I have been looking into this NFT for a couple of weeks now. See below my findings. Whilst this isn't a straightforward rug pull, it is a RUG PULL in the end. Do not buy this NFT.
The NFT is 10,000 images (NFT's) sold for $400, in ETH. Its founders are popular people from the platform of TikTok and other social media sites. Essentially, they are using their following to create an NFT community.
- The project is worth $4MIL Australian dollars, has a very basic road map, no white paper. The road map spells out spending to the tune of maybe $500K max. Events are capped at 1000 people (although they are selling 10,000 tickets)
- The price will be adjusted to market rates at the time of mint, to ensure the project receives $400 on that day. The current dip is good for the founders of this project, essentially, you will have to give them more ETH in order to mint. Very uncommon practice, but shows the motivation of the founder is cash money.
- The community in the discord, seems very green, in some instances, Kids (under 18YO). Allot of Fortnite talk, and the feel is its just kids with no money. At this time they have 5500 member, 65% are fortnite fans/kids on tiktok. The real audience with money is very low.
- no discount for being whitelisted. Odd, but no discount, full tote dividends for everyone. This ensures 1000 NFT's are sold before people start to become suspicious.
- To buy when on the whitelist, you need to connect your discords and metamask wallet. You need to provide ID, taking away the anonymity of a blockchain. no one should ever be able to link a person to their wallet address. Imagine if you had 100 Bitcoins in your wallet, would you let everyone know this? And if you did, expect them to come knocking, to collect!!
- Roadmap, seems ambiguous at best. 10% royalty on re selling. High, and to continue to line the pockets of the founders.
All in all, this project smells like a quick cash grab by the founders. It focuses around young people. At best, I think this project will sell 1-2K NFTS at best. The founders will prop up the sales with fake wallets (5 per wallet, but any one person can have 100's of wallets), to convince the audience to buy. Events will be postponed, downgraded. They are trading off the fact you want to meet these guys. I ask you, who would you pay $4MIL dollars to have a drink with someone at the pub? anyone? Thought so.
The real-world utility is off, and it just smells. They want cash in the door quickly.
SCAM
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