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Collectibles

Go Punk Yourself
Go Punk Yourself
Ethereum
Offbeat NFT Collection 🎨 | Supply: 10k 🔢 | + 400 traits 🔥 | Reveal: ON ✅️ | MINT HERE: https://mint.fun/0xe0d8b7a63f75b117f5297c8153faac50a5117c81 Go Punk Yourself is a 10k NFT collection that travels on the Ethereum blockchain. The best of punk pixel art style in a collection of over 400 unique traits. We created this collection as a tribute to CryptoPunks and pixel art🤩 There's no roadmap or anything like that, just an amazing PFP image. Go Punk Yourself wants to be an OFFBEAT collection. One social and not 40... Go Punk Yourself is a ecofriendly collection!🚀 Without a website and a custom dapp and with Twitter only we save lot of carbon emission respect classic projects😎 More you mint, more you will save... - 1 x 0.002 ETH - 3 x 0.005 ETH - 5 x 0.008 ETH - 10 x 0.015 ETH Go and mint🔥🚀 Price will be only a little tip for amazing PFP images😁
Pigstown
Pigstown
Ethereum
The pigs visiting the Town, Mint is coming soon ooiinnkkk ooooiiIIINNnkkk oink 🐷 🧌 = farmers are working full time; feeding, grooming the pigs 🐖 before the pigs are available to mint for the public.! Go check Twitter for Updates! Be active on a Twitter like a pig 🐽 to get a WL spot for a free mint. 2 free + gas mint per wallet. Don't be fucking greedy. That's how we got ourselves here. why the rush? oink.wtf Mint is coming soon ooiinnkkk ooooiiIIINNnkkk oink 🐷 Go check Twitter for Updates! Be active on a Twitter like a pig 🐽 to get a WL spot for a free mint. 🧌 = farmers are working full time; feeding, grooming the pigs 🐖 before the pigs are available to mint for the public.! why the rush? oink.wtf Mint is coming soon ooiinnkkk ooooiiIIINNnkkk oink 🐷 Go check Twitter for Updates! Be active on a Twitter like a pig 🐽 to get a WL spot for a free mint. 🧌 = farmers are working full time; feeding, grooming the pigs 🐖 before the pigs are available to mint for the public.!
Astro X
Astro X
Ethereum
ASTRO X NFT 3D ART collection. 10.000 high definition 3k Arts. Astro X NFT is a long term Project. Public Sale 0.32 ETH. Huge discount on PRE SALE (available for a few days only) 1st collection – 10.000 Unique Astro X. Chapter I - A group of 10.000 Global Citizens ready to go to Mars. Colletion holds 650+ traits, distributed as HELMET, FLAG, HEAD, UNIFORM, BACKGROUND, EYES & HAIR. Holders will be rewarded just for holding Astro X NFT. Holders will have priority to mint the following collections. Total of 17.778 Astro X collectibles divided into 4 different collections 30 Astro X NFTs GIVEAWAY on our Discord Server + 1 ETH 10 Astro X NFTs GIVEAWAY on our Instagram 10 Astro X NFTs GIVEAWAY on our Twitter Holder of the LEGENDARY Astro X NFT will get 20 ETH. LEGENDARY Astro X NFT will be raffled through all Astro X holders More Rewards will be added!! Join our DISCORD! We are expecting to have 4-7% APY on our staking procedures. Powered by Ethereum
NEMEA
NEMEA
Other
NEMEA is a unique,entirely hand drawn and painted NFT collection with 10000 pieces on the APTOS blockchain. Seed NFTs are collecting and sharing royalties with the owners.There will be no more than 10000 pieces minted. After the seed NFT mint we are going to release our Asset NFTs. Asset NFTs will be tethered for a real estate unit and there will be 2000 Asset NFTs minted for one unit. Asset NFTs are backed by real estate collateral and providing yield. From the profit of the real estate value increase and rent,in the form of NEMEA tokens.By purchasing the asset NFTs the buyer is effectively purchasing the fraction of the ownership rights of the real estate We have extensive utilities,and high resolution TIF samples are available to download on our website. There is an ongoing story where our followers are choosing how to the story should develop. This is the SEED NFT collection
All Eyes on me & Good Bad Boy
Almost FREE NO ROYALTY I can feel the eyes around me as I feel the love and hate on me. Maybe it's paranoia, what difference does it make? I try so hard to stay real, i always find myself in an unrealistic scenario. We are selling our items on manifold with smart contract, you can list them in any market you want. I chose this path to spread and promote the glitch art culture. thank you for choosing us. There are a total of 100 editions in the series and we have determined the price of 0.0069 ethereum. That's why we say almost free. DC coming soon. The series will run entirely on glitch art and airdrops will be made to support collectors. "Glitch art is the practice of using digital or analog errors for aesthetic purposes by either corrupting digital data or physically manipulating electronic devices. Glitches appear in visual art such as the film A Colour Box (1935) by Len Lye, the video sculpture TV Magnet (1965) by Nam June Paik and more contemporary work such as Panasonic TH-42PWD8UK Plasma Screen Burn (2007) by Cory Arcangel." Wikipedia
Mutant Elder Apes
Mutant Elder Apes
Ethereum
