Someone offers thousands for my work but only as an NFT, is it a scam?
If you are reading this, probably you or an artist you know have received a message that goes something like this:
“Hi, I came across some of your artwork on ArtStation, and I was quite impressed with what I saw. It’s truly exceptional and I would like to buy some to add to my existing art collection for an upcoming digital exhibition where they would be auctioned as digital collectibles… Before proceeding, may I ask if you have had any previous experience with digital art sales?”
“I am willing to pay 3ETH for each of your works but only as NFTs. Do you know how NFTs work?”
Does it seem like a scam? Yes. Is it? Very much so. But let’s see how it works and what you can do.
Messages like these have been reaching artists’ inboxes for months, on platforms where they host their portfolios and on social media. Someone declares to be very interested in purchasing their work but “only as an NFT”.
The account from which the message is sent might seem legitimate: they may have normal-looking posts, followers… Sometimes it is a facade built by purchasing followers; other times, what you’re seeing is a hacked account.
What is an NFT?
NFT stands for “non-fungible token”. Fungible tokens, such as money, are interchangeable. Two 50-dollar bills are fungible because both have the same value, they are equivalent. Artworks such as sculptures, on the other hand, are non-fungible: they are unique and cannot be exchanged for another of exactly the same value.
However, when an artwork is digital it lacks that “unique” character. For this reason, NFTs use blockchain technology to give the digital file a unique identifier. Blockchain is the same technology used for cryptocurrencies.
This way, although there may be thousands of files of the digital artwork on the Internet, the NFT has a “serial number” that identifies it and its owner. Sometimes, NFTs are sold in such a way that the buyer obtains, along with the file, additional benefits. For example, there are NFTs that represent assets in video games that their owner can use exclusively.
The concept began to develop in 2014, when “monetized graphics” started. But it didn’t start gaining traction until about 3 years later. Although there are cases of NFT sales for millions of dollars, it is a high-risk speculative market. Also, according to the Wall Street Journal (2022) and other media, it’s currently in decline.
Scammers take advantage of the general ignorance about NFTs
The first step of the scam is to offer to buy the works for a very high price. Some artists receive offers of several thousand dollars per work. If the artist responds, it seems that several things can happen, usually revolving around the NFT creation process.
To create an NFT, you need to mint it. This is a process that turns the digital file into a unique blockchain token. This requires paying so-called “gas fees”, which vary in price depending on the platform, current traffic, the file… and are usually paid in cryptocurrencies.
If you inform them that you already sell NFTs with any other service, they reply that they work with a “superior” system or that they are “pioneers in the NFT space”. These are not arguments, since the technology is the same. SafeCreative, for example, allows [generating and selling NFTs from our Creators platform](https://www.safecreative.org/creators/es/faqs/#creators-vender-obras). The minting process in this case has no additional cost; instead, SafeCreative charges a commission on the sale price of the NFT.
Fake minting sites
In some cases, scammers direct their victim to a minting website to create the NFT. The process may cost a hundred or several hundred dollars but, as they offer thousands for the work, it seems like an investment.
The minting site is fake and, once the process is completed, the scammers disappear with the money and personal information: name, surname, credit card number…
If this happens and you are redirected to a website, you can go to Whois.com to find out who the hosting company is and inform them. These alerts usually receive attention and they may remove the site from their servers.
Sending cryptocurrencies
It may also be that the scammer generously offers to do the minting process. For this, they ask the artist to send a certain amount of cryptocurrencies to a crypto wallet, to pay the gas fees. Once the money is received, the scammer transfers it elsewhere and is never seen again.
Do not respond to these messages
Our advice upon receiving these requests is to ignore them, report the account, and block the user. NFT collectors do not operate in this way; instead, they buy directly on the sites where the NFTs are sold.
Thanks to the creatives who have contacted us to share your experience with this scam. Feel free to reach out if we missed anything or if you have received any other suspicious communication.
Sources: Art Business with Ness, Artsology, Artsy Shark, Reddit (multiple threads)
Most of the time, these things are scams. Only sell from a platform you have chosen already to put your works as NFT and follow the indication of that platform. For instance, OpenSea or Rarible to mention but just a few. You may also use Creators of Safe Creative, our own, but it’s most likely that OpenSea will be better known for anybody really trying to get an NFT. We mean, your works, your rules, not theirs.
