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Part of the charm of NFTs lies in their potential to satisfy the desire to own an object, something virtual, because we know that today we are not only dealing with the high prices of real estate or products that we could have legal possession of. , we also deal with products and services that we really only have licenses for a defined time. Unfortunately, if we add to this the lack of regulation, we have the token scene as a risky territory and ready for all kinds of fraud, as in the most recent case.
They wanted virtual land and lost their money
One would think that the safe option when it comes to NFTs and cryptocurrencies would be the most well-known platforms, however even those are not protected from either hacker activity or their inability to respond to unusual situations. Such is the case of those responsible for the NFT Bored Ape Yacht Club collection, Yuga Labs, who presented their next project: the Otherdeed collection for what is emerging as an MMORPG that works with NFT and cryptocurrencies, Otherside.
NFTs continue to be mired in controversy and fraud
According to information from my boxdespite the constant situations of fraud and hacking, the NFT scene responded immediately to the proposal of Otherside and this time it was not a one-of-a-kind character design, but the possibility of having a “digital terrain” in the game. Thinking that it was a safe bet, interested parties immediately tried to invest in the only cryptocurrency that would be accepted in the game, the ApeCoin, however, this generated a saturation in the chain of blocks that resulted in adjustments to the initial rate, which caused some to pay $14,000 USD per trade, and errors where the payment was accepted but nothing was received in return.
In the midst of the chaos, Yuga Labs got to work to solve the problem generated with the ApeCoin, currency based on Ethereum, and little by little began to make refunds, although some operations took a long time, disappointing users.
We have refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint. The fees have been sent back to the wallets used for the initial transaction. Here’s how to find your refund… 🧵
— Yuga Labs (@yugalabs) May 4, 2022
However, this is not the worst, because in the midst of the chaos to secure sufficient amounts of ApeCoin and set aside a piece of land in Otherside, a fraudulent site appeared that was presented as an alternative, and official, option to carry out the operation. Unfortunately, this was a hoax and the users who fell for it saw a total loss of $6M worth of NFTs.
It is not surprising that with all these kinds of events, the fever for NFTs has not only disappeared, but has caused the collapse of operations in these tokens, in fact a recent report indicates that sales fell 92%.
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Video: BITS – The fraud of crypto games and Play to Earn
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