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Founding Frens NFTs
Founding Frens NFTs
Solana
Your network is your wealth. Founding Frens gives you access to the Deal Room, a private members club that includes business leaders at the world's largest companies (Adobe, Amazon, FTX, GoldmanSachs, Linkedin, Bittrex & many others)! The Founding Frens is a collection of 1,700 beautifully hand-drawn, limited edition membership NFTs based on office roles! All Founding Frens (NFT holders) have access to exclusive benefits such as a membership club, early access to events and content, and platform perks. The NFTs are created and drawn by artists who worked at the studio that brought you Rick and Morty. Not to mention, the project is led by an all-star team with decades of experience in data, partnerships, and community at some of the world's most innovative companies. Mint Details: Pre-sale: June 9th, 2pm UTC Public sale: June 9th, 8pm UTC Marketplace: FTX Price: 2 SOL
Wooly Land
Wooly Land
Polygon
Wooly Land is a collection of unique volleyball NFTs--- unique digital collectibles living on the polygon blockchain. This collection is about the expressions of my virtual character named wooly- the volleyball ... I have played with colors and tools to create fluff. The wooly land is the land of expression. It does not matter what is the color and size of the wooly, the only things that matters are the mood and expressions. It is 100% hand-drawn original art in different colors and sizes each representing unique facial expressions and daily life moods. You can have your own wooly depending on your mood. Are you Happy? Sad? Angry? Excited? Shocked? I can’t wait to find out. The project is in starting phase right now and the floor price of the collection is 0.047 ETH, but the prices are still negotiable. There is a total of 10 characters right now out of which three characters are already sold, so do not wait and get your wooly today. Weekly sales are also available, so stay connected and follow our Twitter account to get the latest updates. Mint & join the colony today.
NBA TOP SHOT ALL-STAR STANDARD PACK (RELEASE 4)
  • NBA All-Star Standard Packs drop Thursday, March 10th at 12pm PST
  • Featuring sets and Moments across all rarity tiers, including new Moments from the 2022 All-Star Game and the second release of Fresh Threads
  • 29,400 packs for sale at $19 each
  • 1 General Queue with purchase limits per transaction based on Collector Score
  • Every pack includes 4 Moments. 3 guaranteed to be Series 3 Base Set with the 4th Moment being from the Common, Common LE, Rare, or Legendary tier

What's In The Pack:

  • Pack Contents coming soon
  • Common:
  • Series 3 Base Set Moments with Edition Sizes ranging from 4,000 to 60,000+
  • Fresh Threads Set, featuring players debuting with their new teams for the first time on Top Shot, including Caris LeVert, Cam Reddish and Domantas Sabonis. Each Fresh Threads Moment is minted to a #/11,111 Edition Size
  • Rare:
  • 2022 NBA All-Star Game, including a windmill dunk from Joel Embiid, lefty alley-oop from Devin Booker, and other unreal highlights from Jayson Tatum, LaMelo Ball and Darius Garland, for starters. Each Rare Moment is minted to a #/2022 Edition Size
  • Legendary:
  • Our flagship Legendary set, Holo Icon, includes some of the most incredible Moments from the 2021-22 season, with each Moment limited to just 99 that will ever be produced.

NBA All-Star Standard Pack Facts:

Packs: 29,400 for sale

Price: $19

Number of Moments per pack: 4

Edition Sizes of Moments in packs: Three guaranteed Base Set Moments with variable 4,000-60,000 CC+ editions and one Moment from the four possible sets:

  • #/99 LE Holo Icon
  • #/2,022 LE 2022 All-Star Game
  • #/11,111 LE for Fresh Threads
  • #/4,000-60,000 for Base Set Series 3

Number of Queues: 1

  • General Queue:
  • Time:12pm PST
  • Collector Score Requirement: 0
  • Including Drop Bonus of 1 point/$1 spent on Moments currently owned + 100 point Favorite Team Bonus
  • Purchase limits:
  • 0 Collector Score: 2 packs
  • 1,000+ Collector Score: 3 Packs
  • 3,000+ Collector Score: 4 Packs
  • 5,000+ Collector Score: 5 Packs
  • Number of Packs for Sale: 29,400
  • You are limited on the amount of packs you can purchase per transaction based on Drop Score. You can have multiple transactions as long as supplies lasts.

