NFTSimulator2022

(align:"<==")+(box:"=XXXXXXXXXXXXXXX=========")[= Welcome! In December 2021, the NFT industry peaked at a whopping $41 billion. After seeing the likes of Bored Apes and CryptoPunks bring in millions for their creators, you have decided to create an NFT collection of your own. However, it's now June 2022, and the NFT space is much more savvy. The general cryptocurrency crash has made NFT enthusiasts more cautious about scams, bad actors, and overall bad projects. This game, //NFT Simulator 2022//, is designed to help you understand the some of the decisions NFT founders, both scammers and legitimate creators, face when creating their project, to hopefully help you spot the common red flags within NFTs. Alternatively, you might want to first read an in-depth look at how the [[NFT industry protects these scams and bad behaviour->Article]], before diving in yourself. So, as a budding NFT creator, can you avoid the pitfalls? [[Begin->Step 1]] (set: $RoadmapChoice to "0") (set:$dRank to 0) (set: $Rank to 0) [[Glossary->Glossary]] [[About the game->About the game]] [[Explained: The various types of NFT Scams->Video]] [[NFT Hype: How The NFT Industry Protects Scams And Bad Behaviour->Article]]

(align:"<==")+(box:"=XXXXXXXXXXXXXXX=========")[= #Choose Your Project You have mocked up three potential NFT designs to choose from for your project, each with their own artwork and description. Which do you go for? (link: "CryptoDrunks NFT")[(set: $NameWhiteP to "is a collection of 10,000 unique and auto-generated Apes each with different features and drinks, including Wine, Beer, Vodka, Whiskey and more. Inspired by the hugely successful CryptoPunks, these Drunk pixel character show a different, more side to the CryptoPunks- which will be reflected not just in their design, but also within our community of holders, too!") (set: $NameOutcome to "While it initially garnered some attention as the next CryptoPunks, the failure to innovate beyond some small changes led the larger CryptoPunks community to brand you a copycat and scam, quickly crashing the price of the CryptoDrunks.")(set: $name to "CryptoDrunks NFT")(set: $Rank to $Rank+2)(set:$dRank to 2)(goto: "Step 2")] - An NFT profile picture collection inspired by the successful CryptoDrunks collection. (link: "PokemoNFT")[(set: $NameWhiteP to "is an exclusive collection of just 898 NFTs - one for each Pokemon! As a massive part of our childhood, we’re so excited to bring Pokemon onto the blockchain, where you will be the sole owner of that species, forever! Grab your favourites before they are snapped up!") (set: $NameOutcome to "Almost immediately after minting, you received a letter from Nintendo and Game Freak's lawyers warning you that they intend to sue based on copyright infringement of their intellectual property.")(set: $name to "PokemoNFT")(set: $Rank to $Rank+3)(set:$dRank to 3)(goto: "Step 2")] - A collection of NFTs based on every single Pokemon. (link: "SleepyAngelz")[(set: $NameWhiteP to "is our brand-new NFT profile picture collection of hand-drawn Angels created by our in-house artist, with no AI involved! We want to move the NFT space past the computer-generated collections with only a handful of different traits, instead making every NFT much more unique than most! ") (set: $NameOutcome to "Your rather unique NFT PFPs were praised by those interested for their originality. However, these numbers were smaller than you first expected, given your $name had little going for it in terms of popular NFT trends.")(set: $name to "SleepyAngelz")(set: $Rank to $Rank+1)(set:$dRank to 1)(goto: "Step 2")] - A collection of hand-drawn Angels as NFTs. (link: "Back")[ (set: $Rank to $Rank - $dRank) (go-to: "Intro") ]

(align:"<==")+(box:"=XXXXXXXXXXXXXXX=========")[= #Marketing Now you've designed your $name , your need to promote and market it to the cryptocurrency community and the general public. Alongside standard digital advertising on Facebook, Twitter and NFT site, using your marketing budget, you can only afford one of the following: (if: $name is "CryptoDrunks NFT") [<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/cryptodrunksmarket2.png" alt="Message from influencer with rates for NFT promotion, billboard promoting the NFT project, and a Discord invite to the NFT project." />] (if: $name is "PokemoNFT") [<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/pokemonftmarket2.png" alt="Message from influencer with rates for NFT promotion, billboard promoting the NFT project, and a Discord invite to the NFT project." />] (if: $name is "SleepyAngelz") [<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/sleepyangelsmarket2.png" alt="Message