With the explosion in popularity of Reddit avatar NFTs, scams are targeting newcomers to the space. To do so, they are using at least two methods to steal NFTs: fake airdrops, and false information about NFT listing on OpenSea.
With the recent explosion in popularity of Reddit’s NFT avatar collections, new scams have emerged to take advantage of advertising.
Some scams include fake NFT airdrops and fake websites that ask for your wallet seed phrase.
In the first type of scam, you are informed that someone has airdropped you. When you arrive at the collection’s website, the collection looks legit because it has a team, a trading volume, and a reasonable minimum price. After putting the NFT up for sale, the hackers empty your wallet.
Another scam targets Reddit users asking questions about listing their Reddit NFTs on OpenSea and storing them in wallets. When Reddit users post questions on the Polygon subreddit, hackers often direct them to a website to connect “all” of their crypto wallets.
Hackers then ask users for their crypto wallet seed phrase. If a user loses their private key, the seed phrase is a sequence of words that you can use to recreate the private key. The private key gives the user complete control and ownership over the funds in their wallet.
How to Get Your Reddit NFT Appearing on OpenSea
Still, honest people are willing to help get an NFT listed on OpenSea. A user has created a list of steps to do this, which is summarized below. Please note that you must have MATIC in your wallet to sell your NFT.
First, click on your Reddit profile picture in the Reddit mobile app and click on “Vault”. Second, click on the three dots next to “Vault”, then click to display the recovery phrase.
Third, record the recovery phrase digitally or physically. Fourth, download the Metamask app from the official store of your operating system. After downloading the app, dismiss all splash screens until you have the option to import from a passphrase.
Tap this, paste the recovery phrase you recorded earlier, and create a password. Next, once in the Metamask account, click on “Wallet” at the top of the screen. Then click the “Add Network” button, select and confirm the Polygon network.
To connect to OpenSea, tap the three lines in the upper left corner of the Metamask app, then tap the browser button. Go to OpenSea.io. Once there, click on the hamburger menu in the left corner and tap on the blue button to connect your wallet.
Choose Metamask and confirm your selection in the message that follows. Now when you click on the hamburger icon and select your profile, all your NFTs will be there. You can sell them by tapping on the desired avatar, pressing the blue sell button, and then filling in the remaining fields.
How Reddit Conquered OpenSea
Reddits NFT avatars have skyrocketed in popularity since the social media company launched its marketplace in July 2022. It all started with a Reddit report titled “ABC of NFTs,” through which the company calculated the users’ likes and dislikes.
So far, the social media giant has onboarded more than 2.5 million wallets. A recent uptrend saw prices of some NFTs rise to as high as 30 ETH. This week, the collection topped the OpenSea rankings with 489 ETH in transaction volume.
By Audy Castaneda