The Mutant Elder Apes mint price is at $5 USD, with requirement of owning an Elder Apes Yacht Club NFT which can be purchased on the secondary market via OpenSea. The NFT then has the ability to be mutated to reveal your special transformative Mutant Elder Apes! Join an amazing discord and community with great utility and value for all holders, with weekly giveaways, Discord Games, Twitter Spaces with Founders and team, AMA's and much more. Current and future members are spoilt for choice with a range of different opportunities to self develop and better themselves with likeminded individuals. Non-fungible token (NFT) royalties are an important part of the blockchain ecosystem and we, at Mutant Elder Apes want to provide you your first opportunity, dipping your toes into the artwork and Web 3 environment, with an affordable collection available to all.
Lucky Green Witch
Lucky Green Witch
Ethereum
Lucky Green Witch is a collection of 10000 unique witches. You can get a witch for free (free mint) and if you want to have it even more unique, you can purchase one of the nine unique medallions. Each one can be sold only once. Once purchased, you can transfer the medallion between your witches or sell it separately. Each witch has unique DNA strand, which will be used to do some magic in the next phase of the project. What magic? Probably broomstick races, stay tuned. We hope to distribute witches between users equally. Each user can mint maximum of 10 of them for free. As each witch has unique DNA, this will be used to do broomstick races between witches. User can submit witch to a race (only one) and winner get a unique badge. Other people (non witch owners) could be able to bet on the winner.
Rowdy Knights Club
Rowdy Knights Club
Solana
ROWDY KNIGHTS CLUB is here!!! We want to welcome YOU to the ROWDY KNIGHTS CLUB!!! The main focus of the Rowdy Knights Club (RKC) is self-development. We want to help transform our members into modern-day knights in shining armor! And for our members that are already killing it in the real world, we want to make that armor shine even more! • We plan to do this by bringing in top professionals from fields that include but are not limited to health, sports, music, business, financing, crypto, stock trading, real estate and fitness. • RKC members will be able to vote on what topics they want to be covered and what professionals they want to present via video or in-person events. • Once votes are tallied, we will reach out to the best available professionals and have the event organized. Only owners of an RKC NFT have the right to vote. Anyone can view content brought forth by our holders. ✪ 1st Round Drop: The first drop will consist of 4,000 Rowdy Knight NFTs. ✪ Rowdy Video Platform: A website featuring video presentations, holder voting and a global audience. ✪ Philanthropic Goals: Another primary focus of RKC is giving to charity. A crypto-friendly charity will also be voted on by the community, and a percentage of the initial sales will be donated to the elected charity. The amount given to the elected charity will be shared at the end of each round after it sells out. Not enough projects are donating to charities to help make a difference in society, and we want to change that! ✪ First Webinars: After our first round has sold out, we will ask our community what professionals they want covered in our first online event. From there, RKC admins will search for professionals within that field. A list of candidates will be given to the community and from there the community will choose. ✪ Rowdy Crypto Coin: After all 11,111 knights have been sold. RKC will begin the process of making a crypto coin. Knight holders will continuously receive coins once it has launched. ✪ Castle in the Metaverse: We also want to bring our castle at the top of the website into the metaverse! We want the castle to be a common area amongst RKC members, so we can have meetings and networking events with various professionals and other people of interest! The castle development will begin after all 11,111 knights have been sold. The castle will be added to the website soon.
Aptos Bees Club
Aptos Bees Club
Other
🍯How many jars can you fill? | 1111 1-o-1 NFTs | Only 1 Aptos to join the Hive 🍯 The first ever 1111 1-o-1 NFT collection on Aptos, generated by AI and based on the collection created by our artist! That feeling when you fill a jar is one of anticipation and excitement. Sometimes disbelief. Each jar is a chance to win! 📅 Mint-date: 9th of November 🏆 Mint-Price: 1 APTOS 💥 Supply: 1111 1-o-1 NFTs 🫡 Every holder of the genesis collection will get 1 NFT from the second collection for free! 💥 Every NFT has a different role in the Hive, this will influence the Nesting capabilities and your utility! 🎉 What are you waiting for? Try your luck today and see if you can win big! 🚀 Engage to earn APT on our Discord server! 🐝 Grow the hive & earn tokens that you can exchange for whitelist, Aptos, and NFTs.
NYX SOULS
NYX SOULS
Ethereum
NYX is a web3 social experiment. A socialization AI that introduces you to like-minded people. The first iteration using this platform will be through a private discord server with proprietary bots to facilitate the Matching protocols. A Club feature of the server groups owners of similar NFT collections using a no-sign verification for ownership proof developed by NYXXP. Features like ‘group personality’ ‘inner and outer circles of community’ ‘p2p matching’ and ‘Clubs’ create a multilayered array of users with similar tastes, personalities, mindset and interests. The technology is scalable into next gen web, VR and AR as well as real world utility. A private Discord server is the incubation. Each mint of a ‘Soul’ NFT is eligible to claim a ‘Ferrymen’ NFT at a later date. Mint your Soul + Individuate it with your personality - (no personal info, no KYC, no doxxing) Simple questions on how you see yourself + Claim your Ferrymen PFP. There is art associated with the Souls also that reflect the personality through iconography. Examples can be seen on the website and Twitter account. There is some interesting gamification to the Ferrymen claim, (multiple souls (3 max) = better Ferrymen tier) (Ferrymen supply deflationary = there wont be 10k Ferrymen)
