Source: blockchain.news
While endorsements from a host of A-list celebrities helped accelerate the boom in the use of non-fungible tokens (NFTs) in 2021 and 2022, some of those celebrities pushed unvetted projects to their followers without understanding whether the projects were authentic. Even after the markets have recovered in 2023, the practice continues to enjoy widespread adoption.
Furthermore, the MMA fighter failed to take into account the vital fact that the website’s FAQ section explains that there is no way for investors to get NFT “Sourz”.
When Kim Kardashian sent the crypto token EthereumMax (EMAX) to her 330 million Instagram followers in June 2021, the United States Securities and Exchange Commission (SEC) discovered an identical situation to what had occurred in June 2021. with Kanye West. The Securities and Exchange Commission believes that by failing to report the $250,000 sum she had received for the promotion, Kardashian violated the anti-advertising section of the Securities Act.
Coffeezilla, on the other hand, took steps to ensure that people who fell for the fake NFT project were informed as soon as possible. Users are taken to a website that issues a warning about being taken advantage of when they click the “Mint Sourz” button (as seen in the screenshot above).
While Coffeezilla intends to provide more details in a later video, the event serves as a powerful warning to influencers and investors that they should do their own research before promoting or investing in a project.
According to fictional creator Atto, the Little Shapes NFT project, which was established in November 2021, was a “social experiment” with the goal of shedding light on large-scale NFT botnet frauds taking place on Twitter.
When asked about the motivation for the creation of the NFT project, Atto replied that he needed a story that would sell to ensure that no one would ignore a story that hurts. He said this while expressing his goal behind starting the project.
The planned avatar-style project known as Little Shapes, which would include 4,444 NFTs and allow owners to interact with and modify the artwork in real time, was announced under this name.
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