Be Careful There Are Scam Ordinals on OpenSea

Be Careful There Are Scam Ordinals on OpenSea

Casey Rodarmor is the mastermind behind ordinals, allowing individuals to engrave information directly onto a sat (short for satoshi) within the Bitcoin network, creating an on-chain NFT.

Bitcoin NFTs or Ordinals are an innovation of blockchain technology. While they have the potential to revolutionize the way we think about ownership and value in the digital world, there are also significant risks associated with them, particularly when it comes to scams and fraud.

At the moment, it is imperative to use the wallet created by Casey Rodarmor to guarantee security when sending the Ordinal and prevent the risk of accidental loss.

The wallet functions by meticulously monitoring each sat, guaranteeing the accurate transmission of the Ordinal to the intended wallet address. It also prevents inadvertent use of the sat to pay the miner for the transaction.

How Does Emblem Vault Come In?

Typically, Emblem Vault is utilized to facilitate the exchange of Rare Pepes and other significant NFTs from different blockchain networks onto Ethereum. This involves sending the NFTs to an Emblem Vault, which can then be traded on OpenSea.

Emblem has the versatility to store virtually any blockchain asset. Therefore, it was only a matter of time before an individual transmitted an Ordinal to an Emblem Vault.

Beware of Possible Scams

In the NFT space, the common scam involves creating fake NFTs that appear as part of a famous collection, such as Bored Ape Yacht Club or CryptoPunks.

With Ordinals now in the picture, similar scams have surfaced. Now, we have scam ordinals on OpenSea listed at discounted prices. As a result, verifying every intended ordinal purchase is essential before clicking the buy button.

Here is complete detail on how to verify your Ordinals on Emblem Vault. It is crucial to confirm that the sat containing the Ordinal is present in the wallet address of the Emblem Vault. You must exercise extreme caution if you also intend to 'unlock' the Emblem Vault to transfer the Ordinal back to a Bitcoin wallet. This is because creating an Ordinals wallet necessitates running a complete Bitcoin node, which might be too complicated for a typical NFT collector.

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