NFT
Types And How To Avoid Them
NFT scams have quickly become a major concern in the digital asset realm, overshadowing the growing Non-Fungible Token world. They range from NFT scams on Instagram to complex NFT art frauds like the Bored Ape Yacht Club and Logan Paul’s NFT game. The risks are varied and significant. This guide explores the murky world of NFT fraud, highlighting various forms such as fake NFTs, NFT Ponzi schemes, and common OpenSea scams.
Overview Of NFT Scams
The Non-Fungible Tokens (NFTs) realm has opened a new digital frontier, bringing with it a surge in NFT scams, troubling both investors and enthusiasts. These scams, leveraging the novelty and complexity of NFTs, often catch even experienced participants off guard.
NFT scams vary widely and continue to evolve, from simple phishing attempts to more complex Ponzi schemes. These fraudulent activities occur not only on lesser-known platforms but also on popular ones like OpenSea and in high-profile projects like the Bored Ape Yacht Club. The growth of social media further complicates matters, with platforms like Instagram becoming centers for NFT fraud.
Understanding the range and mechanics of these scams is essential for anyone involved in the NFT space. The risks are numerous, from fake NFTs posing as legitimate digital art to Ponzi schemes presented as attractive investments, and phishing scams targeting valuable digital assets.
True Or Not: NFTs Are A Scam?
The question of whether NFTs are a scam is complex and requires a nuanced understanding of the NFT ecosystem. At the outset, it’s important to clarify that not all NFTs are scams. NFTs, by their very nature, are a legitimate technological innovation, providing a unique way to authenticate and trade digital assets on the blockchain. They have been utilized in various fields, from digital art and entertainment to real estate and identity verification.
However, the burgeoning interest in NFTs has also attracted scammers looking to exploit the hype and the often limited understanding of the technology among the general public. This has led to a significant number of fraudulent schemes within the NFT space. Scams such as selling plagiarized digital art, creating fake NFT marketplaces, or promoting non-existent NFT projects are not uncommon. High-profile cases, like certain celebrity-endorsed NFT projects, have also raised suspicions and added to the skepticism.
The key takeaway is that while NFTs as a concept are not a scam, the ecosystem has been marred by fraudulent activities that prey on the uninformed. The presence of scams does not invalidate the entire NFT space but serves as a cautionary tale about the need for due diligence and skepticism, especially in a field that is relatively new and rapidly evolving. As the NFT market continues to mature, it is hoped that better regulation and informed participation will reduce the prevalence of these scams.
Types of NFT Scams
The world of NFTs, while offering vast opportunities for creators and collectors, is also rife with various types of scams. Here’s a list of the most common NFT scams:
Plagiarized NFTs / Fake NFTs
One of the most common types of NFT scams involves the sale of plagiarized or fake NFTs. In these scams, fraudsters create and sell NFTs that are unauthorized copies of existing digital artworks. They may also create entirely fake NFTs, passing them off as valuable or rare digital assets.
These scams exploit the NFT hype, especially in digital art, by taking advantage of buyers’ lack of knowledge in verifying NFT authenticity and originality. The decentralized, permissionless nature of blockchain, allowing anyone to mint NFTs, presents challenges in identifying these scams. It’s tough for buyers to distinguish between original and plagiarized NFTs without proper verification, leading to fraud and infringement on legitimate artists’ rights and profits.
To avoid such scams, thoroughly research the creator’s background and the NFT’s provenance. While platforms and marketplaces are increasingly vetting creators and artworks, buyers must still perform due diligence before purchasing.
NFT Ponzi Schemes
NFT Ponzi schemes are another alarming trend in the realm of digital assets. In these schemes, early investors are promised high returns based on the investments of new participants, rather than legitimate business activities or profit. The structure inevitably collapses once there are not enough new investors, leading to significant losses for later investors.
These schemes exploit the hype and speculative nature of the NFT market, often using aggressive marketing and false promises of guaranteed returns. They might be disguised as innovative NFT projects or exclusive investment opportunities in the digital art world.
