Browse Upcoming NFT Drops, NFT Events & Marketplaces

Sports

NFT Sports Challenge F1
WE EMPOWER SPORTS FANS WITH THE BEST NFT’S CHALLENGES We reimagined the concept of fantasy sports, giving fans the ability to play one-day NFT fantasy sports for real cash prizes. Play against your friends or against everyone, with no season-long commitment. Play daily or season-long fantasy sports and win real money. Our NFT platform is full decentralized and safe to play. SportCash One AG, has introduced a sports NFT game based on Belgium GP Formula 1 race. The challenge is that participants buy NFT tickets to predict the winner of the real life race and win prizes accordingly. There will be two different team NFT tickets – one for each team of the challenge. Tickets can be bought in the Sportcash One NFT marketplace from 12th August, 2022, 6 PM CET till 27th August, 6 PM CET. Each ticket will be priced at USD 5. One NFT ticket, La Rossa, will represent Team Ferrari, one NFT ticket, The Bull, will represent Team RedBull and one NFT ticket, Silver Arrow, represents Team Mercedes.
Qatar2022 Metaverse NFT
WELCOME TO the Qatar 2022 Metaverse NFT World Cup Qatar2022 is a World Cup NFT Rewards project. It is created in anticipation of the World Cup for NFT and Animal lovers. It will consist of 9,900 NFT’s (100 teams with 99 players) with Different Jerseys and Flags that represent different Animals from around the World. 50% of all sales are returned to holders directly through the Smart Contract or through staking and competitions. The 2022 FIFA World Cup is scheduled to be the 22nd running of the FIFA World Cup competition, the quadrennial international men's football championship contested by the national teams of the member associations of FIFA. It is scheduled to take place in Qatar from the 21st of November to the 18th of December 2022. Qatar2022 is a Dynamic World Cup Themed NFT Project created by experienced Blockchain developers with a love of Football.
Saudi Birds
Saudi Birds
Ethereum
5,555 Saudi Birds are MAX BIDDING. Every Saudi has its own bird. Pre-Sale: SOLDOUT Public Sale: July 30 at 21:00 UTC
Pig Fitness Club
Pig Fitness Club
Ethereum
The Pig Fitness Club is a collection of 10,000 unique 3D Pig NFTs living on the Ethereum blockchain. Each Pig serves as a locker room key and grants you exclusive membership access to a club in which athletes, fitness lovers, exercise enthusiasts, and everyone meet and motivate one another to pursue their fitness goals and maintain healthy lifestyles. Membership benefits include earning tokens and rewards from our exercise-to-earn ecosystem, and access to live or on-demand workouts, bespoke training programs, live group classes with instructors, one-on-one coaching, immersive training experiences, and more, in both the real world and the metaverse. The Pig Fitness Club is here to start a revolution, rewriting how fitness works and shaping the future of fitness. We strive to integrate Web3 and the metaverse with the fitness industry in order to bring it to another level. Join the fitness revolution and experience the difference in the metaverse. Visit pigfitnessclub.io for more details.
Harpytownwtf
Harpytownwtf
Ethereum
No discord, no roadmap, just harpies, 10,000 harpies, they are fly and shit from the sky. Pre-sale: SOLDOUT Public Sale: Jule 17th, 12:00 UTC / 08:00 ET
Karto Cars
Karto Cars
Ethereum
Karto Cars is a play-to-earn game comprised of 2,500 retro-fitted cars. Each NFT minted will make a breath-taking appearance on our tracks 🔥 Karto Cars is a new play-to-earn game comprised of 2,500 retro-fitted cars. We bring a convincing alternative to the cookie-cutter PFP NFT projects that have flooded the market. Each NFT minted will make a breath-taking appearance on our tracks. Owning a Karto Car will give holders access to racing tournaments, cash giveaways, exclusive airdrops, and much more to come! Come Vibe On Our Retro Wave Track. Collect Easter Eggs For Extra Prizes, Memorize The Maps For A Greater Edge And Enjoy The Car-Loving Company Of Our Community. New Maps Will Periodically Be Revealed As Our Community Grows. Roadmap: 0% Welcome new contestants to the most chill track to take place on the mobile and metaverse. Bring your burning passion for collecting cars, NFTs, making friends, and building a community you belong to the starting line. Bring your NFTs into our app and race with us! Ready? Set, GO! 20% At 20% capacity, every Monday through Friday for a month, you’ll have the chance to win a cash prize! A separate event will take place on weekends for 2x the normal prize! The daily entry ratio is 1:1 for everyone other than Karto holders which will receive an additional entry for every Karto Car above 3 to a limit of 5. 