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12. How to Avoid NFT Rug Pulls, Scams and Making the Same Mistakes I've Made
Rug pulls aka when you invest in an NFT project and your investment turns to nothing as the founders were just there for a cash grab.
Official definition:
"The maneuver, known as a “rug pull” in cryptocurrency circles, occurs when a token's creators abandon the project by exchanging many virtual coins for real-world cash."
The thing is when it comes to NFT rug pulls and even scams it really comes down to understanding the risk vs reward and the game we are all playing right now.
We are investing our money in an idea/art that we believe is valuable and that we TRUST those behind the project in that they will deliver what they are claiming.
When it comes to those getting scammed right now we must do our best practices and protections not only against bad actors but against ourselves making simple yet massive mistakes.
- I share how I use a default wallet in my MetaMask that has nothing in it to help prevent myself from making a mistake
- Must use official links/announcement channels in discord to send you to the ONLY links you click on where you are connecting your wallet.
- Don't search Opensea for the project's name, go to the discord or website to find a direct link.
- Test out transferring of crypto or NFTs in a small amount first to make sure you understand the process, timing and variables.
- Being rug pulled or scammed doesn't mean you were stupid or not really for this space, it just means you have to do better to set yourself up for success.
Links mentioned in this episode:
Mint 365 Website: MintNFT365.com
CryptoDads NFT: https://www.cryptodadsnft.com/
BubbleGum Kids NFT: https://bubblegumkids.xyz/
DISCORD: HTTP://discord.gg/adhdcoin
ADHD Coins: ADHDcoin.com
---
#Mint365 11.22
PogPunks!
https://opensea.io/assets/0x1e1744ffd69296765f0447e88ac38be74a4ead13/2826/
Went with Pogpunks and minted this seems to be very rare one!
A Punks derivative at the center of the first NFT multi-chain metaverse generator platform. (edited)
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By Brian Fanzo Digital Futurist Keynote Speaker
4.8
146146 ratings
Rug pulls aka when you invest in an NFT project and your investment turns to nothing as the founders were just there for a cash grab.
Official definition:
"The maneuver, known as a “rug pull” in cryptocurrency circles, occurs when a token's creators abandon the project by exchanging many virtual coins for real-world cash."
The thing is when it comes to NFT rug pulls and even scams it really comes down to understanding the risk vs reward and the game we are all playing right now.
We are investing our money in an idea/art that we believe is valuable and that we TRUST those behind the project in that they will deliver what they are claiming.
When it comes to those getting scammed right now we must do our best practices and protections not only against bad actors but against ourselves making simple yet massive mistakes.
- I share how I use a default wallet in my MetaMask that has nothing in it to help prevent myself from making a mistake
- Must use official links/announcement channels in discord to send you to the ONLY links you click on where you are connecting your wallet.
- Don't search Opensea for the project's name, go to the discord or website to find a direct link.
- Test out transferring of crypto or NFTs in a small amount first to make sure you understand the process, timing and variables.
- Being rug pulled or scammed doesn't mean you were stupid or not really for this space, it just means you have to do better to set yourself up for success.
Links mentioned in this episode:
Mint 365 Website: MintNFT365.com
CryptoDads NFT: https://www.cryptodadsnft.com/
BubbleGum Kids NFT: https://bubblegumkids.xyz/
DISCORD: HTTP://discord.gg/adhdcoin
ADHD Coins: ADHDcoin.com
---
#Mint365 11.22
PogPunks!
https://opensea.io/assets/0x1e1744ffd69296765f0447e88ac38be74a4ead13/2826/
Went with Pogpunks and minted this seems to be very rare one!
A Punks derivative at the center of the first NFT multi-chain metaverse generator platform. (edited)