To protect yourself from NFT Ponzi schemes, be wary of projects that promise high returns with little to no risk, and always research the project’s fundamentals and the credibility of its creators.
Rug Pull Scams
Rug pull scams are particularly nefarious in the NFT space. In these scams, the developers of an NFT project hype up their offering to increase demand and price. However, once they accumulate a substantial amount of funds, they abandon the project and disappear with the investors’ money. This leaves investors with worthless NFTs and no way to recoup their investment.
These scams are often associated with new projects that lack a track record or verifiable information about the team behind them. To avoid rug pulls, it’s essential to conduct thorough research on the NFT project, understand its utility, and verify the transparency and track record of the developers involved. Engaging with the community and looking for independent reviews can also provide valuable insights into the legitimacy of a project.
Bidding NFT Scams
Bidding NFT scams are a sophisticated form of fraud that occurs in the auction process of buying and selling NFTs. In these scams, fraudsters manipulate the bidding process to inflate the price of an NFT artificially. This is often done by using fake accounts to place high bids on the NFT, creating a false sense of demand and value.
Unsuspecting buyers, believing the NFT to be more valuable than it actually is, are then tricked into placing even higher bids. Once the NFT is sold at the inflated price, the scammers withdraw, leaving the buyer with an asset worth significantly less than what they paid.
To avoid falling victim to bidding scams, it’s crucial to research the bidding history of an NFT and be cautious of auctions where the price seems to escalate unusually quickly. It’s also advisable to verify the credibility of other bidders, if possible, and to understand the typical market value of similar NFTs.
NFT Pump And Dumps
NFT pump and dumps are similar in nature to their counterparts in the stock market. In these scams, a group of individuals or a single entity artificially inflates the value of an NFT or a series of NFTs through hype and misinformation. Scammers typically use social media to quickly spread rumors or exaggerated claims about an NFT’s potential value. After they pump up the price and attract other investors, they sell (or dump) their NFTs at a high price. This causes the value to plummet, leaving new investors with a devalued asset.
To protect against pump and dump schemes, investors should be skeptical of NFTs that receive sudden and intense hype without tangible reasons or developments backing them. Independent research is crucial and should not rely solely on promotional materials or social media buzz to assess an NFT’s potential value.
Phishing Scams
Phishing scams are a prevalent issue in the NFT world, where scammers use deceptive methods to steal sensitive information, such as private keys or login credentials. These scams often occur through emails, social media messages, or fake websites that mimic legitimate NFT platforms. The scammers lure victims with the promise of exclusive NFT deals or access to rare digital assets, and once the victims enter their information on these fraudulent platforms, their digital wallets and the assets within them are compromised.
To protect against phishing scams, always verify the authenticity of any communication or websites claiming to be from well-known NFT platforms. Be cautious of unsolicited offers and never share your private keys or sensitive account information.
NFT Airdrop Or Giveaway Scams
NFT airdrop or giveaway scams take advantage of users’ desire for free assets. Scammers promote fake airdrops or giveaways, claiming to distribute free NFTs or cryptocurrencies. To participate, users are often asked to perform certain tasks like sending a small amount of cryptocurrency, sharing private keys, or completing a form with personal information. Once the information is shared or the payment is made, the scammers disappear without delivering the promised NFTs.
To avoid these scams, be wary of any offer that seems too good to be true, especially if it requires an upfront payment or sensitive information. Legitimate airdrops and giveaways usually do not require such actions.
Website Scams
Website scams in the NFT space typically involve the creation of fraudulent websites that imitate legitimate NFT marketplaces or projects. These websites might offer the sale of fake NFTs or pretend to offer services related to NFT trading. Unsuspecting users who transact on these sites may end up losing their funds or digital assets. These scams are sophisticated, with websites often appearing highly credible and professional.
To avoid falling for website scams, always double-check the URL of the website you’re visiting and ensure it’s the official site. Look for signs of legitimacy, such as secure connections (https), reviews from trusted sources, and verified contact information. Be cautious of websites that appear from unsolicited emails or social media links, and consider using browser extensions that can help detect and block malicious websites.
