Browse NFT Drops, NFT Events & Marketplaces

Other

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.
V.Hive
V.Hive
Tezos
The V.hive project is the first support-to-earn system within the esport sphere. It was initiated by Team Vitality, the leading French esport team and Tezos’ blockchain. It aims to gather a community of esport fans as well as blockchain and NFT enthusiasts around Team Vitality’s project. The project will directly reward its members with exclusive prizes such as digital collectibles. But the rewards will also integrate the physical world : for instance, the members could be rewarded with limited edition merchandising, invitation to attend special esport events or even getting to meet their favourite esport players in person. First, the project started with the drop of the V.Hive Pass during July. This latter grants a V.I.P. access for the whole event. As it is no longer available to claim it, the lucky owners will be rewarded with exclusive rewards. Currently, a mysterious egg powered by the V.Hive Pass - the first ever token of the project - has seemed to be activated. But yet nobody knows what is hidden inside. Don't miss the shot and claim your egg to enter the experience.
Ada Fantasy Public Mint
Ada Fantasy is the first fantasy MMORPG P2E Based on NFT on Cardano Blockchain with a timeless look. ⚔MMORPG is one of the oldest and most successful massively multiplayer online role-playing games (MMORPG). In an MMORPG, people from all over the world meet on a virtual playground to explore areas, Earn tokens, solve tricky riddles and undertake heroic exploits. ⚔Acting as knights, Archers, Mages, or Healers, players are faced with the challenge of developing the skills of their selected characters, exploring a large variety of areas and dangerous dungeons, and interacting with others players on a social and diplomatic level. Besides the sophisticated chat tools, it is especially the unique freedom players enjoy in Ada Fantasy that creates an enormously immersive gaming experience. 🎮 Fast and Easy Access! Getting Ada Fantasy will be easy! All you need is a PC or Smartphone, a connection to the internet, and a Wallet address! even if your connection is slow. What's more, the system requirements are low, so you won't need the latest equipment to play. All in all, it will take you no more than 5 minutes to get into the game. You will be surprised how quickly you will find your own character exploring the exciting world of Ada Fantasy! 🗺 Huge Game World The land of Ada Fantasy is a huge realm filled with adventure and unknown dangers. Scores of dungeons and mysterious places are waiting to be explored, and legions of deadly creatures are lurking in the wilderness. You will meet with many challenges and take up tricky quests, but your efforts will be rewarded well, for there are hundreds of unique items you can find along the way. And there is more to come! The world of Ada Fantasy is continually expanding, so don't be surprised if you run into something completely new just when you thought you had seen it all! 🌐Massive International Community No MMORPG can do without a good community. , Ada Fantasy is one of the largest games of its kind! No matter when you are online, you will always find yourself amidst hundreds of characters that are played by real people such as yourself, characters with whom you can trade, team up or even fight. Our groundbreaking chat feature will allow you to talk comfortably to many different people at a time. Make friends with people from all over the world with Ada Fantasy! 🎯The Aim of the Game Many single-player games have a final, overriding aim. Once you have reached that aim all you can do is start again or play another game. However, Ada Fantasy is different. There are many aspects that will appeal to different kinds of people, and you can choose to play Ada Fantasy just the way you like. You enjoy meeting people? There will be thousands of players online at any time, and you can make new friends every day. You prefer adventure and exploration? In the world of Ada Fantasy, there are countless places and items to discover. Or is it building up your character that really keeps you going? From collecting equipment to training skills, Ada Fantasy characters can be improved in a multitude of different ways. But whatever your personal preferences are, you will find there is one general characteristic to Ada Fantasy : it is simply impossible to take it to a limit. You will find there are always new people to meet, new places to explore and new heights to which you can take your character! No matter how long you have played you will always find the fascination remains!
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
AMA Announcement
AMA Announcement
Ethereum
