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The rapid growth in popularity and hype surrounding digital assets such asart, video, and music in the form of non-fungible tokens (NFTs) has made them alucrative investment opportunity, with NFT-based sales surpassing $25B in 2021alone. However, the volatility and general lack of technical understanding ofthe NFT ecosystem have led to the spread of various scams. The success of anNFT heavily depends on its online virality. As a result, creators use dedicatedpromotion services to drive engagement to their projects on social mediawebsites, such as Twitter. However, these services are also utilized byscammers to promote fraudulent projects that attempt to steal users'cryptocurrency assets, thus posing a major threat to the ecosystem of NFTsales.  In this paper, we conduct a longitudinal study of 439 promotion services(accounts) on Twitter that have collectively promoted 823 unique NFT projectsthrough giveaway competitions over a period of two months. Our findings revealthat more than 36% of these projects were fraudulent, comprising of phishing,rug pull, and pre-mint scams. We also found that a majority of accountsengaging with these promotions (including those for fraudulent NFT projects)are bots that artificially inflate the popularity of the fraudulent NFTcollections by increasing their likes, followers, and retweet counts. Thismanipulation results in significant engagement from real users, who then investin these scams. We also identify several shortcomings in existing anti-scammeasures, such as blocklists, browser protection tools, and domain hostingservices, in detecting NFT-based scams. We utilized our findings to develop amachine learning classifier tool that was able to proactively detect 382 newfraudulent NFT projects on Twitter.

Unveiling the Risks of NFT Promotion Scams