Most Common NFT Ponzi Schemes
NFT Ponzi schemes are significant frauds in the digital asset space, disguising themselves as legitimate investment opportunities. They benefit early initiators at the expense of later participants, often promising high returns quickly, backed by convoluted or non-existent business models.
A common NFT Ponzi scheme form involves platforms claiming to offer exclusive access to rare or high-value NFTs, asserting rapid value appreciation. Investors are urged to buy and recruit others, with the promise of earning from higher future sales. However, returns typically come from new participants’ investments. When new investors dwindle, the scheme collapses, leaving most at a loss.
Another variant involves scammers creating NFT projects with elaborate backstories and promised future utility, attracting investors with high-quality artwork or supposed real-world asset tie-ins. The goal is to boost initial sales and trading volumes, after which the creators vanish, leaving investors with worthless tokens.
To avoid NFT Ponzi schemes, thoroughly research any project or platform, especially those promising high returns. Seek transparent, realistic business models, and be cautious of projects reliant on recruiting new investors for profit.
NFT Scams On Instagram
Instagram’s large user base and visual focus have made it a breeding ground for NFT scams. Scammers exploit its popularity to commit various frauds, from fake NFT sales to phishing attacks. Instagram’s suitability for showcasing digital art allows scammers to use fake or hacked profiles to promote fraudulent NFT projects.
A common NFT scam on Instagram features fraudsters posting digital art images, falsely advertising them as NFTs for sale. These posts often link to fake websites that prompt users to provide personal information or send cryptocurrency for nonexistent NFTs. Another method involves sending direct messages with offers to buy or invest in NFT projects, which are actually scams.
Phishing attempts are rampant as well, directing users to fake websites that mimic popular NFT marketplaces or wallets. These sites steal login credentials, leading to loss of funds or NFTs from the victims’ actual wallets.
Staying safe from NFT scams on Instagram requires a high degree of vigilance. Always verify the authenticity of any NFT sale or project promoted on the platform. Be skeptical of unsolicited offers received via direct messages and avoid clicking on suspicious links. Additionally, cross-reference NFT offerings with official websites or platforms, and never share personal or wallet information on unverified sites.
NFT Art Scams And NFT Fraud
The NFT art world, despite its creativity and innovation, is still vulnerable to an array of scams and fraudulent activities. Common among these are the sales of counterfeit digital artworks, theft of artist identities, and fraudulent investment schemes posing as legitimate NFT projects.
OpenSea Scams
OpenSea, a leading NFT marketplace, attracts various scams. Scammers often list counterfeit versions of popular NFTs for sale, deceiving buyers into purchasing fake or plagiarized art. Another prevalent scam is phishing, using links that mimic legitimate OpenSea websites to steal wallet information and funds.
To counter these scams, OpenSea has taken measures like account verification and flagging suspicious activities. However, users need to stay alert. They should verify NFT authenticity, assess seller credibility, and use OpenSea’s official website to avoid these scams.
Bored Ape Scam
Scammers have also targeted the Bored Ape Yacht Club (BAYC) collection, known for its high-value and celebrity-endorsed NFTs. The high demand and significant media attention make it an attractive target. Scams related to Bored Ape Yacht Club (BAYC) typically involve selling fake Bored Ape NFTs, phishing to steal these valuable NFTs from owners, and using the BAYC brand in fraudulent investment schemes to deceive victims.
Collectors and investors looking to avoid Bored Ape scams should be wary of deals that appear overly attractive, verify the authenticity of Bored Ape NFTs via official channels, and stay alert to phishing attempts targeting BAYC NFT holders.
Logan Paul NFT Game Scam
Logan Paul, a well-known internet personality, and his associates face a class action lawsuit over their NFT project, CryptoZoo. Announced in September 2021, this NFT-based game claimed to be an “autonomous ecosystem” for trading virtual exotic animals.
The lawsuit alleges that Paul’s team executed a rug pull, promoting CryptoZoo to his followers who were largely unfamiliar with digital currencies. This led to a significant number of them buying these NFTs. Further claims state that the game was non-functional or nonexistent, and the defendants manipulated the market for Zoo Tokens. After selling all their NFTs, they allegedly transferred the funds to their controlled wallets.