40% Fastest Lap: The OG diamond hand holders will get to choose a Karto Car in their collection to have 3D printed and shipped to your address. Active community users will be a part of the beta playtesting new features, so keep those chat stats up! (SUBJECTED TO CHANGE TO A BLACK CARD 👀 ) 60% Giving Back: KartoCars holders will vote which popular Twitch charity stream to send $50,000. This is thanks to you, our great community, that we can do this. Let’s be the top donator, (Ideally we can get in agreement with a company to match our donation, making the community proud of what we’re doing) 80% Pole Position: We want to share the vibe IRL, so we’re dropping Karto Car merch to further propel the project. A new round of daily raffles will take place with even bigger prizes like cash, merch, and whitelist spots for exclusive new drops. 100% Finish Line: Get your retro wave cars retrofitted with customizable parts to enhance your chance of winning. This will also add another layer of rarity to your cars, and OGs will have discounts for new parts. Get in while you can!
Zero Evolution
Zero Evolution
Solana
A Collection of 3333 Remnants Fighting for Survival in the Infinite Cosmos Zero Evolution will revolutionize the gaming industry, integrating WEB 3.0 with traditional, non-WEB 3.0 gaming. We intend to provide EXCLUSIVE benefits to our holders including staking opportunities, free access and use of wagering platform, abilities to stream, merchandise, and much much more! Zero Evolution Gaming will be the first of its kind platform that seeks to integrate WEB 3.0 with traditional non-WEB 3.0 gaming. Our platform will allow users to wager NFTs and Solana against other users around the world while playing games that they know and love! FULLY DOXXED TEAM via The Fellowship, as well as self-doxxed within our discord! Join our discord and say whats up! We are doing constant giveaways as well as giving away FREE NFTS!!! come find out :) - Rainbow
Locker Room Brotherhood
First worldwide hockey NFT collection! Warm-ups are over. Get ready for a puck drop. Locker Room Brotherhood is created by blockchain enthusiasts and hockey fans. First of all, it is a community of people that have a passion for the game of hockey and want to share it in physical and digital world. We believe that good old hockey game brings emotions and great memories to people all over the world. And we want to take our own impact on it. To support the community we release 10.000 hand drawn and randomly generated NFTs with benefits to it’s holders. Join us and get tickets to games, snacks and beverages, best offers for hockey gear and clothing from our partners. 1ST PERIOD BUILDING THE COMMUNITY Presale Mint date Paying back GAS FEES for the first 20% NFTs sold Expanding our marketing activities and making technical investments We airdrop 10 NFTs back to Locker Room Brotherhood NFT holders Merch release exclusively for Locker Room Brotherhood NFT holders Hockey charity organizations and youth leagues support to make sport accessible for all 2ND PERIOD TRAINING CAMP Training camps release. Every community member will be able to join the team of 6 players and attend 2 week training camp to get experience points/tokens. Training camps will be held every 2 weeks We announce token utilities NFT upgrade mechanics release. Spend your tokens and make more impact on the rink 10 NFTs will be airdropped to the community members with the most training camp experience 3RD PERIOD EXPANDING THE NETWORK Our first Team VS Team online hockey tournament announcement. Make a team with other community members and dominate on the ice to win legendary awards and make your legacy be written in Locker Room Brotherhood history Alongside online events we are making IRL activities. Take a part in our IRL events to share the fun -on and offline Partnerships with major hockey brands, sponsors and players Building a fan-player interaction within LRBH community Locker Room Brotherhood “fan package” release. This includes tickets to games, snacks and beverages, best offers for hockey gear and clothing from our partners
The Tennis Pro-Tour Club
THE TENNIS PRO-TOUR CLUB is made up of 11,600 unique images that live on the Ethereum blockchain. An exclusive collection of NFT hand made by Ernesto Ruiz Bry, where digital and traditional art are combined. Four different types of Membership (priority access to advance purchase and other exclusive benefits), free NFTs, free tickets to ATP/WTA tennis events, free Limited Edition Fine Art Prints, unlockable content, vote in club matters, (i/e: NFTs future picks), raffles, discount on artworks, clothing and accessories, are some examples of how much this collection has to offer. THE TENNIS PRO-TOUR CLUB is made up of young promises, active professional players, legends and regular members. Club House conversations always revolve around the same topics, players, games, technique, shots, results, anecdotes, etc. Among the most important members of the club is "The Founder", (it is said that he was with Walter Clopton Wingfield in 1873 when the foundations of tennis were laid), who in each image gives us very interesting information about the history of this beautiful sport. THE TENNIS PRO-TOUR CLUB, a wonderful way to express tennis through a unique series of NFTs.