from influencer with rates for NFT promotion, billboard promoting the NFT project, and a Discord invite to the NFT project." />] (link: "Paid Promotions via Influencers")[(set: $MarketingWhiteP to "With a massive collection of your favourite NFT influencers and creators already on board, $name is gaining massive traction online as it looks to solidify itself within the growing NFT space and become the next big project that everyone is talking about.") (set: $MarketingOutcome to "The paid promotions worked a treat ahead of launch, as dedicated NFT holders entered your community and began to follow your NFT. However, the wider crypto community published a 'Influencer Shill List' that included the prices many influencers you used charged. With criticism rising against these accounts, can you weather the storm?")(set: $Rank to $Rank+1)(set:$dRank to 1)(goto: "Step 3")] - Pay a collection of influencers an undisclosed amount to retweet and tweet about your upcoming NFT launch. (Note - No #ad will be displayed). (link: "Physical Billboards on buses, underground services, and taxis")[(set: $MarketingWhiteP to "With an already booming online presence, we’re taking our NFT project even further and into the offline world. With adverts on trains, buses, tubes, and taxis across multiple cities all around the world, millions of potential new holders will see our NFT project every single day!") (set: $MarketingOutcome to "Due to the nature of your physical advertising, the relevant authorities pulled the adverts after just one week, leading to a media blitz from traditional outlets about your campaign. Any publicity is good publicity, right?")(set: $Rank to $Rank+1)(set:$dRank to 1)(goto: "Step 3")] - Move your NFT collection offline by paying for traditional advertising on transport services. (link: "Discord and Telegram Bots")[(set: $MarketingWhiteP to "The most important thing in the NFT space is the community, as without one, you don’t have a project. We’ve been dedicating ourselves to an immense community outreach and, with our growth team in place, have managed to create an already hyper-engaged and dedicated army excited for the mint date next month.")(set: $Rank to $Rank+3)(set:$dRank to 3)(set: $MarketingOutcome to "You managed to successfully convince some NFT investors that you had an active community, but now the launch has come and gone, so too have this bot activity, resulting in a fairly quiet community that is now steadily in decline.")(goto: "Step 3")] - Increase the activity and excitement for your project by paying a service to add bots or paid individuals to talk in your community channels. (link: "Back")[ (set: $Rank to $Rank - $dRank) (go-to: "Step 1") ]

===><== #$name Whitepaper (if: $name is "CryptoDrunks NFT") [<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/cryptodrunksfinal2.png" alt="CryptoDrunks NFTs - with beer, wine, and a cocktail." />] (if: $name is "PokemoNFT") [<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/pokemonft.png" alt="Pokemon NFTs of Charizard, Oshawott and Metagross." />] (if: $name is "SleepyAngelz") [<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/sleepyangels.png" alt="Hand-drawn SleepyAngelz NFTs." />] Welcome to $name! Created by $ID, $name $NameWhiteP $MarketingWhiteP $DoxWhiteP $RoadmapWhiteP $RoadmapWhiteP1 $RoadmapWhiteP2 --- So, just how did you do? Click here to see whether you avoid the pitfalls... (if: $Rank is 1)[ [[Results->ResGood]] ] (else-if: $Rank is 2)[ [[Results->ResGood]] ] (else-if: $Rank is 3)[ [[Results->ResGood]] ] (else-if: $Rank is 4)[ [[Results->ResGood]] ] (else-if: $Rank is 5)[ [[Results->ResGood]] ] (else-if: $Rank is 6)[ [[Results->ResMid]] ] (else-if: $Rank is 7)[ [[Results->ResMid]] ] (else-if: $Rank is 8)[ [[Results->ResMid]] ] (else-if: $Rank is 9)[ [[Results->ResMid]] ] (else:)[ [[Results->Results]] ] [[Back->Step 5]] (if: $Rank is 1) [(set: $RankResult to "went okay. You managed to avoid some of the more common scam elements, but by playing it safe, did you miss out on the marketing hype that makes NFTs succeed? Only time will tell.")] (else-if: $Rank is 2) [(set: $RankResult to "went okay. You managed to avoid some of the more common scam elements, but by playing it safe, did you miss out on the marketing hype that makes NFTs succeed? Only time will tell.")] (else-if: $Rank is 3) [(set: $RankResult to "went okay. You managed to avoid some of the more common scam elements, but by playing it safe, did you miss out on the marketing hype that makes NFTs succeed? Only time will tell.")] (else-if: $Rank is 4) [(set: $RankResult to "went okay. You managed to avoid some of