The answer is yes, a lot of NFT projects are a complete scam. This fact has made the NFT market a very controversial topic over the past few months. The booming market has provided an opportunity for many incompetent entrepreneurs to dump their poor products onto
unsuspecting buyers. 

But don’t lose hope. The technology around NFTs is very solid and the current economic market fully supports their application. Your job as an investor is to find the right projects and identifying the scams. 

The number one thing to look at when buying an NFT is the use case, does it provide extrinsic or intrinsic value to the marketplace. Will this token grow in value as the project advances?

After that, here are a few questions you should ask yourself about the team behind the project. Are they capable of getting the project to fruition and achieving the goals that they have promised? Are they hiding behind an alias and not releasing their names to the public? Have they completed successful projects in the past? 

The next step is to look at the community, this will tell you if the market likes and is excited about the project. How many social media followers do they have? Do they have an active telegram or discord group and are people genuinely excited about the project? 

All and all don’t expect to see this market disappear, but also don’t expect to be selling your galaxy chicken JPEG for profit in ten years. 

Let us know in the discord chat if you have questions, comments or if this blog helped grow your knowledge of the space. 



















Are NFTs a Scam?

How many people buy a T-shirt or a wrist band to flex to their friends that they were at Coachella or EDC for the weekend? In today’s digital world what better way to remember an epic event than your unique digital avatar. Here are 3 reasons why NFTs will be the final nail in the coffin for conventional ticket sales and why projects like Hype Disco are leading the industry.

1.  Security – We have all heard countless stories of people buying fake tickets from a back ally scalper or “Greg” from craigslist. The security offered by these unique digital codes is unmatched and in case you didn’t know NFT cannot be duplicated.


2.  Cost effectiveness- NFTs are very cheap to create, as the industry advances there are more and more programs coming out to aid vendors in producing them. The open platforms and ability to host your own marketplace also eliminates the need for costly third parties
    like Ticket Master and Eventbrite.


3.  Perpetual Revenue- The digital tokens are very versatile, and creators have the ability to encrypt rules around merchandise, royalties and resale which opens huge doors for creators to receive perpetual wealth. Imagine if Ultra Music Festival created a rule that they wanted 2% of any resold tickets, how would they ever police it without an NFT?


All these reasons will defiantly provide a driving force for the industry standard to switch. Think I am wrong?

Let us know in the discord chat!


Why NFTs will replace tickets in the next decade!

The new decade has brought an unimaginable rush of traffic to the highly speculative NFT market. These trendy digital avatars are flying off the shelf, some for millions of dollars. 

So why NFTs? What makes the so valuable? 

Let’s start with the basics! An NFT (non-fungible token) consists of a unique digital code encrypted on a blockchain which cannot be duplicated, this code is tied to a digital asset stored somewhere on the internet. This creates proven ownership of that digital asset, which makes sense seeing the NFT market of JPEGs, Tweets and Youtube videos. 

It all seems crazy to think that someone would buy a picture that they can just download for free from the internet, but this sensation has become much more than that. Musicians and artists can now mint and hold ownership of their content. Allowing them to be in complete control of the rights rather than placing them in the hands of sometimes predatory third parties. 

The uniquely designed smart contracts allow for royalties and rules to be programmed directly into the asset eliminating the need for costly lawyers and time-consuming legal settlements. 

NFTs can also serve as a digital community
membership allowing creators to attach extrinsic value to the asset. Projects like Vee Friends, The Board Ape Yacht Club and Hype Hyena Disco have all created NFTs where the community benefits from the success of the project, providing access to events, property and the exclusivity of ownership.

Will the NFT market slow down? Maybe, but if it doesn’t now you know why!



















Blog

Are NFTs a Scam?

Why NFTs will replace tickets in the next decade!

Why Are NFTs So Popular?