Creative Blocks
Creative Blocks
Ethereum
Having a hard time understanding crypto, blockchain, and even NFTs? What if there was a place where you could find all the information that you as a brand needed? The creative blocks are a unique PFP NFT series. There are 10,000 Creative blocks available, we are dedicated to helping artists with their NFT projects. We cater to dance, music, clothing design, art, and more. We understand that understanding NFTs are a little complex so we aim to provide a tailored experience to promote artist growth. Users can access educational tools and resources with each creative block to aid and help them navigate the web3 space. We understand web3 can be daunting so we wanted to help simplify the process all in one place. If you want to join a community committed to your growth then look no further, you have arrived!
OmnesWorld
OmnesWorld
Solana
**Why NFTs?** The idea of diversity and inclusivity is something that we strongly believe in. When planning the movement we asked ourselves how can we best propagate these ideas throughout the world? Our answer was to leverage the incredible web3 community! It one of the strongest communities on the internet, and it welcomes people from all around the world. Additionally, the technology behind NFTs allows us to provide individuals with an asset that they can use to spread awareness of our cause by using in various ways such as a social media profile picture. Combining the digital footprint we hope to create along with the many projects planned for the physical world, we believe we can drive true change. Omnes World is a movement which aims to display human diversity and full-scale inclusion while also portraying our human desire to be individual. We thought it would be fitting to create a unique set of NFT´s which are both unique and universal. Each piece of art from the Omnes NFT Collection is one of a kind - just like every individual
Tokoloshe
Tokoloshe
Ethereum
A witch doctor had been preparing for the day of the living dead, and his plans for a takeover are bound to happen... His plan? Unleash 5000 Tokoloshe to roam the world free. :japanese_goblin: Our flagship cc0 NFT, Tokoloshe is inspired by bantu folklore and web3, combining both in the Tokoloshe’s artwork, with the gateway being created by them. We plan to utilise Tokoloshe as our genesis mint, with the NFT itself acting as an access pass for our African Kingdom Metaverse and ecosystem, as well as getting early access to Tokoloshe Game.. As a Tokoloshe holder you will have access to free mints of future NFT projects and other giveaway's. To summarise: 🧟 The Tokoloshe will be the key to gain access to the African Kingdom! 🧟 As a Tokoloshe holder you will have access to free mints of future NFT projects and other giveaway's! 🧟 Owners of the Tokoloshe will have complete private and commercial rights to use the NFT as they wish.
LunApuPia
LunApuPia
Ethereum
LunApuPia collection. NFT collection of LunApuPia World on ETH. Each owner of this NFT-LunApuPia will receive one as a gift "LunApuPia NFT Polygon"(*until they can be minted). The LunApuPia Project is the LunApuPia World far in the galaxy near the Black Hole, the world with its inhabitants Lunapupis.LunApuPia - a constellation of three planets (Lun, Apu, Pia) on the edge of a Black Hole in the constellation Unicorn where our Lunapupis heroes live. Spaceships cannot fly there, and the inhabitants move using the unique ability to teleport across three planets. This collection is from 11,000 NFT. The NFT will be added to OpenSea in parts for sale with price increases with each new publication. The frequency of the appearance of new NFTs is different, follow the news on Twitter. First sale starts here 11/15/2022 +335 NFT LunApuPia. Start Price = 0.025 ETH
Evil Kongs
Evil Kongs
Ethereum
10,000 NFTs for Staking on Ethereum Network. 100 Free Mint on website. We are a project of utility NFTs, which aims to generate income through staking, each NFT will be in conjunction with the official token of the project called Evil, our project focuses on the function of staking, but also offer other services, such as; faucets, video game, casino, DEX, Token Swap, among others. Each user who decides to purchase one of our NFTs will be offered a staking membership for an indefinite period of time, that is to say, for life. The purpose of this project is to provide a reliable and solid Staking service with NFTs, where our users will have the greatest possible transparency to feel confident and where they can see in a transparent way everything that is planned to do with this project, one of our main objectives is to encourage the useful use of NFTs and make it clear that they are not only artistic images and that you can do more with them, which is why we have planned even more things for the development of the project, which will be implemented as the project progresses. We are Evil Kongs and we are here to satisfy your greed. #BeEvil #BeEvilKong