Airdrops: Snapshot was taken at 9am PST on March 1st, 2022.

  • 1 pack for every complete set of:
  • Base Set (Series 1)
  • Base Set (Series 2)
  • Base Set (Series 3)
  • Fresh Threads (Series 3)

NBA TOP SHOT ALL-STAR ELITE PACK (RELEASE 4)
  • NBA All-Star Elite Packs drop Wednesday, March 9th at 12pm PST
  • Featuring sets and Moments across all rarity tiers, including new Moments from the 2022 All-Star Game and the second release of Fresh Threads
  • 20,580 packs for sale at $49 each
  • 1 General Queue with purchase limits per transaction based on Collector Score
  • Every pack includes 5 Moments. 4 guaranteed to be Series 3 Base Set with the 5th Moment being from the Common LE, Rare, or Legendary tier

What's In The Pack:

  • Pack Contents Coming Soon
  • Common:
  • Series 3 Base Set Moments with Edition Sizes ranging from 4,000 to 60,000+
  • Fresh Threads Set, featuring players debuting with their new teams for the first time on Top Shot, including Caris LeVert, Cam Reddish and Domantas Sabonis. Each Fresh Threads Moment is minted to a #/11,111 Edition Size
  • Rare:
  • 2022 NBA All-Star Game, including a windmill dunk from Joel Embiid, lefty alley-oop from Devin Booker, and other unreal highlights from Jayson Tatum, LaMelo Ball and Darius Garland, for starters. Each Rare Moment is minted to a #/2022 Edition Size
  • Legendary:
  • Our flagship Legendary set, Holo Icon, includes some of the most incredible Moments from the 2021-22 season, with each Moment limited to just 99 that will ever be produced.

NBA All-Star Elite Pack Facts:

Packs: 20,580

Price: $49

Number of Moments per pack: 5

Edition Sizes of Moments in packs: Four guaranteed Base Set Moments with variable 4,000-60,000 CC+ editions and one Moment from the three possible sets:

  • #/99 for Holo Icon
  • #/2,022 LE for 2022 All-Star Game
  • #/11,111 LE for Fresh Threads

Number of Queues: 1

  • General Queue:
  • Time: 12pm PST
  • Collector Score Requirement: 7,500
  • Including drop bonus of 1 point/$1 spent on Moments currently owned + 100 point Favorite Team Bonus
  • Purchase limits:
  • 7,500+ Collector Score: 1 pack
  • 20,000+ Collector Score: 2 Packs
  • 50,000+ Collector Score: 3 Packs
  • 100,000+ Collector Score: 4 packs
  • Number of Packs for Sale: 20,580
  • You are limited on the amount of packs you can purchase per transaction based on Drop Score. You can have multiple transactions as long as supplies lasts.

Airdrops: Snapshot was taken at 9am PST on March 1st , 2022.

  • 3 packs for every complete set of:
  • Holo MMXX (Series 1)
  • Holo Icon (Series 2)
  • Holo Icon (Series 3)
  • 2021 All-Star Game (Series 2)
  • Rising Stars (Series 2)
  • 1 pack for every complete set of:
  • Seeing Stars (Series 2)

SHAKE THE RIM: AIRDROPS

For the first time ever, fans on NBA Top Shot will be rewarded with a free pack featuring a single Moment™ NFT from the AT&T Slam Dunk Contest, airing on Saturday evening.


Packs will be delivered to all fans who make a Starter Pack or Marketplace purchase on Top Shot between February 1 and Saturday, February 19th at 10pm PST.



Each pack will contain a unique Fandom Moment from Saturday night’s AT&T Dunk Contest, ranging in rarity from 1,010 to other plays with five-figure Edition Sizes.


Let's make the rim shake.


A new Fandom tier set featuring Moments from the 2022 AT&T Dunk Contest, Rim Shakers, is coming soon.

And if you've bought a Starter Pack or made any Marketplace purchase in the month of February, you've got a pack coming your way.