the more common scam elements, but by playing it safe, did you miss out on the marketing hype that makes NFTs succeed? Only time will tell.")] (else-if: $Rank is 5) [(set: $RankResult to "went okay. You managed to avoid some of the more common scam elements, but by playing it safe, did you miss out on the marketing hype that makes NFTs succeed? Only time will tell.")] (else-if: $Rank is 6) [(set: $RankResult to "fell for a some of the common pitfalls..")] (else-if: $Rank is 7) [(set: $RankResult to "fell for a some of the common pitfalls.")] (else-if: $Rank is 8) [(set: $RankResult to "still has a long way to go.")] (else-if: $Rank is 9) [(set: $RankResult to "still has a long way to go.")] (else-if: $Rank is 10) [(set: $RankResult to "fell into ''a lot'' of the common NFT pitfalls.")] (else-if: $Rank is 11) [(set: $RankResult to "fell into ''a lot'' of the common NFT pitfalls.")] (else-if: $Rank is 12) [(set: $RankResult to "fell into ''a lot'' of the common NFT pitfalls.")] (else-if: $Rank is 13) [(set: $RankResult to "fell into ''a lot'' of the common NFT pitfalls.")]

(set: $RoadmapChoice to "0")(set: $RoadmapOutcome to "")(set: $RoadmapOutcome1 to "")(set: $RoadmapOutcome2 to "")(set: $RoadmapWhiteP2 to "")(set: $RoadmapWhiteP1 to "")(set: $RoadmapWhiteP to "") (align:"<==")+(box:"=XXXXXXXXXXXXXXX=========")[= #Roadmap With your marketing locked down, you need to decide on what the next steps for your NFT looks like after it's launch. (if: $name is "CryptoDrunks NFT") [<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/cryptodrunks3.png" alt="CryptoDrunks Roadmap." />] (if: $name is "PokemoNFT") [<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/pokeroadmap3.png" alt="PokemoNFT Roadmap." />] (if: $name is "SleepyAngelz") [<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/sleepyroadmap3.png" alt="SleepyAngelz Roadmap." />] So, what do you add to your roadmap? (You can pick more than one) (link: "Physical Benefits")[(if:$RoadmapChoice is "2")[(set: $RoadmapWhiteP2 to "And finally, we don’t just want our NFTs to bring you digital value. In the future, we plan to hold meet-ups exclusively for $name holders, alongside introducing merch, giveaways, exclusive deals and discounts, and much more pending the success of our sale.")(set: $Rank to $Rank+1)(set:$dRank to 1)(set: $RoadmapOutcome2 to "It’s time to start rolling out the physical products and events your holders expect, so let’s see if you can deliver.")](else-if:$RoadmapChoice is "1")[(set: $RoadmapChoice to "2")(set: $RoadmapWhiteP1 to "That's not all. We don’t just want our NFTs to bring you digital value. In the future, we plan to hold meet-ups exclusively for $name holders, alongside introducing merch, giveaways, exclusive deals and discounts, and much more pending the success of our sale.")(set: $Rank to $Rank+1)(set:$dRank to 1)(set: $RoadmapOutcome1 to "It’s time to start rolling out the physical products and events your holders expect, so let’s see if you can deliver.")](else-if:$RoadmapChoice is "0")[(set: $RoadmapChoice to "1")(set: $RoadmapWhiteP to "We don’t just want our NFTs to bring you digital value. In the future, we plan to hold meet-ups exclusively for $name holders, alongside introducing merch, giveaways, exclusive deals and discounts, and much more pending the success of our sale.")(set: $Rank to $Rank+1)(set:$dRank to 1)(set: $RoadmapOutcome to "NFT holders will expect you to start work on your roadmap promises straight away. It’s time to start rolling out the physical products and events your holders expect, so let’s see if you can deliver.")]] - A variety of in-person events, merch, giveaways, and more. (link: "Profits")[(if:$RoadmapChoice is "2")[(set: $RoadmapWhiteP2 to "However, this all is just part of our overarching goal - pure profits for our holders as we push $name to the moon!")(set: $Rank to $Rank+1)(set:$dRank to 1)(set: $RoadmapOutcome2 to "Your promise of profits was certainly a bold one - one that leaves you susceptible if the floor price starts to drop.")](else-if:$RoadmapChoice is "1")[(set: $RoadmapChoice to "2")(set: $RoadmapWhiteP1 to "However, this all is just part of our overarching goal - pure profits for our holders as we push $name to the moon!")(set: $Rank to $Rank+1)(set:$dRank to 1)(set: $RoadmapOutcome1 to "Your promise of profits was certainly a bold one - one that leaves you susceptible if the floor price starts to drop.")](else-if:$RoadmapChoice is "0")[(set: $RoadmapChoice to "1")(set: $RoadmapWhiteP to "At the end of the day, you can see roadmaps that promise so much, and don’t deliver. That’s why we have only one goal in mind- pure profits for our holders as we push $name to the moon!")