Since the blockchain is decentralized by nature with no administrator, this means that no one can take away the rightful owners of the domain.
“There’s nothing that anyone can do to take these away. Once it’s minted on the blockchain, it’s essentially permanent. So this opens the door for a large amount of fraud,” Schultz said.
To avoid falling victim, Schultz recommends people or companies doing business in the metaverse should avoid sharing any information about the assets they own, which could make them a target for scammers.
“Because people are new to this space, it’s creating opportunities for these attackers. So our best weapon right now is educating people about what to look out for,” Schultz said.
