on the Binance Smart Chain. The platform provides extensive support. Users can report suspicious NFTs. Binance also features two-factor authentication for your account.