We are pleased to announce that @BookofGates1 will have its first-ever AMA in our discord community! Join us as @AlexanderBlack_ shares his vision with our community and explain the Book of Gates NFT in detail! 1- The “Book of Gates” is based on ancient Egypt religious documents. “It narrates the passage of a newly deceased soul into the next world, corresponding to the journey of the sun through the underworld during the hours of the night.” It is all about the Trading Game Collection of 10,008 Characters NFT’s. 2- The Book of Gates website is all about the Trading Game Collection of 10,008 Characters NFT’s. Click on Book of Gates for more details. 3- Alexender Black is the writer and creator of Book of Gates. He has done massive research on the hidden facts found in the Book of Gates, Visit the link for more details.
Marta Carceller Artnobel NFTs
It is an honor to present the Marta Carceller's NFTs collection on Artnobel NFTs, curated by Máxima Romero. The following NFTs will be available to purchase on nfts.artnobel.es NFT Marketplace. 1. Rosa i Negre All flowers have their own language. Peony expresses abundance, wealth, good luck and prosperity. They symbolize personal actions that take risks and challenges to obtain great rewards. The meaning of this flower is the natural representation of beauty, ephemeral and fragile; in fact its life span as a cut flower is significantly shorter than other flowers used to make bouquets. They are highly valued for the medicinal properties of its roots, it is believed that inside them there are active ingredients that help to lower fever and achieve a significant improvement in blood flow. The name peony comes from Peon, the physician of the Greek Gods, quoted by the writer Homer in his two great literary works. 2. Books Many emotions come into play when we are in front of a book. Books contain news, accurate information, news of topics of interest. Stories of travels, adventures, explorations that thanks to books we can share with others and transmit the knowledge of faraway and incredible places that may be true or have never happened. 3. Green Ship The ship is recycled when it has been in service, with all its voyages. Shipbreaking yards or recycling facilities receive the ship and dismantle it section by section, separating the steel, to be recycled, from other elements that are also recycled or scrapped. This work includes multiple tasks, such as dismantling machinery and equipment, emptying tanks and reservoirs of fuel, lubricants and other liquids, and cutting steel plates into sizes that can be transported. 4. Between Paintings We see with the security provided by the anchor, a person painting the ship, maintaining its splendor to set sail to another destination, crossing seas and oceans, defying the wind, the weather, the great waves that will caress its prow to its stern. 5. Golden Anchor As a mass of weight that holds the ship, the anchor is considered a universal symbol of firmness, solidity, tranquility and fidelity. In the midst of the mobility of the sea (emotions) and the elements, it is what fixes, binds, immobilizes or secures. What they never imagined was that they would dock in the port of Eilat, near the Valley of Timna where everyone was looking for King Solomon’s mines. Artnobel.es
Warspace Arena
Warspace Arena
Wax
Evil is awakening! The calm days are over, and the world is in danger again. The Legions of Evil begin to gather their forces. The scouts are reporting that the army of one of the commanders - Bonecrusher is about to invade. Our job is to get rid of him as soon as possible because he's going to destroy production and burn all resources. "I will destroy everything, none will survive," claims General Bonecrusher. We offer a big reward for his head and call upon the heroes of Warspace to unite in battle against the mighty warlord to defend their lands from invasion! The battles against arena bosses will be epic and the rewards will be legendary! The main purpose of the launch of this mode: to give users the opportunity to distract from the grind of resources, as well as to test all real time PVP Battle systems before the full release. 📢
Emoji Warz NFT Collection Free Mint
Hey there, we are very proud to announce the launch our emojiwarz NFT Collection. EmojiWarz are a collection of 10000 unique generated emoji living on the polygon Blockchain. Our main purpose is to familiarize people with the amazing NFT world, so most of them will be free to mint or given away gradually. First 500 are free to mint (yes free), you only pay gas fees which are low on Polygon Blockchain. Don't want to pay fees? no problem, just follow and retweet our pinned message on twitter and we will send you one for free. You can follow and retweet pined message on https://twitter.com/emojiwarz and receive your emojiwarz for free. Or visit https://www.emojiwarz.com/ to mint up to 20 emojiwarz for free. Reveal will take place once the first 1000 emojiwarz are minted. Thank you for your support, EmojiWraz Team
