Collecting NFTs is not a practice free of dangers or false friends. One example occurred last May during an NFT sale of Gary Vee’s project VeeFriends. What happened was a clear example of how fatal errors can take place within seconds.
With this article we want to raise awareness of this reality and help promote good practices, so that collecting NFTs is fair and clean. So, this is what happened on Friday, May-13–2021 06:22:34 PM + UTC.
After buying “The Nubble Numbat”, a very special 1 of 1 Lava NFT, for 5.58 Ethereum (ETH), at that time $21,270.68, the buyer put in on sale on the NFT marketplace Opensea for 25 ETH.
So, the first bidder came through and made a dishonorable bid of 24.95 USDC, which is a stable coin, meaning 1 USDC equals to $1. Surprisingly, the seller accepted the offer loosing a lot of money.
The community of Veefriends that gathered on Discord at the time started realizing what had happened and just couldn’t believe it.
Please never buy the great Lava Noble Numbat, it was born to bring awareness and love.
Please be careful!
Why us, why now?
As a matter of fact we are currently VeeFriends token owners and members of the Veefriends Discord community. We attended to what had happened in real time. We empathise inmediately with the protagonist and thought this kind of practice must be told, learned from and shared within the community so that can be avoided in the future. Also because it is not a unique case.
Not only Veefriends NFTs are being watched closely by sharp buyers that are willing to catch an error from the newbies. We have choosen one particular example from the platform Opensea in which a seller put on sale a token for 0.44 ETH and a buyer got it for $ 0.43, making an offer in USDC instead of ETH.
Even though the NFTs auction system is not new and has been running since 2017, there are a lot of people starting to buy and trade these days. Providing them with useful tips and information is always the best way to enrich the community. Like us, other people also want the space to be clean and with good practices.
One recent example of this came from a Veefriends community member. He actually created a token condemning this specific case. He has sent this token to the user that had bought the Noble Numbat for $24,95. The token also invites other members of the community to denounce the situation by not buying the Noble Numbat again. Shortly after, the buyer denounced for his attitude has transferred this same token to another user to avoid being detected.
Building a supporting community
This community has over 143K users, and many of them were connected at the time. Some of them realised what had just happened and started pointing out scam, others an error. Although it was no scam, it was just a human error, most of them felt sorry for the seller and emphasized the neccesity, specially for new users, to be aware of the rules, steps and issues you have to know before making the click.
The entrepreneur Gary Vaynerchuk has stressed in several occasions to his community the need to understand and educate on cryptocurrencies and NFT’s. That is why he launched his 10,255 token NFT project. The key objective of the project is to create meaningful intellectual property and build an extraordinary community around it. It has been precisely the community who has underlined what occured on Friday with one of his members, they showed respect, empathy and support. We guess both objectives have already been achieved.
Gary Vee always insists in the fact of dedicating time to study new things, he implies this on his famous phrase “Do 50 hours of homework”.
Investing in NFT’s
NFT’s are changing the collectible sector at a gigantic pace. Now art, music or videos can be consumed as a piece of unique permanent value. Well known business men and enterpreneurs have released their own NFT’s. One of them was Jack Dorsey, the co-founder of Twitter, who sold his first tweet ever as an NFT’s for more than $2.9 million. This is just an example, but you can find more. Like Beeple, a digital artist, that last March sold his first NFT for 57 million euros. This is a historic achievement and he has become the third artist alive to sell a piece of art at that high price.
NFT-Crap is a group of several owners that want to make awareness of this reality and help promote good practices, so that the auctions are fair and clean.