(set: $Rank to $Rank+1)(set:$dRank to 1)(set: $RoadmapOutcome to "NFT holders will expect you to start work on your roadmap promises straight away. Your promise of profits was certainly a bold one - one that leaves you susceptible if the floor price starts to drop. ")]] - Nothing but pure profits for holders. (link: "Metaverse")[(if:$RoadmapChoice is "2")[(set: $RoadmapWhiteP2 to "Of course, we don’t just want your NFT sitting in a wallet never to be touched. Instead, we’re currently working on plans to create a AAA metaverse game where holders can battle, trade, and interact with their $name and other players.")(set: $Rank to $Rank+1)(set:$dRank to 1)(set: $RoadmapOutcome2 to "You’ll also need to get to work developing your metaverse, including hiring developers and artists. Let’s hope the transaction fees brought in through your NFT are enough to support this development period.")](else-if:$RoadmapChoice is "1")[(set: $RoadmapChoice to "2")(set: $RoadmapWhiteP1 to "Of course, we don’t just want your NFT sitting in a wallet never to be touched. Instead, we’re currently working on plans to create a AAA metaverse game where holders can battle, trade, and interact with their $name and other players.")(set: $Rank to $Rank+1)(set:$dRank to 1)(set: $RoadmapOutcome1 to "You’ll also need to get to work developing your metaverse, including hiring developers and artists. Let’s hope the transaction fees brought in through your NFT are enough to support this development period.")](else-if:$RoadmapChoice is "0")[(set: $RoadmapChoice to "1")(set: $RoadmapWhiteP to "We don’t just want your NFT sitting in a wallet never to be touched. Instead, we’re currently working on plans to create a AAA metaverse game where holders can battle, trade, and interact with their $name and other players.")(set: $Rank to $Rank+1)(set:$dRank to 1)(set: $RoadmapOutcome to "NFT holders will expect you to start work on your roadmap promises straight away. You’ll need to get to work developing your metaverse, including hiring developers and artists. Let’s hope the transaction fees brought in through your NFT are enough to support this development period.")]] - A brand-new metaverse game where holders will be able to interact and play with their $name. [[Next->Step 4]] (link: "Back")[ (set: $Rank to $Rank - $dRank) (go-to: "Step 2") ]

(align:"<==")+(box:"=XXXXXXXXXXXXXXX=========")[= #Your Own Identity <img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/doxx2-2.png" alt="NFT founder with a question mark over their head." /> Your NFT is almost ready to go! But there's one final decision you need to make. You're all set for an interview with a popular crypto blogger about your project, but they've asked what they should call you. Will you remain anonymous (undoxxed), or will you go public with your identity (doxxed?) (link: "Doxxed")[(set: $DoxOutcome to "By going public with your identity, you are now accountable to holders of your NFT, meaning that if anything goes wrong, it'll be on you! Better make sure it doesn't.")(set: $Rank to $Rank+1)(set:$dRank to 1)(set: $DoxYN to "Yes")(goto: "Step 5")] - Reveal your real identity to potential holders. (link: "Undoxxed")[(set: $DoxOutcome to "Through your pseudonymity, you managed to protect your real identity, giving you at least some escape route if things go south - but leaving holders with little help if that happens.")(set: $Rank to $Rank+2)(set:$dRank to 2)(set: $DoxYN to "No")(goto: "Step 5")] - Go by an online pseudonym. (link: "Why Not Both?")[(set: $DoxOutcome to "Through your fake persona, you gave propective NFT buyers the reassurence that you would be accountable if things go wrong. Obviously, you won't be, and can escape with little consequence.")(set: $Rank to $Rank+2)(set:$dRank to 2)(set: $DoxYN to "Mix")(goto: "Step 5")] - A fake real identity. (link: "Back")[ (set: $Rank to $Rank - $dRank) (go-to: "Step 3") ]

(align:"<==")+(box:"=XXXXXXXXXXXXXXX=========")[= [(if:$DoxYN is "Yes")[Enter your name:]] [(if:$DoxYN is "No")[Enter your online name:]] [(if:$DoxYN is "Mix")[Enter your fake name:]] (input-box:2bind $ID,"=XX=") (if:$DoxYN is "Yes")[(set: $DoxWhiteP to "We at $name have a fully doxxed team for complete transparency with our community. Led by $ID, we are committed to this project for the long-term, and will be completely open with the community about everything we do.")] (if:$DoxYN is "No")[(set: $DoxWhiteP to "Created by the mysterious $ID, involved in the creation of several other huge NFT projects, $name holders can expect a committed and experienced team to lead the way into the future.")] (if:$DoxYN is "Mix")[(set: $DoxWhiteP to "We at $name have a fully doxxed team for complete transparency with our community. Led by $ID, we are committed to this project for the long-term, and will be completely open with the community about everything we do.")] [[See your Whitepaper!->FinalTest]] (link: "Back")[ (set: $Rank to $Rank - $dRank) (go-to: "Step 4") ]

