The non-fungible token (NFT) market really warmed up in mid-January 2022, seeing a dumping of big brands focusing on products based on this blockchain technology.
However don’t get too excited as there are three NFT projects: OpenDAO (SOS), LooksRare (LOOKS), and Fees.wtf (WTF) are seen to guarantee but there is suspicion of one of them.
OpenDAO (SOS)
OpenDAO launches SOS tokens as a token of appreciation, protection, and promotion of the entire NFT ecosystem including market platforms, creators, and collection collectors.
Since the launch of SOS, a total of 13.7 trillion SOS ($ 45.6 million, equivalent to RM190.9 million) have been locked in for staking and 50% of it has been handed over to the community.
As of January 12, consumers have the opportunity to earn an annual return (APY) of 145% based on SOS ownership.
But SOS suddenly announced the claim expiration date on January 13 based on an official tweet uploaded last week whereas the original date was June 30, 2022.
SOS recorded a 79% decline from the $ 0.00001180 price level on December 25 and traded at $ 0.000002593 at the time of writing the article despite offering a unique NFT trading opportunity.
LooksRare (LOOKS)
LooksRare was launched in early January 2022, becoming OpenSea’s closest competitor.
It's just that it lacks Web 3.0 incentives and initiatives, but still manages to earn the title of "Death of OpenSea".
Through paid airdrop (includes transaction fees, NFT advertising) LooksRare claims airdrop and staking can be done optionally.
Even so, more than 119,000 wallets managed to redeem LOOKS, and according to OpenSea data has processed more than 50 times LooksRare transactions.
At the same time, there is a hovering negative sentiment related to investor activity there may be an element of wash trading with the NFT Meebits collection.
Fees.wtf (WTF)
The project started as a payment service in Ethereum that made a calculation of the amount of gas spent by users.
It is seen to rise on par with OpenSea due to the increasing demand of Web 3.0 users.
Concerns begin when:
One user had to spend 0.05 ETH to be eligible to receive an airdrop.
As soon as the airdrop launched, the user realized the size of the liquidity pool was so small that he lost 58 ETH ($ 165,792, equivalent to RM694,048) from the boat.
Although the price of WTF has declined by over 84% since its launch, this coin still managed to attract the attention of most investors.
It is understood that there is also an element of wash trading and some issues related to the co -founder, who is also the investor of Pudgy Penguin - Cole.
Hence, the rapid growth of the crypto ecosystem that offers Web 3.0 incentives make sure you do the reading, #DYOR, first in order to avoid any exploitation.