Hi I m in the middle of chatting to a person who s profile on fb is a lady from England. She wants to buy 3 pieces of my work using eft and crypto . So now I m up to paying the gas fee. I don’t know how to do this. or how they will scam me if this is a scam ? Any ideas. I said I ll investigate it all and get back to them ..they said okay .
What is your thoughts?
Thanks for this advice
I knew it was a scam, too many signals, especially their Insta page.
I reported both of them and blocked them
I did interact just to see what they would say.
She is now asking why, and said she doesnt mean to be pushy
They like your post, follow you then send you are message.
Why would anyone want to buy my average images for $7500 each or $2700 each. It was obviously a scam
We wouldn’t recommend, as they could also probably fake that too.
can you ask the person who wants to buy your work as an NFT for a referral from other artists they have bought from?
Thanks for your question. It’s understandable that you’re concerned, especially when dealing with something as complex as NFTs and cryptocurrency. Let me break down the key points and help you assess the situation:
1. Minting and Ownership:
– Minting refers to the process of turning a digital artwork into an NFT (Non-Fungible Token) on a blockchain. When you mint an NFT, it becomes a unique, traceable token that can be sold or traded. However, minting does not mean you lose ownership of your artwork unless you sell or transfer the rights. The NFT is a token that represents ownership of that specific digital version, but you can still retain copyright or rights to reproduce and distribute the artwork, unless otherwise agreed upon in the sale.
2. Gas Fees:
– Gas fees are transaction fees that you pay to perform actions on a blockchain (like minting an NFT). These fees go to the network to compensate for the computational effort needed to process and validate the transaction. Gas fees can vary significantly depending on network congestion. So even if the buyer doesn’t ask for fees upfront, you’ll still need to pay gas fees when minting the NFT. These fees are usually paid in Ethereum (ETH).
3. Payment in Ethereum (ETH):
– If the buyer wants to pay in ETH (Ethereum), you’ll need a crypto wallet (such as MetaMask) to receive the funds. Once you have the Ethereum in your wallet, you can use a cryptocurrency exchange platform (like Coinbase or Binance) to convert ETH to USD and withdraw the money to your bank account. Keep in mind there may be conversion fees as well as fluctuating exchange rates for ETH.
4. Is it a scam?:
– While the scenario described doesn’t immediately scream “scam,” there are a few red flags to be cautious about:
– If the buyer is unknown, or you cannot verify their legitimacy (no website, reviews, or proper business records).
– If they pressure you to act quickly or avoid certain platforms.
– If they ask you to send money (e.g., for gas fees) or share sensitive information.
It’s important to do your due diligence. Verify the buyer, understand the NFT minting process, and never share private wallet keys or send money upfront.
I need assistance
similiar senario
caller finds my art on line from my site
wants to buy 10 pieces
asks me to mint they dont as for fees? what is GASS Fee? i see somewhere
Does mint mean i lose ownership
purchase in eth and then i would convert to usd
is this a scam
A mí me pasó lo mismo hace días con un email.
Pero pregunté y el tipo seguía.
Al final pille que era un estafa no quería pagarme y suerte que no hice nada. Fuí lista.
Si voy a bloquear la cuenta si
Gracias!
Lo más seguro se trata de un fraude con todas las letras.
Acabo de recibir un mensaje de un tal Orphy Colemas que me guiará a graves de Skypoint. Ofrece pagar 8 ETH, que ví quexes un montón de plata. Lo rechacé. Está bien?
You welcome! Thanks for commenting.
I just received an offer from a person with a ph # from The Columbia, South America. She said get my work minted etc and then she will buy them. I will now block her. Thanks so much for this info so I know what to do! 👍
First thing is best to block the sender and never answer to them. You could reach your local police and ask for the team in charge of Internet frauds.
I have just received such an email. Who do I report it to? An address please if you have one.
It’s really hard to do, but in any case, if something looks suspicious, then you should always avoid. You may also share the conversation with other people to see if it’s similar. Only expect to have legitimate transaction if happening in Creators or other popular already settled NFT selling platforms like OpenSea. In no case, follow any instructions to go get cryptocurrency or going to any obscure site. Never follow a link them might send you. If someone really wants you work as NFT, you go to a selling platform you trust and tell them to get it from there.
Given the risks and complexities associated with NFTs, how can artists effectively evaluate legitimate opportunities while avoiding scams?