PokerGO Genesis NFT Collection Mint
PokerGO, the world’s largest provider of poker content including World Series of Poker, High Stakes Poker, Super High Roller Bowl, and more, has entered Web3. The PokerGO Genesis NFT Collection features 1,326 unique, stylized NFTs representing all of the possible starting hand combinations in Texas Hold’em. NFT holders will be able to sweat their hands while watching the biggest events in the world with chances to win cash, memorabilia, and merchandise when their hand appears in winning moments. The PokerGO Genesis NFT Collection will provide benefits to poker fans and players of all types. In addition to sweating hands in live gameplay, all holders will receive a number of benefits that give direct access to the high roller lifestyle, including: * Free PokerGO Subscription * Private Events and Tournaments * Exclusive Experiences * Meet & Greets * TV Appearances * Meet Up Games * Travel Discounts & Benefits * And much more in the works NFT Stadium IO is a full-service NFT launchpad and marketplace creating innovative experiences and accessible utility for passionate fanbases across sports, esports, and entertainment. LAUNCH SCHEDULE WL Phase 1 12p PT May 31 - 12p PT June 2 Whitelisted only Max 2 per wallet WL Phase 2 12p PT June 2 - 12p PT June 4 Whitelisted only Max 5 per wallet Public Mint June 4 12p PT Open mint Max 10 per wallet Mint Price = .1 ETH
Ethopia Online Public Sale
Ethopia is a medieval fantasy play-to-earn MMORPG that takes you back in time to discover sites of outstanding beauty and rich history, captivating and cradled by many legends. The world of Ethopia is divided into different kingdoms, regions, and cities. A rich story and exciting adventure wait for those whose interests are more intellectual. Find the lost stone tablets, complete quests, train your skills, craft weapons and armour, fight enemies, discover hidden treasures, join a guild, and collect valuable artifacts. The Ethopia Online NFT Chest sale is coming!! As soon as the countdown timer on the website reaches zero (0), the mint button will appear. Once you click on this, a meta mask pop-up will appear to complete the mint. Pre-sale & Public sale (mint) location: https://ethopia.online/ EO CHEST NFTs Each EO chest represents one (1) digital real-estate house, associated tier / attributes / rarities, and one (1) Ethopian Citizen Passport. For every chest you will receive two (2) NFTs. SALE SUPPLY From the 3333 chests in total, only 3300 chests can be minted during the pre-sale. 33 chests have been removed from the original sales stock and will not be for sale. MINTING DATES & TIMES - The pre-sale is set to take place on May 28, 2022. Starting at 12:00 PM - (CEST) The WL price for one EO chest is 0.05 ETH - The public sale will happen on May 29, 30 & 31, 2022. Starting at 12:30 PM - (CEST) The Public price for one EO chest is 0.06 ETH EXLUSIVE GAME BETA LAUNCH >> June 10, 2022 << JOIN https://discord.gg/ethopia-online Web: https://ethopia.online/ <<<< ---COLLECTION--- HOUSES (ERC721) Houses found in different locations of the cities are all sold as ERC-721 NFTs. Only a set number of houses will be produced for each city and are only purchasable through our sales. Afterwards, houses can only be bought and sold through secondary marketplaces. CITIZEN PASSPORTS (ERC721) The Ethopian citizen passport is your lifetime full access ticket to Ethopia online. Everyone who mints a EO chest during the pre-sale, will receive one (1) Ethopian passport for every chest that is bought. GUILD BUILDINGS (ERC721) As soon as you own 10 houses you can mint a guild building with an associated island for free (gas fee only) Each guild receives one of the small islands that surround the mainland. Guilds will provide a massive benefit for the owner, as well as for the players that joined. --- MORE GAME INFORMATION --- PLAY TO EARN Ethopia stands out from other Play to Earn games with high quality graphics and rich, fun gameplay that allows players to earn direct income from gaming through various ways. Players are finally being compensated for all the time and effort they put into the game. ADVENTURE Players can immerse themselves in different world zones, searching for loot, ancient stone tablets, training skills, complete quests, start or join a guild, participate in multiplayer adventures, fierce player battles with in-game enemies and against other real-time players. TRUE OWNERSHIP In the era of Web 3.0, the advance of blockchain technologies makes it possible for each player to have full ownership of their in-game items. Ethopia uses Ethereum to ensure a secure, and decentralized digital asset ownership that allows players to trade their NFT assets safely. ETHOPIA DAO Ethopia Online will grow into a Decentralized Autonomous Organization (DAO) An integrated on-chain open economy, driven by on-chain decentralized player governance. Holders of our governance token Ethopia ($EPIA) will have a say in the future direction of the game’s development.