(align:"<==")+(box:"=XXXXXXXXXXXXXXX=========")[= #Results Overall, your NFT project $RankResult $DoxOutcome $MarketingOutcome (if:$RoadmapChoice is "2")[You certainly made a lot of promises on your roadmap.] $RoadmapOutcome $RoadmapOutcome1 $RoadmapOutcome2 --- As you can see, the current NFT space sees creators have to navigate a very tricky world, where the most popular and often successful projects use methods perhaps considered underhand in other industries. So, can NFTs ever escape this? ''Where To Next?'' [[Explained: The various types of NFT Scams->Video]] [[NFT Hype: How The NFT Industry Protects Scams And Bad Behaviour->Article]] [[Replay->Intro]] [[Back->FinalTest]]

(align:"<==")+(box:"=XXXXXXXXXXXXXXX=========")[= #Glossary ''NFT'': A Non-Fungible Token (NFT) is a unique digital representation of an asset - whether a document, image, video, or piece of audio - stored on the blockchain, usually Ethereum. ''Blockchain'': A digital, shared ledger that tracks and records cryptocurrency or crypo-asset transactions via a peer-to-peer network. ''CryptoPunks'': A popular NFT collection made up of 10,000 unique pixel characters. Created by Larva Labs in 2017, these have sold for up to $14 million each. ''Discord'': A social media platform popular with cryptocurrency communities. NFT projects will often launch their own dedicated Discord servers. ''Doxxed'': Commonly known to mean the revealing of private information about a person on the internet for harmful purposes, in the NFT space, it often refers to the willing reveal of a creator or team members identity for transparency. ''Metaverse'': A virtual world that allows users to communicate, interact, play, shop, or work in an online space - whether through a browser or virtual reality headset. ''Minting'': The act of publishing an NFT onto the blockchain, usually for a transaction fee. ''Whitepaper'': An detailed report explaining a problem and a solution to it. In the cryptocurrency and NFT space, it is a document released by the project to provide details about what the project is, how it works, and the future plans. [[Back->Intro]]

(align:"<==")+(box:"=XXXXXXXXXXXXXXX=========")[= #About Created by Oliver Barsby, this interactive story is designed to replicate some of the basic choices new NFT creators will need to make, and the potential outcomes of these decisions. The game was made through researching common trends and practices within the NFT space, case studies of some of the most notorious NFT projects, and by interviewing several individuals from the NFT community. These include NFT creators, analysts, influencers, promoters, holders, and those who have been scammed. (text-style:"underline")[''Image Credits''] * Game Freak/Nintendo * Pixabay/ShafinProtic * Unsplash/Julien Backhaus * Unsplash/Bram Naus [[Back->Intro]]

(if: $name is "CryptoDrunks NFT") (align:"=><=")+(box:"X=")[<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/cryptodrunksfinal2.png" alt="CryptoDrunks NFTs - with beer, wine, and a cocktail." />] (if: $name is "PokemoNFT") (align:"=><=")+(box:"X=")[<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/pokemonft.png" alt="Pokemon NFTs of Charizard, Oshawott and Metagross." />] (if: $name is "SleepyAngelz")+(align:"=><=")+(box:"X=")[<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/sleepyangels.png" alt="Hand-drawn SleepyAngelz NFTs." />]

(text-colour:white)[#Explained: The various types of NFT Scams] <iframe width="1120" height="630" src="https://www.youtube.com/embed/q8pxbqgEyXE" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe> [[NFT Hype: How The NFT Industry Protects Scams And Bad Behaviour->Article]] [[NFT Simulator 2022->Intro]] [[Menu->Intro]]

