The NFT ecosystem continues to increase exponentially. Many people are stepping into the market and searching for an NFT project to invest their hard-earned money in.
For a majority of people, this is the first step into the NFT space, but some of them are having a terrible time as rug pulls become more common.
New NFT projects appear daily, and because of the growing popularity of the market, many of them are selling very fast. Unluckily, not all of these projects are legal. Some of them are paid in cash by anonymous developers who see the market as an opportunity to make as much money as possible.
An NFT project called Frosties was recently sold out, earning the developer $1.2 million. Shortly afterwards, the anonymous developers deleted everything and disappeared. This scam caused many people to lose out on an NFT that has no future.
In many cases, these developers produce several NFT projects simultaneously. May be, as the new year approaches, it is time to look at how these projects work.
Presently, various popular crypto Twitter influencers aim to put an end to this. Zeneca also asked its followers this question and asked them to refrain from “progressing on projects with developers / Anon teams”.