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What are NFT Royalties? Here's What You Need to Know

What are NFT Royalties? Here's What You Need to Know

Non-fungible token (NFT) royalties are an important part of the blockchain ecosystem. Many people don’t know what NFTs are or how they work, but that doesn’t change the fact that these tokens are a major force in the industry. In this article, we’ll look at NFTs, non-fungible token royalty systems, and why you should care about them.


How do NFT royalties work?

NFTs are digital assets that are unique and owned by individuals. The tokens can be used as trading cards, digital art, digital collectibles, and more. NFTs can be traded and exchanged on the blockchain, and they can have unique attributes attached to them. These attributes typically relate to ownership. For example, an artist can create a digital painting and then use a royalty to tie the ownership of the painting to a blockchain token. If someone then buys the digital painting, they also gain the right to own the token. This is how NFT royalties work because the token acts as proof of ownership for that specific painting. You can think of it as owning a share of the painting.


Why are NFT royalties important?

NFT royalties are important because they add value to blockchain ecosystems. Artists and creators can use them to tie their work to blockchain tokens. These tokens can then be traded and used in the marketplace. Not only does this add value to the blockchain ecosystem, but it also helps artists and creators get paid for their work. People can buy tokens that represent their ownership in works of art. This means that artists can get paid when their work is sold. It also means that people get to enjoy art and other digital goods while also receiving tokenized proof of ownership.


How will NFT royalty systems operate in the future?

Because NFTs are digital assets, they can be programmed with certain functions. This means that they can have unique attributes and functions that the owner can use and control. For example, artists can program their digital art tokens to self-destruct once they are sold. This would prevent the token from being sold more than once. Other royalty systems could be programmed to allow for partial ownership. This would be great for allowing investors to participate in an artist’s work without having full ownership of the art itself. There are many ways that NFT royalty systems could operate in the future. They could work to improve the efficiency of the art industry, and they could also be used to protect artists’ rights.


Why You Should Care About NFT Royalties

As we’ve seen, NFT royalties are an important part of the blockchain ecosystem. They can help artists and creators get paid for their work, and they can also be used to protect their rights. If you like art and want to support artists, then you should care about NFT royalties. It’s not just artists that can benefit from these types of tokens, though. Collectors can also enjoy owning unique tokens that represent their ownership to pieces of digital art. That’s why everyone should care about NFT royalties. If you like art at all, then you’ll like these tokens.