(align:"<==")+(box:"XXXX=")[= #NFT Hype: How The NFT Industry Protects Scams And Bad Behaviour ''NFTs want to escape their stigma as they push for a more mainstream audience, but this push for legitimacy has meant influencers, fake hype and bad actors all get protected.'' (align:"=><=")+(box:"XXXX=")[<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/nft-scam-head.png?w=1024" alt="NFT scammer sat behind a laptop in front of NFT wall." />] “It’s much easier to scam people than it is to build something.” This is just one description taken from an NFT holder, creator, and scam victim. When Josh Freeland bought his first non-fungible token (NFT) in August 2021,he was excited. He bought three NFTs from a collection featuring llama-inspired images, costing around $150 each. “I thought I’d done my research on it,” he said. “I looked at the roadmap, talked to the team, and they gave me the runaround.” Immediately after launch, the project creators promised a huge giveaway, but it never came. “I kept pinging the team on the Discord server, and then I just got kicked.” Freeland then rejoined with an alternate account, only to find the entire server went quiet. The developers abandoned the project, sending the value of his NFTs plummeting. He had just been a victim of his first NFT scam. “Yeah, I was only out a few hundred dollars, but it left a bad taste in my mouth,” he said. Freeland is just one of many victims of NFT scams in 2022. In a survey from <a href="https://privacyhq.com/news/nft-and-wallet-security/">PrivacyHQ</a> of US NFT enthusiasts, 90% of those polled had experienced an NFT in some form - the most common of which saw their NFT projects shut down or disappear, or the NFT they bought in the first place was a fake. These are the stories that flow into the general public’s understanding of NFTs. When the Royal Mint announced it would create its very own NFT, members of the UK cryptocurrency community celebrated this as a step towards mainstream cryptocurrency adoption in the UK. To boost the reputation of NFTs, there is a growing number attempting to combat the main association of NFTs: scams. Whether it’s through creators abandoning projects and taking the money, phishing, or undisclosed promoting, NFTs and scams remain linked, and the industry is set up to protect them. (text-style:"bold","underline")[''#NFT Marketing: A Hot-Bed of Deception''] When Spencer Wong, a former Product Manager-turned NFT creator, first became involved in NFTs in August 2021, the crypto-asset was still in its breakout stage. “Anything that looked half decent could sell out quite easily,” Wong said. As Wong accumulated new cryptocurrencies, he quickly turned to Twitter - and influencers - for advice on new collections to buy. “You’d mint things that somebody tweeted about. An influencer will say something, and then everyone will jump on it.” However, this quickly led Wong to his first rug-pull - a type of NFT scam that sees creators exit the project with all the paid-in cryptocurrency, sending their prices plummeting. An influencer-promoted scam had cost Wong, and other holders, dearly. When an ‘<a href="https://twitter.com/zachxbt/status/1516129830873583617/">Influencer Shill List</a>’ surfaced on Twitter detailing the prices that accounts charge for posts, the influencer promotion industry was broken open. Prominent NFT influencers could charge thousands of pounds just for one tweet. Much of this, unlike the now heavily regulated traditional influencer economy, without any advertising disclosures. (align:"=><=")+(box:"XXXX=")[<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/leakedinfluencerstats2.png" alt="Leaked Influencer prices for promotional tweets graph" />] Yavor Aleksandrov is an NFT promoter and crypto venture capitalist, who gets paid to share NFT projects. “I’m very cheap,” he said. “I can get $20 for it - and it’s just a tweet.” He does not disclose when he is paid for promoting NFTs. He did, however, accept this may pose a wider problem. “You can easily mislead people when you say don’t that it’s an ad,” Aleksandrov added. “For the community, this could prevent a lot of scams.” While he states he vets the NFT projects just as much if they offer payments, Aleksandrov said that “lots of the people just take the money and retweet.” Mark, the creator of the C-NFT Agency, an NFT promotion company focused on the Cardano blockchain, also does not disclose when he promotes NFTs. However, he justified this through his method of payment - an NFT from the project itself. “I do this for you, and you give me an NFT of your project,” he said. “This way, I believe that the project is going to go well, because I like it.” It’s not just small-time influencers who promote NFTs. The likes of Jake Paul, Floyd Mayweather, and Lindsay Lohan all will promote projects on their feeds, without disclosure. Jake Paul is now notorious for promoting soon-to-be scams, having shared posts about Sacred Devils, STICKDIX, and Animoon. Earning a <a href="https://btcpeers.com/jake-paul-in-the-mud-for-promoting-another-nft-rug-pull-as-founders-abscond-with-6-3m/">reported $2.2 million</a> in doing so, these projects have all now disappeared. (align:"=><=")+(box:"XXXX=")[<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/jakepaul.png" alt="Jake