Further accusations include that the game did not work or never existed, and that the defendants manipulated the digital currency market for Zoo Tokens to their advantage. After completing the sale of all their NFTs, the defendants allegedly transferred the money to wallets controlled by themselves.
Avoiding NFT Scams: Best Practices
Here are some essential tips to help you stay safe in the world of NFTs:
- Do Your Research: Ensure you conduct thorough research on the project, its creators, and the selling platform before investing in any NFT. Look for reviews, community feedback, and the track record of the creators.
- Verify Authenticity And Provenance: Confirm the authenticity of the NFT you’re interested in to ensure it’s not a counterfeit. Check the item’s history and originality, which can be verified on the blockchain.
- Use Reputable Platforms: Stick to well-known and reputable NFT marketplaces that have measures in place to prevent scams. These platforms often have verification processes for sellers and their NFTs.
- Be Wary of Unsolicited Offers: Exercise caution with unsolicited offers that come through email, social media, or direct messages, particularly if they promise high returns or exclusive opportunities.
- Secure Your Digital Wallet: Use a secure and reputable digital wallet to store your NFTs. Protect your wallet’s private keys and make sure never to share them with anyone.
- Watch Out For Phishing Attempts: Be vigilant about phishing scams. Always check the URL of a website to ensure it’s legitimate and be cautious about clicking on links in emails or social media messages.
- Avoid Overhyped Projects: Approach NFT projects surrounded by excessive hype with skepticism, particularly those lacking substantial and verifiable information.
- Stay Informed About Scam Trends: Keep yourself updated on the latest scam trends in the NFT space. Knowledge about how scammers operate can be your best defense.
FAQ: NFT Scams
What Are Common NFT Scams?
Common NFT scams are phishing attacks, fake NFT sales, Ponzi schemes, rug pulls, bidding scams, and airdrop or giveaway scams. These tactics exploit the NFT hype, targeting uninformed buyers and investors.
What Is The Most Common NFT Scam?
The most frequent NFT scam involves selling fake or plagiarized NFTs. Scammers create and sell unauthorized copies of digital art or entirely fabricated NFTs, misrepresenting them as valuable.
What Are NFT Art Scams?
NFT art scams include selling fake digital art, using stolen artist identities, or promoting fraudulent investment schemes. These scams target collectors and investors in the digital art space.
What Are Fake NFTs?
Fake NFTs, non-genuine digital assets, include plagiarized copies of legitimate NFTs or entirely fabricated items misrepresented as valuable or rare. Creators make them to deceive buyers into purchasing something with little to no actual value.
How To Avoid NFT OpenSea Scams?
To avoid OpenSea scams, always verify the authenticity of NFTs and sellers, use OpenSea’s official website, be cautious of phishing links, and ensure your digital wallet’s security. Research and due diligence are key in avoiding scams on OpenSea.
What Are Examples Of NFT Fraud?
Examples of NFT fraud include the Bored Ape Yacht Club scams, Logan Paul NFT game scam, Ponzi schemes disguised as NFT projects, and phishing attacks targeting NFT collectors and investors.
Are All NFTs Scam?
No, not all NFTs are scams. While there are fraudulent activities within the NFT space, many legitimate NFTs offer genuine value and opportunities for artists, collectors, and investors.
Are NFTs Ponzi Scheme?
Not all NFTs are Ponzi schemes, but the NFT market has seen its share of Ponzi schemes disguised as legitimate investment opportunities. It’s important to differentiate between genuine NFT projects and those structured like Ponzi schemes.
What Are The Most Common NFT Scams On Instagram?
On Instagram, the most common NFT scams involve fake NFT sales and phishing attacks posing as legitimate offers. Additionally, scams often use hacked accounts to promote fraudulent NFT projects.
NFTs Are A Scam?
NFTs themselves are not a scam. They are a legitimate form of digital asset. However, like any emerging market, the NFT space has attracted scammers exploiting the hype and lack of regulation.
