Fresh scam with pumped-up social networks, cool ideas for the Indian market, and an idiotic team.
The law of the modern market says – the more hype, the more fraudsters. The desire to get on the departing train is outweighing knowledge. And less knowledge, the greater the risk of being deceived.
Several years ago, we experienced this with ICO. Millions of people have invested in revolutionary tech, ecosystems, and marketplaces. As a result, most of them were left without investment and without cyberpunk-style devices.
Precisely the same thing is happening with NFTs. There are a lot of scammers right now. They are not very successful because at least 80% of token buyers are resellers, and resellers are knowledgeable people. But that is only for now. When the masses join the game, scams will emerge almost daily.
Let’s take a look at what an NFT scam is. By analogy with ICO, it is primarily a promise to build something unique that no one will fulfill. A simple example is to sell NFTs with achievements for a future game and then drive off into the sunset. Or a marketplace. Or add additional tangible goodies to the token – a T-shirt signed by Lamelo Ball, a barrel of Clontarf smoky whiskey, a trip to Burning Man. But in fact, the buyer will not get any of this – it turns out that Lamelo burned a scarecrow in the desert, drank his whiskey, and did not even hear about such an NFT project.
Since the mission of NFT Mafia is to fight for the bright name of the technology, to highlight the best projects and hate the worst, we simply could not pass Colexion. These guys called themselves the largest licensed NFT marketplace in the world.
This is very cool. The only negative is that there are still no regulatory rules for NFT licensing globally. Thousands of people hang out around the clock on OpenSea, AtomicHub, Foundation, and the Colexion marketplaces. The latter does not even exist yet.
According to the company’s official website, its investor and advisor Suniel Shetty is a Bollywood star. He even has his own website, just like in the 90s of the last century. And the team is generally specific. In a PR article, the CEO, Abhay Aggarwal was named Abhay Agarwal. We went to the Colexion team on Linkedin, and there, besides Aggarwal, there are people with almost identical surnames, as if the profiles were rushed into existence and someone made spelling mistakes.
The CEO himself has only been working for 2 years, and it is nowhere stated that he was previously associated with crypto. But 90% of the team indicated that they work for Payiza. Of course, this is fintech with a capital F. With a barely working website and non-working applications. But apparently, it does not bother them, they just took on a new project instead of fixing the old one. That’s right, that is how visionaries do it.
On December 12, the guys are launching the first NFT sale. More than 1200 tokens will be sold to over 100 celebrities. Imagine if Leo DiCaprio, Brad Pitt, Quentin Tarantino, Marco Robbie, Timothy Olyphant, Bruce Lee, Roman Polanski, and Charles Manson got together and decided: damn it, why don’t we release NFTs?
Of course, the size here is not the same, but local celebrities – cricket coaches, and models still have a million followers on Instagram. And they were really promoting Colexion. As a result, the project has 20 thousand followers on Instagram, 30k on Twitter, and 50k on Telegram.
But all of this is bullshit and eye-soaping. Why? Because celebrities do not take this seriously – otherwise, they would not have limited themselves to one post or a couple of stories. The team itself is even less serious about this, which, we recall, is almost completely involved in a fintech company without a product. The one person who is not involved in it did not work in the blockchain industry. How all these top shots will build a marketplace, a game, and, God forgive me, a museum? Not so clear for us. Actually, the initial plan is clear – sell NFTs with cricketers and models, sell the token, and then decide what to do.
Still, let’s end on a good note. Even the fiercest scam like Colexion has some pretty good ideas. Selling in India, where cricket is damn popular, where many gamblers live along with cricket players and Bollywood actors, is a pretty good idea. Large corporations are actively investing in digital financial services in this country. The population is using smartphones. The prices for tokens here can rise regardless of the external market. They will resell them to each other and earn. Like we did at school with Pokémon chips.
So get out your oars and paddle in that direction, mafiosos. Share this review with your friends if you want us to continue going after scammers. In NFT, we trust!