BSV developer and YouTube personality Joshua Henslee spoke to Amine Oubrahim from Nomad Media Club about NFTs. They covered a broad range of topics like NFT scams and how to identify them as well as how they can have real utility as the industry matures.
Identifying NFT scams
Oubrahim begins by saying that he’s passionate about helping people identify NFT scams. By his estimation, 95% of NFT projects in the last six months could be classified as scams. He believes that some teams have good intentions and decide to exit when things don’t go their way, but he reminds us that others have more malevolent intentions from the outset. Despite this, he believes that the ‘Wild West’ era of NFTs is over.
Turning his attention to how people scam in the NFT space, Oubrahim mentions insider trading and automated bots buying and selling to make it seem like there’s demand. He outlines how some wash trade NFTs with their own funds to get them listed on lists that track trading volume, value, and other stats.
“None of this is legit behavior,” Oubrahim reveals.
To avoid falling prey to these scams, Oubrahim recommends looking at the team page and generally avoiding projects offered by anonymous teams or people. While there are exceptions to this, he notes that you have to question why a team would want to remain anonymous. There could be a legit reason, but these days, people should be willing to stand by their work and be accountable.
Oubrahim also states that there…
