BRC-20 tokens are wrapped in inscriptions. Once an inscription is used, it becomes invalid and you need to wrap it again using the Inscribe Transfer feature.
Some decentralized marketplaces (excluding DEXs and CEXs) allow anyone to list inscriptions, without the corresponding tokens in their wallets. This creates an opportunity for scammers to list invalid/used inscriptions because anyone can publicly obtain inscriptions for any token with network fee only.
To avoid being scammed by fake inscriptions, check the inscription's validity before you buy it. Here's how to check the inscription's validity.
Identify Fake Inscriptions
Step 1: When you go to any marketplace and find the best offer for you, you can see the inscription number, for the offer you are reviewing. Just make a note of this inscription number.
Step 2: Now, visit Best in Slot explorer.
Step 3: To view an inscription, enter its number in the search bar and click on it.
Step 4: When you see a Valid Transfer Note prompt, then you can buy such inscription. Otherwise, do not buy it.
How to Identify Useless Inscriptions?
When the inscription is invalid, you might see this prompt. 👇
For used inscription, you might see this prompt. 👇
When the inscription is useless to you, you will see a warning like this.
Frequently Asked Questions
1. Is this method for only BRC-20 tokens inscriptions?
Yes, this method is only for BRC-20 tokens inscriptions. This is because the scam that this method is designed to combat is only possible with BRC-20 tokens.
2. Can I sell my inscription as Bitcoin?
Yes, you can sell your inscription as Bitcoin. Inscriptions always hold a certain amount of sats, sats are the smallest units of Bitcoin. You can sell your inscription to any exchange that allows you to sell Bitcoin.