SportE Shoeboxes NFT Offering
SportE is a sports and fitness app that utilizes blockchain technology to provide users with a complete experience, blending gaming and social features in a virtual environment. This event is SportE first Shoeboxes NFT Offering for Community. Each Shoebox contains one unique NFT shoe, and is priced at 0.5 BNB. The Shoeboxes consist of NFTs in four different designs: Mystic, Sonic, Flash, Astro for Walker, Jogger, Runner and Trainer respectively, and each design may come in two rarity levels: D-Rank and C-Rank. With each NFT shoe collected, NFT holders are able to participate in SportE's Move2Earn game by walking, jogging, or running outdoors to earn in-game tokens. These tokens can be used in the game to level up their NFT shoes, or be cashed out for profit. In addition, users who collect two NFT shoes from this collection, will have the choice to burn their tokens to mint a “Shoebox” containing a brand-new NFT shoe!
First Ever NFT Soccer Team
Presenting the FIRST EVER NFT SOCCER TEAM, an Elite collection hand made in tribute to future stars, VIPs and Legends we all know and love! Every artwork is One Of A Kind and will not be replicated. New Drops are released weekly featuring the best players we see fit for our collection with help from our community. 50% We will ship out our exclusive merchandise for free to a bunch of lucky winners that holds the first ever crypto players, and will launch our online shop to purchase the merchandise as well 60% We will send out 10 lucky winners a first ever crypto players jersey signed by the creators 80% We will grant 10 El-Clásico tickets for the 2022/23 season to crypto players holders 90% we will launch our community hub, where our community members could watch games and comment on the games, together 100% We will fly out one of you to meet us at our headquarters and go together to the champions league finals, and invest back into the community by investing into low income players and helping them reach their goals
Poker Heroes Mint is live!
Mint is live! Poker Heroes is a generative art poker collection made up of 9,999 unique 3D avatars minted on the Polygon blockchain. Each avatar is rendered by combining 777 unique poker-themed traits and accessories. These avatars come with built-in utility through a partnership with the World Poker Tour Global (WPT) that gives them superpowers in the form of $100,000 free rolls, the ability to skip the waitlist and play with celebrities like Steve Aoki and get access to WPT VIP Live events. The 9,999 avatars are divided into three rarity groups: Humans (60% of total supply) Cyborgs (30% of total supply) Gods (10% of total supply) This mint is special because you can mint some special avatars that have poker celebrities traits. Recently, GAMAVRS announced 16 top poker players joining the NFT Poker Club. For more information make sure to check out: gamavrs.com
Awkward Dragons Public Mint!
A collection of 4,888 unique non-fungible tokens, comprised of 200+ possible traits, living on the Solana blockchain. We are an NFT gaming project with dope art dragons all hand drawn to look 3D! We have a huge roadmap up ahead that involves all elements of a great NFT project and P2E Games. Building for gamers, by gamers. It’s our mission to change the world with NFTs, Gaming and the Metaverse. Starting with NFT and Gaming, we'll strive to unify NFT communities through gaming, YOU can help build the future together with us. #WAGMI What we’re trying to do at Awkward Dragons is to accelerate the world’s transition towards engaging, enjoyable and sustainable P2E NFT blockchain games, namely Solana. As passionate gamers as well, we want to build great games anyone can enjoy, whilst also combining the best of DeFi and NFTs to create a truly unique and everlasting gaming value ecosystem by continuously revolutionizing and improving player earning gaming mechanics (P2E) to give back to gamers and in parallel a vision in unifying the NFT community with gaming. We want to create something lasting, a legacy. If you want to all of our latest updates and mint details, follow us on Twitter and join us in Discord. AWK AWK! https://discord.gg/kM7FhFdVyy

