NFT Scams: How They’re Hurting The Market
Read to be aware, learn new things, and know how to secure yourself from NFT scams.
🇺🇦 Hacken stands with Ukraine!Learn more
The gap between cyber and physical is narrowing down. Metaverse is expected to be worth hundreds of billions of dollars in the next decade. It’s not some distant future; numerous metaverse projects are unfolding right now. In this article, we show you how to get in the metaverse and pay attention to metaverse cybersecurity.
The metaverse concept is broad and not limited to a specific technology, such as VR or AR. In a more general sense, Metaverse indicates a shift in our relationship with cyberspace. Virtual worlds already exist: we have our social networks and virtual games. This begs the question: What’s different about metaverse? Metaverse offers a more immersive experience, it has more robust integration with your real life, and you have new interactions with and in cyberspace. In other words, Metaverse brings cyberspaces to a new level both qualitatively and quantitatively. In the metaverse, the gap between the real world and cyberspace is much narrower than in traditional cyberspace.
Right now, there is no single and universal metaverse, which certainly creates ambiguity when it comes to the question of entering the metaverse. The concept of “presence” is a critical element of the metaverse. Therefore, you have to be present in cyberspace to get into the metaverse.
Web 3.0 is at the forefront of bringing metaverse into life. The three metaverse projects with a market cap of more than $1B are Decentraland, Axie Infinity, and the Sandbox, but Web 3.0 has dozens of metaverse projects waiting to be discovered.
With metaverse games, you must be present in a highly interactive, graphically rich environment. The Sandbox is an Ethereum-based VR game where players communicate with each other, create items, and trade on the marketplace. Axie Infinity is a game where players compete with each other in battles and earn crypto. The metaverse games have gained so much traction these days because we have finally reached the critical point for commercially available VR headsets. Metaverse games help you experience an actual deep dive into virtual reality today.
Metaverse is not all about games and huge virtual worlds. It is also about asset ownership and monetization. You can enter into the metaverse through the blockchain. Non-fungible tokens (NFTs) enable virtual assets and real estate ownership within the metaverse. Hosted on Ethereum, Decentraland offers the ability to purchase virtual land. You can get into metaverse through metaverse wallets. For example, OneArt is a cross-platform wallet for storing, managing, and discovering NFTs in all supported marketplaces and blockchains.
Metaverse has similar cybersecurity risks as most Web 3.0 projects. These include hacks, exploits, and scams. In most cases, hackers and scammers would want access to your private key to drain all assets from your wallet. These time-proven cybersecurity essentials from our security experts will keep you safe in any cyberspace.
Metaverse creates additional cybersecurity risks because it bridges the gap between the real and digital worlds. Most Web 3.0 projects protect anonymity, while some metaverse projects integrate your real and virtual lives. Hence, you should be confident in the security and credibility of a metaverse project before sharing any sensitive information.
Since metaverse is so trendy these days, scammers create fake metaverse projects and games to have victims connect their digital wallets. Scammers like spreading phishing links on Discord, Telegram, and Twitter. Therefore, you should always check the credibility of the source. It is always a good idea to check the security ranking of a metaverse project connecting your wallet.