Paul NFT promotion tweet for Sacred Devils." />] The Advertising Standards Authority has only just started to combat malicious cryptocurrency advertising, but this remains focused on warning consumers about volatility. And it doesn’t seem like change is coming soon from within. Alexandrov said that using influencers is “100% necessary” to marketing your NFTs, and these projects don’t exactly want people to know they’re paying for hype. "It would be better community-wise, but project-wise, it’s not better,” he said. Revealing that any posts about your project are not organic is strictly a no-go for keeping the excitement up, and would burst the bubble of the entire ecosystem, for influencers, creators, and holders. This elephant in the room is specifically being ignored in fear of what could happen otherwise. However, S117.eth, an NFT investigator, said that this marketing can easily backfire on projects. “Paying promoters to shill your project usually only attracts low-quality people who want to mint something and sell it for profit,” he said. “It doesn’t build a sustainable community.” Community is a word that always comes up with NFTs. Sure, you can pay one influencer a few NFTs to share your project, but there’s no way you can pay off an entire community, right? Well, even they aren’t safe. (text-style:"underline")[''The Rise of Discord Bots''] Much has been made in the past few months about Twitter’s alleged bot problems, pushed into the mainstream by <a href="https://www.theguardian.com/technology/2022/may/17/elon-musk-twitter-deal-bot-tesla">Elon Musk’s takeover bid</a>. However, a new, more sophisticated system of bots is infiltrating the true home of NFT projects, Discord servers. Ben Abulafia, an NFT smart contract auditor, said that when assessing projects, he would hope to see 30% of the community online in a Discord server, and with a high amount of activity within. These are both flags that bots - or even paid workers - can still bypass. Aleksandrov has experience of this first-hand when advising on an NFT project. “They would get people from the Philippines to start chatting in their Discord. There would be seven or eight people who had hundreds of Discord accounts. And they would chat between themselves to make it real.” “It is hard to distinguish between an active community and a fake community,” Aleksandrov continued. “I can make a community out of my phone and a couple of computers where I speak to myself through.” There are countless services online offering Discord bots. The top-ranking result on Google, Hype Freaks, claims it can add 5000 Online Discord members to your server for $1295. 10,000 Offline members will sell for as little as $325. These are intended to give your project the extra air of interest needed to get real people looking. (align:"=><=")+(box:"XXXX=")[<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/hypefreaks.jpg" alt="Hype Freaks Discord" />] One NFT holder, who goes by the Web3 name He Who Is Paul, has been rug pulled four times, including by one project that used bots to create a fake community. “Everything seemed right,” he said. “It had a good solid roadmap, a doxxed team. And then I found out they were buying fake accounts on Twitter and Discord to pump them up.” According to Paul, when the NFT mint came, only 15 of the 10,000 NFTs actually sold. This left those fifteen buyers holding a much smaller project than they expected, which then rug-pulled. Once again, fake marketing hype left holders worse off. (text-style:"bold","underline")[NFT Holders Fight Back, But Not With The State] Despite all the criticism about bad actors, those within the NFT community are uneasy about the prospects of regulation. “The biggest problem is just that people are greedy,” Paul said. “When I first jumped into Web3 and NFTs, what got me excited was the whole decentralisation. It takes just one person to ruin something good.” “If Web3 people just stuck together and we did something about it, we wouldn’t need the government stepping in.” Andy Beelive, another NFT holder who first started mining cryptocurrency in 2017, said while he had made profits on some NFTs in the past, he now treats every NFT project as a potential rug pull. "I call it the Wild West," he said. "There are a few good guys, but there's only so much you can do." "Until NFTs become more secure, it won't go mainstream. But how can they, when everything is decentralised?" Instead of regulations, many NFT holders would prefer a more vigilante style of justice. Paul runs his own NFT project called the Guardians Of All Lost Souls. He takes NFTs from scammed projects and places