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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
Yuga Labs & Bored Ape Yacht Club (BAYC) Launch ApeCoin Tokens

Yuga Labs & Bored Ape Yacht Club (BAYC) Launch ApeCoin Tokens

Bored Ape Yacht Club (BAYC) is the most iconic NFT collection; it's set the standard for others to follow. The nearest rival CryptoPunks, based on nothing more than artwork, was taken over by BAYC's creators, Yuga Labs, in March 2022. This acquisition has created the biggest juggernaut in the NFT world; no other project comes close in size.

BAYC 's success depends on its ability to evolve, pivot, and provide value to its holders. While many projects offer artwork and no more, BAYC has significantly contributed to the NFT world. They airdropped NFTs from other projects (such as Bored Ape Mutant Club and Bored Ape Kennel Club) to BAYC NFT owners, provided in-person events, and developed online games for its members. Yuga Labs allows the holders to use the NFT they own to create and sell merchandise.

 What is ApeCoin?

As part of this ability to grow, in March, Yuga Labs collaborated with the collective named ApeCoin DAO to drop ApeCoin ($APE) token.

ApeCoin acts as a digital currency in the same way as many other cryptocurrencies. People will be able to spend ApeCoins on upcoming products and services BAYC will offer, including the Play To Earn game launching in 2022. The hope is that ApeCoin may evolve beyond the BAYC ecosystem in the future.

There is a difference between Apecoin and cryptocurrencies such as Bitcoin, Ethereum, and Solana. Bitcoin, Ethereum, and Solana are native coins derived from their perspective blockchain. Apecoin does not have its blockchain and resides on the Ethereum mainnet; it's considered a token rather than a coin.

ApeCoins are not too dissimilar to Axie Infinity Shards (AXS), the native governance token of the Axie Infinity network. Axie Infinity players can buy, sell and trade using Axie Infinity Shards.


Distribution

A total of 1 billion ApeCoins were available; the allocation was as follows:

15% to the holders of Bored Ape Yacht Club and Bored Ape Mutant Club holders,

15% to Yuga Labs,

14% to the partners that helped launch the tokens,

8% to Yuga Labs founders,

1% to charitable events,

47% to ApeCoin DAO

ApeCoin DAO

ApeCoin DAO is part of the Ape Foundation, the governance behind the token. They have the power to manage the everyday running, project management, and bookkeeping of the token system. Holders of the ApeCoins and the DAO can dictate the ecosystem's future, thus making ApeCoin a decentralized system.

 ApeCoin DAO consists of leaders from the Social Media, gaming, and crypto space. These people include Alexis Ohanian (from Reddit), Amy Wu (from FTX), Dean Steinbeck (from Horizen Labs), Maaria Bajwa (from Sound Ventures), and Yat Siu (from Animoca Brands).

The BAYC project and Yuga Labs are separate entities from the ApeCoin DAO. If BAYC and Yuga Labs were closely connected, the project would come under the scrutiny of The Securities and Exchange Council of the United States. The Securities and Exchange Council is the government organization responsible for regulating Securities and protecting investors. To date, the organization has not focussed on NFT projects.

Launch 

On launch, the price of ApeCoins started at almost $40 per token. During the day, the token fell to around $6 as people who received free tokens sold their share. A few days into the launch, the price of the ApeCoin sits at around $11. The vast market cap size has meant that ApeCoin is in the top 50 of all cryptocurrencies.

The token was available on all major exchanges such as Coinbase, Binance, KuCoin, and FTX. It's unusual for new tokens to be widely known, but the popularity of the BAYC meant exchanges readily accepted ApeCoin onto their platform.

Original holders of BAYC NFTs were given 10,094 tokens for each NFT they held. This translates to nearly $400k at the price height and $60k near the bottom.

ApeCoins show that the Bored Ape Yacht Club project continually provides the holders with utilities. These utilities translate into social and financial gain. Unfortunately, the NFT space is riddled with scams and rug pulls. But Yuga Labs have set the blueprint for what makes a fantastic NFT project, an aspiration for other projects to follow.

No one can predict the price movement of digital currencies; there are no guarantees of price increases. The ecosystem created by Yuga Labs is continually expanding rapidly; it's probably a good bet to suggest ApeCoins are potentially a significant investment.

As always, do your own research before investing.

 

 

 

 

Mar 23, 2022
Dave