Evolved Ape: NFT Scam & Rug Pull

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NFT scams and rug pull is one of the reasons I have been skeptical towards getting involved in NFT. I know everything in the crypto space is risky, but there are some outrageous NFTs and their values I see and I just wondered, why would people get involved with such project. Those prices are outrageous.

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It could just be the broke part of me talking because I can’t afford them yet.

Well we the people determine what should have value and not to have value. Crypto scam is normal, during the 2017 ICO days, lots of people were scammed through crypto. But right now, most people are wiser now since they have learnt the criteria required to consider a crypto legitimate or scam. But how do you do that for NFTs? So I guess we can consider 2021 the ICO days of NFTs.

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The latest NFT project that got rug pulled is the Evolved Ape NFTs. These NFTs looked like an obvious rip off of the bored ape yacht club NFT, as they claim to have minted 10,000 NFTs. The theme of the NFT is based on APEs trapped in a lawless land left alone to survive.

Just as other NFTs the official release brought in a lot of hype, lots of people minted and the developers made more than $2 million from the minting. All it took was like 2 or 3 weeks and the developers, who are anonymous, bailed with the minting money and disabled their website and Twitter account. Now the holders hold lots of worthless NFTs that is of no difference with a regular jpeg.

Just like some other NFTs that promised a use case and utility on their NFTs, the developers also did the same. They promised a game play that involved these NFTs. Giveaways and airdrops were also promised. The creators were so selfish that they didn’t pay the artist behind the creation of these NFTs.

I really can’t imagine what new NFT investors who participated in the minting are going through. Imagine investing in it for the first time and getting rug pulled, that’s a first time sad experience.

Posted Using LeoFinance Beta



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11 comments
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Thank you for spotlighting scams in the NFT world. NFTs, like any investment, will require some research, validation, and test practice to determine legitimacy. Don't just throw your bones to the NFT monkeys (NO pun intended at all).

Curated by @master.splinter - enjoy the #oneup.
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Ouch...The rug burn and the fall must have hurt.

I was interested in this cause I'm holding some banana in Aperocket

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Ape rocket, can you please let me know what it is?

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(Edited)

Its a defi project like cub

They have their own pools for investments too.

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Oh wow, NFT scams are here. Not just worthless images but also taking seed money and rug pulling? 2017 is back indeed. By the way, you got a huge ONEUP vote from me for this informative article, because you used the #nft tag and got onto 1up.zone with that. :)

https://www.1up.zone/@readthisplease/evolved-ape-nft-scam-and-rug-pull

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Thanks a lot, I really appreciate. Just playing my role in spreading awareness.

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How is it a scam though? I mean what do you expect to happen when you buy pictures of Apes? And now you still have that picture.

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Well right now the pictures have no utility or use case. That wasn’t the plan. Look at NFT rocks for instance, the investors were told that the NFT has no utility or use case but buying it will make them feel good because they are unique. Ether Rock’s website didn’t get disabled, it’s still active. These evolved apes investors weren’t told that, they were convinced and lied to that it has an utility and use case. Their website and social media accounts have been disabled. That’s a scam move, that’s not part of the agreement. The main point is, they were lied to.

Just like, if I sell you a car that isn’t good and I let you know that the car is immobile but unique, because it’s rare and am going to promote the car to attract value to the car. Then in another case, I sell you a car that can only move in a week, then lie to you and make fake promises then few weeks later I bail. I just scammed you.

The point is the lies and the fake promises. That’s the scam

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