Is The Logan Paul NFT Game A Scam?
The NFT game CryptoZoo, associated with Logan Paul, is currently facing a class action lawsuit alleging it to be a “rug pull” scam. The lawsuit claims the game was non-functional or nonexistent and accuses the developers of financial manipulation. The ongoing case, still awaiting a final judgment, actively raises serious concerns about the project’s legitimacy due to these allegations.
How To Spot Bored Ape Yacht Club Scams?
To spot Bored Ape Yacht Club scams, start by verifying the authenticity of the NFTs through official channels. Additionally, be wary of offers that seem too good to be true and watch out for phishing attempts.
Featured images from Shutterstock
Web3 Liberation from Postmodernism’s Stranglehold: The Art Renaissance
By VESA
Postmodernism isn’t just an art issue—it’s everywhere. This single, pervasive philosophy has seeped into big tech, corporations, legislation, media, and nearly every major institution, often strangling genuine creativity, diversity of thought, and depth. For comparison, there are around 200 other philosophies, 4,300 religions, the male perspective, homemaker moms, the working class, the diminishing middle class, the scientific paradigm, and much more that are left out of gallery circles simply because they don’t fit the dominant narrative, which paradoxically claims to be the one that’s repressed. It’s really a luxury belief for the modern aristocracy—a tool for control—and the Marxist roots always emerge when pressure is applied.
Postmodernism’s defining trait is deconstruction, pulling apart concepts and ideals without ever offering a cohesive path forward. It’s a circular maze that keeps doubling back on itself, producing increasingly bizarre conclusions to solve the very problems it creates. Real solutions lie in expanding the field of view beyond this single frame, embracing a diversity of philosophies, religions, and perspectives that have grounded humanity for millennia. The real power of Web3 lies in its ability to do just that: to break art and culture out of this one-note narrative, empowering creators and thinkers alike to explore beyond the limits imposed by postmodernism.
This is what we missed in the first run of NFT’s importing the same postmodern experts from the realm we were trying to break free from. That and some better tech solutions for sustainable art, as some of the falling platforms have showed.
We first had a true avant-garde scene, which was then quickly eroded by the millions upon millions showered on end-stage postmodern expressions, championed by people who either (a) didn’t realize how tired it all was or (b) were heavily financially and ideologically incentivized to support it.
Funny, not funny
It turns out that holding contempt for ideas and their significance means that, time and again, the working class ends up being ruled by them. While I understand why this is amusing to some, I see how many are now disillusioned, as the humanities have been overtaken by a single, monolithic ideology. Similarly, the U.S. intelligentsia’s “flyover states” disdain is now facing a reckoning with the MAGA hat in a very different way after 40 years of indulging in postmodern ideas and scorn. The underbelly of the speech in A Bug’s Life is surfacing, too.
You can’t only summarise postmodernism to be woke and Marxist, but you aren’t far off. In case you want to hear the foundations, Steven Hicks has a brilliant analysis and summary of it. You might have to spend 3hrs to save your life & community to get it, so it’s not that long, really ⚡️
Part I – Philosophy foundations
Part II – Relevance now
For five long decades, postmodernism has held art in a chokehold, enforcing its narrow, often cynical, view of reality. Art became a reflection of society’s fragmentation, alienation, and obsession with irony—what I call the “postmodern monolithic rule.” While postmodernism initially sought to challenge established norms, it has since become the new establishment, dictating an increasingly restrictive narrative. The art world under postmodernism has marginalised genuine exploration, profound beauty, and universal human truths.
This is where Web3 steps in, not just as a technological shift but as a liberation front for artistic expression. That was the point. Not just monetising what ever, but to actually set culture free. Web3 allows artists to break out from the centralised grip of traditional galleries and critics, unleashing a decentralized platform where new ideas can flourish – however this means the scene has to support that, instead of the next duck tape banana or drooling ape AI pic.
