The monumental progress of the nonfungible token (NFT) sector in 2021 was a double-edged sword. While it could have reworked the wealth of numerous buyers and artists alike, it additionally gave start to an alarming development of standard figures who pounced on the tech to show JPEGs into a fast revenue.
Here, we’ll check out 4 influencers and celebrities who allegedly threw quality and utility out the window to hoover capital out of their supporters’ pockets amid a yr affected by a worldwide pandemic, labor shortages, unstable funds and provide chain shortages.
For any crypto fanatics who don’t know Logan Paul, he’s a controversial YouTube “content 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 photographs.
Paul claims that he spent greater than $1 million to launch “CryptoZoo,” and the mission’s description on NFT marketplace OpenSea describes itself as an “addicting game that provides real-life value,” though it’s unclear what that truly means.
— Logan Paul (@LoganPaul) September 5, 2021
Paul was an avid crypto supporter all through 2021 and was a significant 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.
All good issues are available pairs, and Logan’s divisive brother, Jake, additionally made a splash in 2021 when he milked the proverbial NFT cash 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 capability.
Paul is reportedly one of the founders behind the “Stick Dix” NFT mission that launched in November and options paintings depicting hand-drawn stick determine individuals 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.
Just broke up with my girlfriend as a result of she didn’t mint a Stick Dix @StickDixNFT
— Jake Paul (@jakepaul) November 3, 2021
Unsurprisingly, the NFT mission hasn’t been doing nicely of late in phrases of its ground worth, with OpenSea exhibiting that it has decreased round 98% since its temporary all-time excessive in November to sit down at 0.002 ETH ($7) on the time of writing.
Popular rapper Tekashi 6ix9ine, or Daniel Hernandez, reportedly distanced himself from an NFT mission he promoted that some buyers described as a “huge scam” final month.
According to a report from Rolling Stone on Dec. 17, the “Trollz Collection” that includes 9,669 Tekashi 6ix9ine-style avatars, was dropped at a halt after one of the mission’s Discord moderators apparently went rogue in a botting assault on the group, spamming pretend minting hyperlinks that swindled the person’s funds.
In response to the hack, the “Trollz Collection” workforce 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 modified his NFT avatar profile image on-line to a distinct photograph.
An investor named Jacob who withheld his final identify out of privateness informed the publication that he spent $40,000 on the mission attributable to its ties to Tekashi 6ix9ine and its roadmap, which promised the launch of a blockchain game, governance rights and charitable donations.
Jacob claimed that none of these issues are but to floor, with experiences of the crypto game slated for launch final November going chilly.
“It turned out to be a huge scam,” Jacob stated.
THE BIGGEST NFT PROJECT IN THE WHOLE INDUSTRY !! THEY DON’T COMPARE ! pic.twitter.com/zofOx3AYwR
— Trollz NFT official backup web page (@trollz69nft) October 26, 2021
The workforce behind NBA celebrity John Wall’s NFT mission found itself in hot water in September after the NFT neighborhood noticed that the artwork depicted in his NFTs gave the impression to be ripped off from the web game Fortnite.
BABY BALLERS #NFT
Win FREE Mints!
Daily ETH Prizes!
— CryptoRocket (@crypto_bearr) September 21, 2021
The “Baby Ballers” assortment contains 4,000 NFTs that includes distinctive cartoon child basketballers. The paintings has since been modified to characteristic unique artworks. However, in its formative phases, the NFTs featured background photographs that appeared precisely the identical as screenshots from Fortnite, whereas others had alleged the infants have been closely derived from DreamWorks’ The Boss Baby franchise.
John, why is the background of your NFT ripped instantly from a Fortnite screenshot? pic.twitter.com/tgcV8XeYaq
— themariokarters (@themariokarters) September 22, 2021
“Celebrity cash-grabs like this John Wall NFT coming out show that these celebs think they can take from the community,” said Twitter person Fxnction, including, “Celebs really think they can come into an industry they know nothing about, never interact with the community, then launch a scam project they’ll abandon in three months?”
The workforce behind the mission tried to do harm management on the time; nevertheless, it seems that its Twitter web page has since been deleted, whereas the web site can also be down on the time of writing. Users 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 nicely, down 99% to sit down at 0.001 ETH or $3.