Final Words: What is the future of NFT Royalties?

The future of NFT royalties is looking bright. This is because the tokens can be used for more than just art. Artists can create digital goods like paintings, music, books, and other creative works and tie them to blockchain tokens. This will allow them to get paid for their work and to protect their rights. NFTs can also be used for more than just ownership. They can also be used for voting and for governance. These are just a few examples of what NFTs can do in the future. There are many other uses for these tokens, and we can’t wait to see what happens next.

Oct 19, 2022
By NFT-List
Top Tier Athletes And Their Involvement In NFT World

Top Tier Athletes And Their Involvement In NFT World

Many parents support the idea of their offspring becoming athletes and sports stars. When asking a child about their career aspirations, becoming a sports star would top the list. Though reaching the pinnacle is difficult, it is one of the best careers in the world. The attraction to sports is the players' financial gain and adulation. Anyone who reaches the top of any sport will become financially free. Furthermore, players from the most popular sports are celebrities on par with actors and famous businesspeople.

The vast sums involved in sports are due to the massive interest and demand from the general public. People love sports and are willing to pay enormous money to watch sporting events. Due to the fascination, businesses not involved with sports pay massive advertising fees to become associated with the sport. There are many sports, from golf, martial arts, cycling, and racket sports to track and field events. It is an endless list.

However, some sports have better earning potential than others. Sports such as soccer, football, basketball, golf, and tennis are some lucrative sporting activities. Anyone who reaches the pinnacle in these activities will easily earn millions of dollars. There are few sports stars whose fortunes run into billions. Earnings are not limited to the salary received from the clubs. Top sports stars can accumulate wealth through endorsements, sponsorship deals, and payments from their clubs. The massive earnings are due to the player's skill set combined with their popularity. A famous, well-loved star will command the highest salaries.

Investment Options For Sport Stars

Like all wealthy people, sports stars invest their income; they use their finance to buy more wealth. It makes zero sense for money to sit idle in bank accounts. Investments take all kinds of forms. From starting their own business, investing in other companies to involvement in financial markets are some of the popular forms of investments. Cryptocurrencies and their associated technologies have become mainstream in the last few years. The portfolio of many wealthy people, including sports stars, usually has some investment in this arena.

Investing In NFTs

Non Fungible Tokens (NFTs) are one way to invest in cryptocurrency technologies. This field has attracted many sports stars. Some famous sports stars who hold NFTs include Stephen Curry, Serena Williams, Shaquille O'Neal, and Neymar Jr. These are just a few of the hundreds of sports stars who have become involved with NFTs.

NFTs, with their cartoon art representation, appear fun and appeal to the younger generation. Given that the sports star demographic is of the lower age bracket, it makes perfect sense for these people to invest in NFTs. Owning NFTs can help market sports stars and their brands. Becoming associated with a popular NFT collection will increase the media coverage received. For example, if an athlete buys a blue-chip NFT such as the Board Ape Yacht Club, the news will be seen on all major outlets and social media channels. This is a win-win situation for both the project and the athlete.

The more an athlete is featured in the popular media, the more it enhances their prominence. It allows them to demand more outstanding salaries and endorsements. The involvement of top-tier athletes will help drive up the price of the NFT, a good situation for the NFT project. Additionally, NFTs are an investment opportunity. Though buying NFTs is highly speculative, there is an excellent chance that blue-chip projects will see a price rise. Top-tier NFT projects such as BAYC and Azuki continue to see a price increase.

NFTs can help well-known athletes connect with their fans. The trend is for athletes to buy NFTs from significant projects to date. There will be a more significant number of athletes who will release their own NFT collections. It offers the athlete a way to bond with fans in new and innovative ways.

Holders gain the opportunity to meet the star or receive merchandise. This helps to solidify the relationship; it will lead the fans to become even more interested in the athlete's brand and helps to foster a community of fans in ways never seen before. There is also a financial benefit for the fans. Owning the NFTs of a sports star, the fan can sell these assets. Previously the relationship has been a one-way street; the athlete benefited from fans without much reciprocity.