Each play in this set will come with its own unique Edition Size, with the contest winner’s Moment minted to 1,010 and the other plays from the set minted to varying totals in the five figures.  

We anticipate that these packs will be airdropped into qualified fans’ accounts by the end of day on Monday, February 21 at the latest.

Not sure if you qualify? As long as you've made a Starter Pack or Marketplace purchase on Top Shot between 12:00am PST on February 1 and 10:00pm PST on February 19th, you're good.

NBA ALL-STAR (RELEASE 2)

There are certain snapshots from NBA history that transcend time and place, forever etched into our memories. When Vince Carter took a bounce pass from his Toronto Raptors teammate (and cousin), Tracy McGrady, and put it through his legs for a massive dunk, mouthing “it’s over” to the camera, an instant classic was born.

Fast Facts:

  • NBA All-Star Standard Packs drop Thursday, February 17th at 12pm PST
  • These packs include the opportunity to pull one of the most important dunks in NBA history
  • Featuring sets and Moments across all rarity tiers, including the return of Rising Stars
  • 200,000 packs for sale at $19 each
  • 1 General Queue with purchase limits per transaction based on Collector Score
  • Every pack includes 4 Moments. 3 guaranteed to be Series 3 Base Set with the 4th Moment being from the Common, Common LE, Rare, or Legendary tier

What's In The Pack:

  • Common:
  • Series 3 Base Set Moments with Edition Sizes ranging from 4,000 to 60,000+
  • Rising Stars Set, featuring the NBA's top rookies and sophomores, with each Moment limited to just 17,500
  • Rare:
  • Metallic Gold LE, our flagship Rare set, with each Moment limited to just 749 in existence
  • Legendary:
  • A new set, NBA All-Star Classics, featuring iconic Moments from past All-Stars. Our release for Series 3 will be all about the 2000 All-Star Game in Oakland, CA. Each Moment limited to just 50 in existence

NBA All-Star Standard Pack Facts:

Packs: 200,000 for sale

Price: $19

Number of Moments per pack: 4

Edition Sizes of Moments in packs: Three guaranteed Base Set Moments with variable 4,000-60,000 CC+ editions and one Moment from the four possible sets:

  • #/50 LE NBA All-Star Classics
  • #/749 LE for Metallic Gold LE
  • #/17,500 LE for Rising Stars
  • #/4,000-60,000 for Base Set Series 3

Number of Queues: 1

  • General Queue:
  • Time:12pm PST
  • Collector Score Requirement: 0
  • Including Drop Bonus of 1 point/$1 spent on Moments currently owned + 100 point Favorite Team Bonus
  • Purchase limits:
  • 0 Collector Score: 2 packs
  • 1,000+ Collector Score: 3 Packs
  • 3,000+ Collector Score: 4 Packs
  • 5,000+ Collector Score: 5 Packs
  • Number of Packs for Sale: 200,000
  • You are limited on the amount of packs you can purchase per transaction based on Drop Score. You can have multiple transactions as long as supplies lasts.

Airdrops: Snapshot was taken at 9:10am PST on February 15, 2022.

  • 1 pack for every complete set of:
  • Base Set (Series 1)
  • Base Set (Series 2)
  • Seeing Stars (Series 2)
  • Archive Set (Summer 2021)
  • Vintage Vibes (Summer 2021)

NBA ALL-STAR ELITE PACK (RELEASE 2)

There are certain snapshots from NBA history that transcend time and place, forever etched into our memories. When Vince Carter took a bounce pass from his Toronto Raptors teammate (and cousin), Tracy McGrady, and put it through his legs for a massive dunk, mouthing “it’s over” to the camera, an instant classic was born.

