News

The worst influencer and celebrity NFT cash grabs of 2021

The monumental progress of the nonfungible token (NFT) sector in 2021 was a double-edged sword. Whereas it could have reworked the wealth of numerous buyers and artists alike, it additionally gave delivery to an alarming development of fashionable figures who pounced on the tech to show JPEGs into a fast revenue. 

Right here, we’ll check out 4 influencers and celebrities who allegedly threw high quality and utility out the window to hoover capital out of their supporters’ pockets amid a yr stricken by a worldwide pandemic, labor shortages, unstable funds and provide chain shortages. 

Logan Paul 

For crypto lovers who don’t know Logan Paul, he’s a controversial YouTube “content material creator” who has greater than 23 million subscribers. His viewers is primarily constructed up of younger and impressionable people to whom he gladly sells merchandise, amongst different issues. 

Paul’s NFT mission “CryptoZoo” launched round final September and options egg NFTs that may be hatched into hybrid animals which might be derived from the mix of two simply searchable Adobe inventory pictures. 

Paul claims that he spent greater than $1 million to launch “CryptoZoo,” and the mission’s description on NFT market OpenSea describes itself as an “addicting recreation that gives real-life worth,” though what that really means is unclear. 

On the time of writing, the NFTs’ flooring worth sits at a good 0.15 Ether (ETH) or $573. Nevertheless, the determine marks a whopping 62% lower from its all-time excessive in November. 

Paul was an avid crypto supporter all through 2021 and was a serious promoter (and alleged co-founder) behind a crypto token dubbed “Dink Doink,” which is now down 97.6% from its launch worth with a present 24-hour buying and selling quantity of round $15.

Don\'t Miss THIS ONE !  Bored Apes may Flip CryptoPunks, and the NFT Community Doesn't Mind

Jake Paul 

All good issues are available pairs, and Logan’s divisive brother, Jake, additionally made a splash in 2021 when he milked the proverbial NFT money cow. 

The youthful Paul’s profession has taken a barely completely different twist than his brother’s in that he transitioned from YouTube to boxing retired UFC fighters who’re recognized for his or her lack of boxing capacity. 

Paul is reportedly one of many founders behind the “Stick Dix” NFT mission that launched in November and options art work depicting hand-drawn stick determine folks with enlarged phalluses. The mission’s roadmap outlines that it’s going to make investments $300,000 into influencer advertising and marketing and drop thrilling issues, such because the “Stick Dix” clothes line. 

Unsurprisingly, the NFT mission hasn’t been doing properly when it comes to its flooring worth, with OpenSea displaying that it has decreased round 98% since its temporary all-time excessive in November to take a seat at 0.002 ETH ($7) on the time of writing. 

Tekashi 6ix9ine

Fashionable rapper Tekashi 6ix9ine, or Daniel Hernandez, reportedly distanced himself from an NFT mission he promoted that some buyers described as a “big rip-off” final month. 

According to a report from Rolling Stone on Dec. 17, the “Trollz Assortment,” that includes 9,669 Tekashi 6ix9ine-style avatars, was delivered to a halt after one of many mission’s Discord moderators apparently went rogue in a botting assault on the group, spamming pretend minting hyperlinks that swindled the consumer’s funds. 

Don\'t Miss THIS ONE !  Cointelegraph Research report analyzes GameFi’s bumper 2021 and trends for 2022

In response to the hack, the “Trollz Assortment” staff determined to cease permitting additional mints and capped the mission at 4,797 NFTs. Tekashi 6ix9ine additionally deleted his social media posts in regards to the mission and altered his NFT avatar profile image on-line to a distinct photograph. 

An investor named Jacob who withheld his final identify out of privateness instructed the publication that he spent $40,000 on the mission on account of its ties to Tekashi 6ix9ine and its roadmap, which promised the launch of a blockchain recreation, governance rights and charitable donations. 

Jacob claimed that none of these issues are but to floor, with reviews of the crypto recreation slated for launch final November going chilly.

“It turned out to be an enormous rip-off,” Jacob stated. 

John Wall 

The staff behind NBA celebrity John Wall’s NFT mission discovered itself in scorching water in September after the NFT neighborhood noticed that the artwork depicted in his NFTs seemed to be ripped off from the net recreation Fortnite. 

The “Child Ballers” assortment includes 4,000 NFTs that includes distinctive cartoon child basketballers. The art work has since been modified to characteristic authentic artworks. Nevertheless, in its formative phases, the NFTs featured background pictures that appeared precisely the identical as screenshots from Fortnite, whereas others had alleged the infants have been closely derived from DreamWorks’ The Boss Child franchise.

“Movie star cash-grabs like this John Wall NFT popping out present that these celebs assume they’ll take from the neighborhood,” said Twitter consumer Fxnction, including, “Celebs actually assume they’ll come into an trade they know nothing about, by no means work together with the neighborhood, then launch a rip-off mission they’ll abandon in three months?”

Don\'t Miss THIS ONE !  Crypto DAO Shamed for Buying Dune Book for $3M Thinking it Includes NFT Rights

The staff behind the mission tried to do harm management on the time; nonetheless, it seems that its Twitter web page has since been deleted, whereas the web site can be down on the time of writing. Customers on Twitter have additionally reported that they’ve been ghosted on the mission’s Discord channel. 

The ground worth on OpenSea paints a grim image as properly, down 99% to take a seat at 0.001 ETH or $3.

Source link

Get NFT News Delivered to you from Google News Approved site. News you can trust.

Leave a Reply

Your email address will not be published.

Back to top button