them on a Wall of Shame, which he hopes can be a referral point for anyone looking at new projects. “We hope we can stop any person [who ran an NFT scam] from selling again,” he said. “We can shame these people out of NFTs.” This style of shaming seems to be working, albeit in small doses. The Azuki NFT collection became one of the top NFTs on OpenSea during May 2022. However, after holders discovered its founder, known as Zagabond, was involved in several failed NFTs, its floor price dropped by 45%. That said, it is still the 9th largest NFT project, according to <a href="https://nftpricefloor.com/azuki">one price tracker</a>. S117.eth takes it a step further, through the online group known as the Rug Pull Mafia. This anti-scammer group seeks to get NFT scammers banned from social media. According to S117, the group has taken down 68 Twitter accounts with a combined 2.5 million followers. He estimated the taken-down accounts had scammed holders out of between 1000-4000 ETH. However, auditor Abulafia was more sceptical about contributing to this. When I asked him if he looks outside the code and questions whether he could be working for a scammer, he said: “I don’t want to sound bad, but I don’t care. I do what the client asks - to audit their smart contract. That’s the only thing I would do.” Of course, NFT regulations does exist, both in the UK and the US. Two creators of an abandoned NFT project called Frosties were arrested in Los Angeles, charged with a conspiracy to commit money laundering and a conspiracy to commit wire fraud. Meanwhile, cryptocurrency and NFT lawyer Omri Bouton said the legal compliance aspects of NFTs in the UK“are greater than a lot of people assume”. Referring to the anti-money laundering frameworks and the risks regarding crypto-assets falling under the meaning of securities, Bouton said “lack of awareness is 100% a problem right now” within NFTs. (text-style:"bold","underline")[The Lighter Side of NFTs] Jason ‘Jayhood’ Carver, an artist from Ohio, sees NFTs differently. For him, it has been a chance to both connect with, and earn money to support, his autistic son. “It started out as a bonding thing,” he said. “His art was more of an expression of how he was feeling because he couldn’t come out and say it.” After his son saw him getting involved with NFTs, he wanted to try them out too, something Jayhood was initially hesitant about. However, since launching the NFT collection, which features individual pieces of art from his son, Jayhood has been pleasantly surprised by the reception, with people buying the NFTs to support them. “He’s been doing really good. There’s a lot of people buying to support us, and there’s even a secondary market now. Everyone’s digging it, and they love the art.” (align:"=><=")+(box:"XXXX=")[<img src="https://oliverbarsbyjourno.files.wordpress.com/2022/06/jaynft.png" alt="NFT collection of Jayhood" />] Jayhood also said he uses the NFTs as an educational tool to help other parents of autistic children. “I have links to my parenting videos, links to blogs, and stories to help deal with situations. I tried to add these educational aspects so people feel like they’re learning and gaining from buying these.” — What hope is left for those interested in NFTs? Well, as the market matures, and cryptocurrency enters an uncertain period, some hope this can be the point where buyers think more about what they are getting into. “The quality of projects has increased,” said Spencer Wong. “The scrutiny during this bear market is higher than it was six months ago.” However, one project has come along, that might disrupt this more cautious market. Goblintown is a brand-new project, first released in May 2022. With a Twitter account that speaks in gibberish, it proudly states on its <a href="https://goblintown.wtf/">website</a>: “No roadmap. No Discord. No utility.” In one month, holders have flocked to the project, spending 38,200 ETH (just over $40 million). As with all successful NFT projects, the copycats are following. New collections of similarly vague NFTs are spawning, based on <a href="https://twitter.com/Leprechaun_Wtf">leprechauns</a>, for example. He Who Is Paul stressed that this new trend could be a problem. "You're trying to educate people and tell people what to look for. And then they miss out on something like this. And so then it doesn't look good on NFTs," he said. "It ticks all the red flags, and yet it's pumping upwards." Let’s just hope it doesn’t turn out to be a scam. [[Explained: The various types of NFT Scams->Video]] [[NFT Simulator 2022->Intro]] [[Menu->Intro]]

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