Through NFTs and blockchain, creators can finally bypass the gatekeepers, reaching audiences directly and letting their art speak unfiltered. It’s the anti-postmodern era we’ve been waiting for—one that values authenticity, courage, and depth over calculated irony and shallow critique. The freedom to explore and create in as vast a way as the internet has already guided us to be for the past twenty years.
What is the Garden of Earthly Delights by Hieronymus Bosch. From paradise to hell, the lesson path is clear in the end stage. These aren’t just imaginative nightmares. They’re warnings about human nature — and what a world without religion is like. Feel familiar a bit? The twet link will explain it further.
Outside the restrictive frame of postmodernism lies a rich expanse of artistic traditions and narratives that we’ve been missing out on. Imagine a return to the timeless pursuits of beauty, harmony, and spirituality, merged with the advancements of digital technology. Art that celebrates connection, transcendence, and human potential. Web3 offers the tools to bring these visions to life, and artists are now free to explore themes of mythology, futurism, abstraction, and even divinity—all without needing to conform to a single ideology. This isn’t just art for art’s sake; it’s art for humanity’s sake, and it’s been a long time coming.
Authenticity as an Artist: From Cave Paintings to the Metaverse
Art isn’t a recent trend—it’s a core aspect of the human journey that dates back to our ancestors painting on cave walls. In today’s world, however, many artists find themselves constrained by expectations to follow specific trends, often losing their authenticity along the way. True artistry isn’t about following popular movements or creating what’s fashionable. It’s about tapping into a lineage of creativity that spans thousands of years, one that includes everything from the first tribal carvings to the masterworks of the Renaissance, all the way to the digital landscapes of the metaverse.
Why did Graham Hancock’s Ancient Apocalypse suddenly get attacked as racist, with Hancock himself labeled a white supremacist, despite his thirty-year marriage to a woman of color and his long-standing praise of ancient cultures worldwide throughout his journalistic career? You guessed it—postmodernism, as the series collapses the narrative. I’ll write more on that later.
Inside the art world, for the most part, you might hear of Mayan culture and traditions, but not the parts that contradict postmodern ideas.
Being an authentic artist means immersing yourself in this vast ocean of history and expression, drawing inspiration from the past and future alike. The beauty of Web3 is that it allows artists to travel across these realms without restriction. The blockchain and NFTs don’t just democratize art; they create a space where we can explore new forms of expression while staying grounded in the wisdom of our creative ancestors. The metaverse, for instance, offers the opportunity to merge the digital with the timeless, creating interactive experiences that honor the depth and spirituality of older art forms while pushing the boundaries of what’s possible.
When you explore the richness of art history, you find yourself standing on the shoulders of giants. Authentic art doesn’t mimic or simply react—it builds bridges. It’s about discovering your voice in this vast chorus and using every tool available, whether it’s oil on canvas, sculpture, or VR. Web3 and the metaverse make this journey even more exhilarating, providing artists with a canvas as expansive as their imaginations. True artists dig deep, break molds, and remind us that art is not bound by time or technology but by a timeless quest for truth.
Imagine the uproar, the fuss and emotional outbursts if there was to be a grand unveiling of an openly conservative gallery?
The Heretical Idea: Curate Your Own Galleries Outside the Establishment
Here’s a heretical idea for cultural curators and artists: Forget trying to break into the art world if you don’t feel represented. Start your own galleries, curate your own shows, and let Web3 be your platform for sharing art on your own terms. It’s cheap to start an online gallery.
Web3 has made this entirely possible. With decentralized platforms, artists can sidestep traditional gatekeepers, reach global audiences, and create communities that appreciate and support their work. Curating your own gallery isn’t just an act of defiance; it’s a celebration of creative freedom. Imagine artists coming together to form collectives that highlight unique styles, new voices, and daring themes that the conventional art world might consider “too much.” With NFTs and blockchain, you have the tools to bring these exhibitions to life without relying on anyone else’s approval.
Curating your own gallery in the Web3 space doesn’t just disrupt the old system; it builds a new one based on collaboration, innovation, and authenticity. This is where real artistic diversity can thrive, unbound by the constraints of a single ideology. Artists can create galleries that reflect their own vision, themes, and messages—whether that’s surrealism, futurism, spiritual exploration, or socio-political commentary. The freedom to shape your own narrative is the most powerful tool artists have, and Web3 is the key to unlocking it. It’s time to stop waiting for permission and start creating spaces that embody the true spirit of art: raw, fearless, and unfiltered.