MetaRun - P2E Metaverse | Metapass NFT Mint
The Meta Run is a blockchain-based 3D cross-platform play-to-earn game on Solana for web, mobile phones and Microsoft Windows, developed by game studio Illusion Games. Join plenty of other online competitors in a series of ridiculous challenges and bizarre mazes in the hopes of making the cut and progressing to win! Fail in style with everything from MetaRun creators on Solana to the Crypto Punks NFTs on Ethereum with our unique multichain NFT integration available to customize your look in Meta Run. Each gaming character is initially a non-fungible token from one of the Meta Run collections MetaRun Announces the launch of their Whitelist and Ambassador Program and giving away 2000 WL spots with addtitional bonuses like x1SOL for top inviters in their Discord, Free NFTs, Free In-Game Characters, Discord Roles and Token Airdrop for Golden Metapass owners!
Mutant Kongs | Aftermarket Battle
Mutant Kongs - The battle for traded volume riches is NFT collection based on Cardano blockchain. There are 7 armies, which add up to the Mutant Kong kingdom's 999 inhabitants. How does it WORK? Each week, the armies compete to see who has the highest purchased floor. All armies compete in a battle for the traded volume riches! Traded volume riches? The amount of traded volume determines the total reward amount for each week. The top three scoring armies will receive a total of 90% as prizes. How will you generate rewards? Every week, starting from the 1st of July - we will be hosting army battles. There will be 7 discord channels each for every army and there will be 7 kings - the King of the army is the person who holds the most amount of NFTs from the specific army type (and yes, you can be a king of many armies). Battles will last 1 round, which is equivalent to 1 week. After 1 round the system will elect 1 King for each army. At the end of the round, the highest floor price army will get the trading volume riches! For example, at the end of the week ''Skeleton army" has the highest floor price, which means that trading volume royalties will be split equally between these army members based on NFT amount held.
Trippy Goats
Trippy Goats
Cardano
Trippy Goats are 5656 Psychedelic Goats looking to trip with everyone in the metaverse. This genesis collection will give exclusive access to the Trippyverse. The Goats on these adventure are called "Trippy Goats". The mission is to create a community who seek the peak, while finding a peace of mind. Save the world, Lets invade the blockchain farm while Trippin. ROADMAP PHASE ONE Lore Development Generating the Trippy Goat Collection Building an organic community Giveaways, Events and WL (Free Mint) Allocations PHASE TWO Website Creation WL and Public Mint of Trippy Goats Secondary marketplace listing Top Holders Trippy Sheds Airdrop Revenue/funds from Minting phase and Royalties will be used for the Trippy Goat community, charities, and for the continued development of the project. This will help with member's confidence in the project and sustain the long term future of the roadmap. Royalties will continue with sales on the secondary market.
Green Crypto Planet
Green Crypto Planet
Solana
Are you ready to create real impact? The Green Crypto Planet collection, powered by 2,022 Holder- and 4,044 Member-NFTs, is your chance to make a difference. Get yourself a ticket and be part of projects for a more sustainable world. Together we will save our planet! 💯% environmental protection: We want to save our planet! Projects that make an impact for a positive future of our planet and its inhabitants. Green Crypto develops and implements them. 💯% reinvestment: We are all on the same side! We implement projects that are discussed and selected with our community. Each of our NFT holders has the right to vote for the project selection and to be informed about the project in real and virtual meetings. 💯% community co-decision: We make profit for our planet! We strive for long-term goals and want to give back results to our team. 100% of the proceeds from our NFTs are used to save our planet. For a better world. DIGITAL VALUES FOR THE REAL WORLD!🌿 Projects that will save our planet. 🌏 „Even though we live in a virtual world, we breathe real air. That's why we create digital values for the real world.“ Be part of the Green Crypto Club for a sustainable world! 🌱🌿 #greencryptoclub
Coca-Cola NFT Drop
Coca-Cola NFT Drop
Ethereum
Auctioned as a single lot, our first digital collectibles re-imagine some of Coca-Cola’s iconic assets for the metaverse, with each NFT inspired by shared moments of friendship. Inspired by video-game loot boxes, the Friendship Box is packed full of four dynamic and rare 1-of-1 NFTs plus more hidden surprises that will only be revealed when opened.
