While NFTs can offer great upside for collectors and investors, unfortunately there are projects that ultimately function to scam buyers. What are the keys to avoiding “rug pulls” and other illegitimate NFT offerings? Listen in as we explore.
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HSI Baltimore-led investigation results in breakup of largest known NFT scheme to date: “Tuan was allegedly involved in the Baller Ape Club, an NFT investment project that sold NFTs in the form of various cartoon figures, often including the figure of an ape. According to the indictment, shortly after the first day Baller Ape Club NFTs were publicly sold, Tuan and his co-conspirators engaged in what is known as a “rug pull,” ending the purported investment project, deleting its website, and stealing the investors’ money.” (ICE.gov)
OpenSea announces new security features to protect users from NFT scams: “OpenSea has recently been focusing on enhancing trust and safety on the platform. The NFT marketplace will make substantial investments in a variety of important areas for trust and safety, including theft prevention, IP infringement, scaling review and moderation, and reducing critical response times in high-touch settings, as per a recent blog by the project’s co-founder and CEO Derin Finzer.” (Cointelegraph)
About The Show
NFT Investor Nation is the show for passionate NFT traders, collectors and investors. Listen in as host Scott talks with leading NFT artists and entrepreneurs.