If the perceived value of the star is on the rise, the price of the NFT will increase. It offers the opportunity for the holder to sell their NFTs for a profit.  NFTs open up all manner of possibilities in the world of sports. Sporting clubs can sell NFTs, which will offer their fans the opportunity to gain merchandise, special ticket allocation, or vote on club governance. NFTs are relatively novel, but there is no doubt that this is a field that opens up opportunities never seen before in the world of sports.

 

Apr 9, 2022
Kate
The Importance Of The Founder In NFT Projects

The Importance Of The Founder In NFT Projects

People who've followed NFTs for some time are aware of these essential considerations when buying NFTs.  Many new members of the NFT community overlook this critical aspect.

Many newbies buy NFTs without much consideration. The usual pattern is for people to hear about NFTs, find the NFT community on Social Media platforms such as Twitter, and become part of the Discord servers of various projects.

A busy server and quality artwork ensure the newbie becomes involved in the community. It leads to the person minting the NFT on launch.

Following the mint, it's common to see the price of the NFT fall in value. After a few months, the founders neglect the project, and the holders find themselves with an NFT with little value.

Since this neglect has been the standard pattern seen throughout 2021, most NFTs on the secondary market are worth less than the price paid on launch.

There have been numerous cash grabs. The founders make six figures from the NFT project, but the investors have a losing asset.

The success stories in the NFT space have received praise. For example, the Bored Ape Yacht Club (BAYC) is admired throughout the NFT community, and any NFT stories in the mainstream media feature the BAYC regularly.

For every successful project, there are far more failures.


Mistakes Made By More Experienced NFT Buyers.

After spending time in the NFT community, people become aware of the requirements of a good project. They commonly look for the following characteristics:

Doxxed Team. The team mustn't be anonymous. Anonymous groups are more prone to carry out rug pulls (where the founders close the project after launch). Investors have no idea of the identity of the founders. As a result, the groups can quickly abandon the project and scam the investors.

Great Community. There must be a sizable community behind the NFT project. People look at Social Media and Discord profiles to gauge the size of the community. Without a community, there is no one to buy the NFTs.

Good Artwork. Essential to ensure the artwork is high quality and in line with the current trends. For example, there is a great deal of admiration for the artwork by Doodles and Invisible Friends NFT projects.

Utilities. Projects need more than artwork to become a success. The only exception is if the NFTs are from an established artist such as Beeple, Banksy, or another artist with a big following in the traditional art world.

Projects without a well-established artist need to provide utilities in the form of Play To Earn games, events, staking possibilities, and more.

People seeking these factors in projects are better positioned than newbies. But many projects satisfying these conditions still fail to succeed, especially in this current climate where the NFT space is experiencing a bear market.


The Importance Of The Founder

The most critical factor in a project is the founder. Many investors entertain projects because the founder is well known. They could be a celebrity or an industry leader.

Unfortunately, many of these projects flounder in the long term. Shortly after mint, there is a pump in price. But a few months after the launch, the value has become less than the mint price.

The founders are not highly active in the project; they make no effort to immerse themselves in the community.

It leads people to conclude (probably correctly) the founders are not interested in the project. The community loses faith, sells their NFTs, and projects end up in the backwaters of the secondary market.

A successful project is one where the founder engages with the community. They should be active before and after the launch. Making themselves involved in the conversations on Discord and Ask Me Anything (AMA) or Twitter Space shows a genuine interest in the project.

An example of a successful project is VeeFriends by Gary Vee. The founder is always available. He is constantly talking about his projects on Social Media and does not go missing in action.

 

Wrapping Up

The most important consideration for any NFT collection is the founder, motives, and project vision.

Unfortunately, the NFT world has seen many cash grabs. The devs and the founders fail to take much interest following the launch.

The reality is that unless the NFT collection is by a genuine, highly established artist, the project starts after the launch.

The easy part is the stage up to the launch; it's the segment where the founders are raising capital to realize a vision. Making their promises become a reality involves hard work.

To date, in the NFT space, many founders are fond of the idea of raising capital. But dislike the effort to complete the project and make the utilities and the roadmap a reality.

Many experienced investors in the NFT community understand the situation and no longer mint NFTs easily. This is a contrasting situation to 2021, where people readily bought NFTs.