HRC 721 Cow NFT's  release for CheeseGame v2
CheeseGame is the decentralized game of risk, owned by its players and inspired by the innovations of DeFi giants like BarnBridge and OlympusDAO. They employs NFT staking contracts, on-chain governance, emission rewards and their own NFT marketplace to deliver a novel GameFi experience. It is focused on expanding its GameFi products and incubating new protocols. Emissions of new protocols gradually take over the game's rewards, making it possible to hardcap the amount of CHEEZ tokens soon at a 420690 total supply. An early example of these incubations is a small tool called myladymumble. Most recent incubation being the Feta NFT options market which is unique as it is the first NFT option trading platform ever to exist. For the first time, NFT investors and traders alike can write option puts and calls on some of the most famous NFT collections. People can use their CHEEZ tokens to purchase four different NFT's at their marketplace. They include the HRC 1155 NFT's mouse, cat & mousetrap. In upcoming game v2, cows will make their highly anticpated appearance. Cows are HRC 721 NFT's, each with different looks and abilities. Beautyfull and unique game pieces with hidden messages, gamified utility and clearly coded by a highly creative team of professional artists. They can be bought at the marketplace in the form of a CHEEZ Passes and can be redeemed to mint cows soon. CheeseGame is a rock paper scissor-style game with a strategy, adding utility to owners of CHEEZ and offering a chance for the users and contributors to earn more with higher risk probabilities. Not all rules for game v2 are set in stone yet, but the game will be played in teams to earn CHEEZ tokens and exclusive token emission from partner project Feta Market. There will be multiple possible strategies and ways to win. Anyone holding a set amount of CHEEZ can deploy a “CHEEZ Maze”. The user can adjust certain parameters and multiple strategies on the maze and offer reward tokens for NFT's to participate in his maze. NFT's staked in the maze accrue points or other mechanics that impact gameplay. Maze owners have actions available like attacking other mazes and some other undisclosed ones. The winning mazes at the end of a term can convert the reward tokens to a token like CHEEZ or FETA. NFT owners can play by picking a maze to participate in and driven by changing tactics, they can hop between them. Each NFT game piece has it's own abilities and players can select a piece based on their own individual risk tolerance and time preference. The average player's goal would be to accrue as many maze tokens as possible, in what they believe will end up being a top 3 maze. In this way, mice can be staked in the maze to earn CHEEZ with time, and to claim the CHEEZ earned, to be staked or buy more NFT's. Mice owners must pay 20 percent of their yield to the pool of cat owners as a bribe. They can be unstaked if they have 2 days worth of CHEEZ left unclaimed. When mice are unstaked, there is a 45 percent chance of losing the CHEEZ to the pool of cat owners. There is also 5 percent chance of losing the mouse and its cheez to the trap owner. Cats earn CHEEZ via racketeering and extortion, and cat owners can stake the cats to add them to the cat pool from where the extorted CHEEZ will be evenly distributed between the cats. Mousetraps can be staked to guard the maze and catch mice being unfaithfull to their maze. When a mouse is unstaked, it has 5% chance of being caught in a trap and transferred to a randomly chosen staked trap owner's NFT wallet.
Cardano Lands
Cardano Lands
Cardano
Cardano Lands CNFT DeFi platform where users can stake NFTs from supported collections to earn passive income. We are building a virtual economy based on a fantasy world that promotes real interaction between numerous projects, including CNFT collections, exchanges, wallets, and staking pools. The game has various built-in mechanics that stimulate engagement and cooperation between projects and their communities, while also maintaining a strong economy. Make your CNFTs work for you instead of letting them sit in your wallet! When staking supported CNFTs you generate daily "Hexonium'' rewards that you can claim. With Staking hub: a list of the most beloved projects as chosen by the #CNFTCommunity. Only collections elected by the community through our Voting System can generate Hexonium rewards. These collections and the subsequent rewards form the foundation of the in-game economy and help you further advance and evolve to the next levels

NFT List - Upcoming NFT Drops, Events, NFT News & NFT Marketplaces

Sponsored NFT Drops

Banner 1
Banner 2

Browse Our Upcoming NFT Events & Start Your Own NFTs Collection

Read Latest NFT Blogs

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