The Web3/NFT space can be regarded as a microcosm of the VC world based on the right connections, buying low & selling high, over-hyping and lots of phony philanthropy & fake positivity. We will soon shine a light on all the VCs/individuals involved in pushing this space forward.
4/ Unnecessary to say that these people often have a financial incentive to do so. That will become increasingly more clear: while you think this is a decentralized world, there are actually small centralized groups that benefit the most from the NFT space.
1/ A quick thread on @fRiENDSiES_Ai. Many people have already shared their views on the high mint price, which was reduced from 4.2 to 3.33 ETH, but ironically because of the increased value of ETH, the USD price is still the same as back then: $100m.
https://t.co/7X0umBXCra
We estimate that over 80% of all NFT projects coming out now are scams. If we don't explicitly mention that a project is a scam, it doesn't at all mean that it isn't a scam. We simply don't have the time/resources to mention them all. We hope people start to see the common signs.
Squiggles floor is 0.3, mint was 1 ETH
NFT twitter tried to warn everyone, it wasnβt just me
This team just finessed 8 million dollars and everyone who minted took a huge L
Hopefully people will learn from this, but I doubt it