TDR
Notice that all these artists and collectors below are doing this poll by not making their views public. I’ve been standing up for this, in the free speech spirit, since I came in from 2017, and was put in the web3 Western culture jail for it (mostly) since. Here is an earlier article to prove it.
so, have your postmodernism, it’s fine, I’m not trying to take your voice away from you, but actually deliver on the inclusion promise so everyone can come to play. The virtual is for everyone, not just one dominant ideology that leaves out most of the world.
As for the cover image, I have my reservations about Trump, even if there’s a potential Web3 landslide against the pro-censorship camp led by figures like Kamala. My concerns are less pronounced with Elon Musk, Ron Paul, RFK, Tulsi Gabbard, and increasingly JD Vance after listening to him on Rogan. While most visual artists sat this one out—even in Web3—the comedians have shifted the landscape, outpacing us 6-0 in terms of relevance.
The thing is, even if Trump is guilty of a lot, he and his team of “X-men mutants” have become voices for Bitcoin, free speech, opposition to big pharma, and perhaps even psychedelics, squirrels, and the like. For the first time in my life, a political campaign is actually addressing ideas that interest me. Of course, as I am not a US citizen, you don’t have to worry about my vote even if you absolutely hate everything I just wrote. None the less, this election will greatly influence my life, and it is addressed in the web3 citizen of the world spirit.
Let that sink in,
VESA
Crypto Artist, Speaker, Consultant, Writer
All links to physical, NFTs, and more below
Magic Eden will soon be minting Ubisoft’s upcoming 10,000-piece NFT collection on the Ethereum scaling network Arbitrum to give holders early access to the new game.
Minted on the Ethereum layer-2 scaling network Arbitrum, the new Niji Warrior ID NFTs unlock early access to the top-down shooter, enable participation in the game’s governance model and track player progress.
Magic Eden, Ubisoft Team Up for Captain Laserhawk NFT Launch
According to the official press release, this deal marks Arbitrum’s addition to the Magic Eden NFT marketplace, which had already supported projects from Solana, Bitcoin, Ethereum, Polygon, and Base in the past.
Among the top NFT marketplaces, Magic Eden will be instrumental in serving up distribution and management of NFTs for Captain Laserhawk: The G.A.M.E. It is a leading force in cross-chain compatibility and backs projects with innovative gameplay, further building influence in Web3 gaming.
With the partnership, Magic Eden injects several years of experience in NFT ecosystems into this new agreement with Ubisoft and Arbitrum, offering players a secure and user-friendly way to manage digital assets. The deal also heats up gaming experiences and solidifies the status of Magic Eden as one of the leading driving forces in the fast-changing NFT gaming sector.
The partnership also points toward the modern trend in the adoption of layer-2 solutions for NFT projects, all-inclusive of better scalability and interoperability within the Ethereum ecosystem. Such infrastructure will enable smoother and easier gaming, reaching a wider audience both for game developers and gamers alike.
The name of the game is Captain Laserhawk: The G.A.M.E., and it’s set in a dystopian world inspired by Netflix’s series Captain Laserhawk. The title will also feature various iconic characters from other Ubisoft franchises.
Ubisoft’s Captain Laserhawk: The G.A.M.E. was described at the time as “a transmedia experience” on the foundation of Arbitrum. Holders will be granted Web3 governance over determining the narrative for the game. The game itself comes along with an imminent mint for their Niji Warrior ID NFTs.
Ubisoft maintains that one of the main benefits with NFTs is that holders will have extraordinary voting rights over major governance decisions and, in fact, give the community the power to shape the future of the game.
Ubisoft’s NFTs Coming Soon: Only 10,000 Will Exist
These NFTs are play-to-earn, unlocking rewards for a unique opportunity to be fully involved in the active creation of new content, thus transforming players into co-creators of game development.