Fast Facts:

  • NBA All-Star Elite Packs drop Thursday, February 17th at 10am PST
  • These packs include the opportunity to pull one of the most important dunks in NBA history
  • Featuring sets and Moments across all rarity tiers, including a brand new set, NBA All-Star Classics featuring iconic Moments from the 2000 All-Star Game in Oakland, CA
  • 18,500 packs for sale at $49 each
  • 1 General Queue with purchase limits per transaction based on Collector Score
  • Every pack includes 5 Moments. 4 guaranteed to be Series 3 Base Set with the 5th Moment being from the Common LE, Rare, or Legendary tier

What's In The Pack:

  • Common:
  • Series 3 Base Set Moments with Edition Sizes ranging from 4,000 to 60,000+
  • Rising Stars LE Set, featuring the NBA's top rookies and sophomores, with each Moment limited to just 17,500
  • Rare:
  • Metallic Gold LE, our flagship Rare set, with each Moment limited to just 749 in existence
  • Legendary:
  • A new set, NBA All-Star Classics, featuring iconic Moments from past All-Stars. Our release for Series 3 will be all about the 2000 All-Star Game in Oakland, CA. Each Moment limited to just 50 in existence

NBA All-Star Elite Pack Facts:

Packs: 18,500

Price: $49

Number of Moments per pack: 5

Edition Sizes of Moments in packs: Four guaranteed Base Set Moments with variable 4,000-60,000 CC+ editions and one Moment from the three possible sets:

  • #/50 for NBA All-Star Classics
  • #/749 LE for Metallic Gold LE
  • #/17,500 LE for Rising Stars

Number of Queues: 1

  • General Queue:
  • Time: 10am PST
  • Collector Score Requirement: 9,000
  • Including drop bonus of 1 point/$1 spent on Moments currently owned + 100 point Favorite Team Bonus
  • Purchase limits:
  • 9,000+ Collector Score: 1 pack
  • 27,500+ Collector Score: 2 Packs
  • 55,000+ Collector Score: 3 Packs
  • 110,000+ Collector Score: 4 packs
  • Number of Packs for Sale: 18,500
  • You are limited on the amount of packs you can purchase per transaction based on Drop Score. You can have multiple transactions as long as supplies lasts.

Airdrops: Snapshot was taken at 9:10am PST on February 15, 2022.

  • 1 pack for every complete set of:
  • MGLE (Series 1)
  • MGLE (Series 2)
  • Rising Stars (Series 2)
  • 2021 All-Star Game (Series 2)
  • Run It Back (Series 1)
  • Run It Back 2005-06 (Summer 2021)

KEVIN DURANT STARTER PACK
Kevin Durant is about to drop the first-ever NBA Top Shot set curated by an NBA player – featuring 6 Moments hand-picked and narrated by KD himself, dropping Thursday February 3rd, in a first-of-its-kind pack release. Wanna Make History With KD? KD Certified Standard Pack, a brand new pack format with the possibility to pull some of the most coveted Moment™NFTs on Top Shot, drops Thursday, February 3rd at 12pm PST Featuring sets and Moments across all rarity tiers, including the first-ever set curated by an NBA player – hand-picked and narrated by KD himself. 135,000 packs for sale at $19 each 1 General Queue with purchase limits per transaction based on Collector Score Every pack includes 4 Moments. 3 guaranteed to be Series 3 Base Set with the 4th Moment potentially being from the Common, Rare, or Legendary tier What's In The Pack: Tipping off a month long test in partnership with KD, the packs feature a mix of 4 different sets across multiple tiers of rarity: Common, Rare and Legendary Common: Series 3 Base Set Moments with Edition Sizes ranging from 4,000 to 60,000+ Game Recognize Game Set, curated and narrated by Kevin Durant, limited to just 10,000 per Moment. Rare: Metallic Gold LE, our flagship Rare set, with each Moment limited to just 749 in existence. Legendary: Our flagship Legendary set, Holo Icon, includes some of the most incredible Moments from the 2021-22 season, with each Moment limited to just 99 that will ever be produced. KD Certified Standard Pack Facts: Packs: 135,000 for sale Price: $19 Number of Moments per pack: 4 Edition Sizes of Moments in packs: Three guaranteed Base Set Moments with variable 4,000-60,000 CC+ editions and one Moment from the four possible sets: #/99 LE for Holo Icon #/749 LE for Metallic Gold LE #/10,000 LE for Game Recognize Game #/4,000-60,000 for Base Set Series 3

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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