The NFT space is no stranger to dubious projects and out and out chicanery looking to part innocent collectors with their hard-earned funds. As a result, noble Twitter user and concerned citizen, Wilxlee has published an in-depth list of red flags to keep an eye out for.
Topping off the list is the undoxxed team. In this day and age, there is no reason for any project looking to raise millions of dollars not to reveal themselves. As a result, it is wise to steer clear of projects that omit this layer of accountability.
Next up, are the legions of fake followers and huge membership designed to make the project look legit. However, for people of few scruples, faking these numbers makes for an easy task. While companies exist purely to pad out accounts with fraudulent members, Wil recommends a quick look-up on www.twitteraudit.com which will quickly scan any account for suspicious activity.
red flags in nft projects?
(full list compiled)
— wil (@wilxlee) February 18, 2022
Third on the list, comes in as artificial hype. It’s easy to fake a partnership or an endorsement, so users should double check these bold claims. Is Gary Vee really endorsing this shady ape knock off account? Probably not.
Next up, we have the unrealistic mint price. Hyper inflated figures make for a clear warning, indicating a potential cash grab that ends with the project leads running away with the funds. Quickly following this, predatory tactics makes an appearance. As a result, keep an eye out for floor sweeps, banning members for questioning credibility and general harassment.
Finally, ending the thread, lies the “meta cliché,” representing itself as shady and vague roadmaps, and a general inability to address legal concerns. A genuine economy will take years to develop, so keep an eye out for launches with a low turnaround, and “copy and paste” roadmaps.
All in all, a solid platform for any prospective collector in the NFT space. Hats off to Wil then, for the sound advice and information that should circulate far and wide throughout the NFT community.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Decentralised human, Explorer, Adventurer.
Vivid Labs, provider of the leading next-generation NFT publishing platform VIVID, announced its VIVID NFT App is now available in the Shopify App Store, allowing eligible Shopify Plus merchants to create, manage, and sell multimedia NFTs with NFT+ features on their Shopify storefronts.
The app powered Natural Selection Tour’s inaugural NFT drop during the 2022 contest season.
The VIVID NFT app empowers eligible Shopify Plus merchants with features to create next-gen NFTs that are more compelling media experiences. These features, called NFT+, allow for multi-asset, updateable NFTs that enhance traditional NFTs and unlock new use cases and business models. Whereas typical NFTs are generally constrained to one media asset, eligible Shopify Plus merchants will now be able to create NFTs that combine video, audio, images, 3D objects, and more in a single NFT. As well, these NFTs can be updated with new media over time. The VIVID NFT App allows eligible Shopify Plus merchants to create and sell NFTs on their Shopify storefront.
“We’re happy to welcome Vivid Labs to the Shopify App Store to help merchants build new and creative commerce experiences through NFTs,” said John S. Lee, Lead of Blockchain Ecosystem at Shopify. “Our growing blockchain ecosystem demonstrates our commitment to supporting merchants as they sell NFTs directly through their storefronts, helping to further grow participation in Web3 and expand what’s possible in commerce.”
Natural Selection Tour, an all-mountain freestyle snowboard tour featuring the world’s best riders, became the first to launch NFTs using the VIVID NFT App on Shopify with NFT+ features in conjunction with their inaugural NFT launch during the Tour’s first stop at Jackson Hole Mountain Resort in late January. The NFTs were housed on the Tour’s website NaturalSelectionTour.com. The Natural Selection Tour NFTs contained 19 assets in three different media formats with more than 2GB of media, including exclusive art, 3D renderings of the course and videos containing real footage of the courses. An immersive gallery experience, created by Mint Werx, a premium NFT creative and production studio and a Vivid Labs strategic partner, was integrated into their Shopify storefront. Over the course of the week-long contest window, over 5,000 NFTs were sold across four different tiers, including an exclusive tier featuring physical posters signed by participating snowboarders. Customers were able to access the Natural Selection Tour Discord community, allowing them to engage with the Tour’s snowboard riders and other fans.
“As ecommerce continues to integrate with the blockchain space, Vivid Labs is excited to bring our multimedia NFT capabilities to Shopify merchants,” said Halsey Minor, CEO of Vivid Labs corporate parent Live Planet. “As demonstrated with our recent partnership with Natural Selection, Vivid Labs NFTs provide merchants with a unique opportunity to connect with fans through advanced NFT features that go beyond static images.”
In a recent ad for cryptocurrency exchange FTX, Tom Brady asks seemingly everyone in his contact list, “You in?” As in, are you going to join him in buying some crypto, and not, presumably, in being a football star married to a supermodel. The pitch is straightforward celebrity-endorsement fare, designed to capitalize on the FOMO that is the standard psychological tactic of those who are already invested in cryptocurrencies and related technologies, and who would like the rest of us to come aboard. Mr. Brady has an equity stake in FTX.
A “You in?”-style pitch is also typical of successful multilevel marketing companies. Both make a virtue of the fact that our getting “in” will obviously enrich those urging us to do so, by driving up the value of their own holdings or network. And then, hey, the same could be true for us!
The project marks a collaboration between artist Jesus Martinez and Robin’s son, Zak Williams. In a statement, Martinez described the artwork as having been designed to show the “many ethnicities, colors, words, and forms of expression.” Per Martinez, he and Zak first crossed paths thanks to a mutual friend and have since developed a “great friendship” that will soon result in a larger collaborative initiative focused on philanthropy and mental health.
The NFT has been minted on Martinez’s SuperRare profile. According to the artist, the goal here is to amplify the “universal messages” at the core of Williams’ work, with proceeds going to mental health services for low-income youth as part of a collaborative endeavor with Bring Change to Mind (BC2M). The group’s work is focused on ending the stigma and discrimination that often surrounds discussions of mental wellness, including by way of media campaigns and youth-oriented programs.
“All everyone feels is love, light, and happiness when we remember the legacy of Robin Williams,” Martinez said of his and Zak’s collaboration. “We must remember to take care of our mental health and cherish those human-to-human relationships.”
Williams died in 2014 at the age of 63. It was later revealed that the beloved comedian had Lewy body disease at the time of his death. Last July, Zak marked what would have been his father’s 70th birthday with a touching message shared to Instagram. “I would want you to know that your incredible spirit lives within us,” Zak said. “Our family will be celebrating you and your memory today.”