This move signifies one of the most major steps Ubisoft has ever taken towards including blockchain and NFTs in gaming. An initiative of this nature by Ubisoft precisely fits into the company’s vision: to offer more immersive experiences through decentralized platforms and increase player engagement.
This new Magic Eden-Ubisoft partnership comes off the heels of a closed beta, which was held in August. Still, hardly any footage has surfaced online because participants reportedly had NDAs. These were preventing them from sharing any details about the game. From the few clips that managed to find their way onto Twitter, the game looks colorful and quick-paced. There are also plenty of tight choke points around which players fight it out.
However, the highly-coveted collection of 10,000 NFTs will be minted in the coming weeks. At the same time, many future minters have secured spots for participation in the beta and completed challenges in Discord. The ID mint represents the final milestone on the road map before the game launches, meaning Captain Laserhawk: The G.A.M.E. is not very far away.
The title represents Ubisoft’s second major blockchain game after its partnership with Magic Eden, aside from Champions Tactics: Grimoria Chronicles. The latter is on the Oasys network but has also similarly minted NFTs on Ethereum. Recently, Champions Tactics conducted a sort of “technical beta” testing ahead of its public launch, which is expected very soon.
The publisher known for titles like Assassin’s Creed and Just Dance has been developing and investing in the crypto space for years. In late 2021, they launched in-game NFTs for their Ghost Recon: Breakpoint game on the Tezos blockchain.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The introduction of the New Frontiers in Technology Act (NFT Act) by Congressman Timmons has garnered support from Digital Chamber. This legislative effort marks the first direct address by the US Congress towards the regulatory treatment of non-fungible tokens (NFTs). This is a pivotal moment for the digital asset industry amidst ongoing legal challenges.
Digital Chamber Supports New NFT Act
Following the recent introduction of the NFT Act, Digital Chamber has quickly aligned itself in favor of the proposed legislation. Digital Chamber praised Congressman Timmons’ leadership for spearheading this critical initiative, which seeks to clarify the classification of NFTs amidst increasing legal scrutiny of digital assets.
The Act addresses a variety of use cases for NFTs, ensuring they are treated as consumer goods rather than financial products. This distinction could influence the future regulatory landscape for NFTs.
Additionally, The NFT Act lays a foundational definition of non-fungible tokens and provides protections for what it describes as “covered” NFTs. These include digital works of art, collectibles, and other forms of intellectual property, distinguishing them from financial instruments.
Concurrently, the Act mandates that the Comptroller General of the United States conduct a study on non-fungible digital assets. This study aims to assess the evolving landscape and implications of NFTs.
The legislative clarity will be a step toward safeguarding creators and consumers from the regulatory actions that have recently targeted the industry.
NFT Legal Challenges and Regulatory Scrutiny
The need for the New Frontiers in Technology Act has been underscored by a series of high-profile legal challenges facing the industry. Companies like Dapper Labs and DraftKings have faced lawsuits, with OpenSea receiving a Wells notice from the SEC, signaling potential securities violations.
Additionally, the SEC’s recent actions against Flyfish Club for unregistered NFT sales have provoked criticism from within the agency itself, with Commissioners Peirce and Uyeda dissenting from the decision. They argue that such tokens should not automatically be classified as securities based on their potential for resale at higher values.
The broader digital asset community, including Digital Chamber, has voiced concerns over SEC Chair Gary Gensler’s aggressive regulatory stance. More so, Digital Chamber founder, Perianne Boring, expressed her dissatisfaction with Gary stating,
“SEC Chair Gary Gensler’s unlawful crackdown on #crypto has pushed the industry back by a decade.”
In addition, these accusations of unlawful crackdowns on the crypto and NFT sectors by the SEC chair have led many to speculate about Gensler’s dismissal. Incidents like the recent amendment of original complaint against Binance, further fuel debates over the need for clearer guidelines.
Moreover, these developments come amid reports that all five SEC commissioners will testify before the House Financial Services Committee, an event not seen since 2019. The hearing may include discussions on ETH’s classification as a security.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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