Perhaps this explains the current bear trend in the NFT world; sales volumes are significantly lower than the record-breaking numbers a few months ago.

For the investor, the best approach is to take a great deal of interest in the founder. Presenting evidence of interest by the founder ensures confidence in the community.

The involvement of a famous name does not guarantee long-term success.

 

Mar 31, 2022
Bill
Common NFT Scams: Identified

Common NFT Scams: Identified

Scams exist in many areas of life, defined as fraudulently obtaining money or goods from unsuspecting victims. 

The Internet is hugely beneficial for society and helps improve many people's lives. But it has led to criminals using it to defraud people—from phishing and fake shopping websites to dating scams. 

Cryptocurrencies use the Internet and are not exempt from scams. The anonymous nature of cryptocurrencies has made things easier for fraudsters. 

NFTs are an extension of cryptocurrencies and are an arena with frauds targeting newbies and the uninformed. Since this is a relatively new technology, most people have likely been victims of one form of scam or another.

What are some of the common NFT scams?

Rug Pulls

After a project launch, the founders exit the project with investors' funds. The founders close the assets associated with the project, such as the Discord server and Twitter account, and leave the scene. With the founders no longer involved and little trace of the project, the price of the NFTs decreases until it becomes worthless. The investors possess nothing more than NFT JPG images on the blockchain. 

The NFT space has been rife with these scams throughout 2021. As people become aware, these deceptions are becoming less common.

Anonymous founders carry out rug pulls; people have no idea of the real identity. Given the anonymity and lack of traceability with crypto wallets, it's a straightforward scam to perpetuate.

Cash Grabs 

This is rife in the NFT space. The founders of the project promise various developments for the project. 

After the launch, they fail to implement these promises. Over time, the value of the NFTs decreases, and the investors are left holding the bag. 

Nearly every NFT investor has been a victim of such activities. Such schemes are also known as a slow rug; the founders leave the project slowly. 

These schemes are difficult to classify as a fraud; the founders are in a position to kick their promises into the long grass. And many often come up with all manner of excuses why developments fail to progress. 

Pump And Dump 

This is where an individual or a group of people team up to buy large quantities of the cheapest NFTs in the collection (buying the floor price). 

They drive up the collection price, also known as "sweeping the floor" or "wash trading." After a significant price increase, the NFTs are sold for a profit, and the culprits exit the market. The value of the NFTs decreases, people are left with NFTs worth less than the price paid. 

The project founders are known to engage in such practices to drive up the price of their collection.

Project Impersonation

Fraudsters try to mimic real projects by creating websites and social media profiles with a similar appearance to the actual project. 

They aim to lure unsuspecting victims to a website and mint fake NFTs. The victim connects their wallet to mint an NFT, which turns out to be an empty file. 

Victims are targeted through direct messages or posting links in the comment section of Social Media platforms.

The problem has become rampant: fraudsters routinely hijack the real Discord server of a project, disabling the power of admins and moderators and placing links to direct members to a fake minting website. 

Customer Support Scams

This is a problem commonly seen on Discord and Telegram. Scammers contact through direct messages offering to help people mint NFTs or provide bonus airdrops.

As a customer service representative, the scammer tries to obtain wallet details such as passwords and the seed phrase. Using the information, fraudsters drain the funds from the wallet.

The problem is that NFT projects warn members not to engage in direct message conversations. Official members of staff have ceased contact with members directly through direct messages. 

Experienced people will not fall victim to such scams; newbies are the intended targets. 

Intellectual Property Theft And Fake Collections

There are projects known to take the artwork from talented artists and use it for their collection. Without agreements in place, this is a form of theft.

Projects using artwork from an artist without permission are a theme in the NFT community. 

On discovery, the reputation falls, and the value of the NFTs decline in price; it becomes a loss-making investment.

Some individuals take artwork from upcoming projects, load it to marketplaces such as Open Sea and aim to impersonate the actual project.

Buyers of these NFTs become victims of a scam.

Conclusion

Scams are common because the NFT market is new, with many new people entering the space. It allows fraudsters to exploit inexperience and vulnerabilities.

The best approach for a newbie is spending time in the NFT community, networking with others on platforms such as Discord, and becoming fully aware of the technology before major investment sprees.

Mar 24, 2022
Kate