Imitation and fraud projects rampant Opensea NFT’s popularity has reached its peak?

The heat of NFT has exploded.

On the 23rd, Visa announced that it had purchased a CryptoPunk for US$150,000, which triggered a panic buying boom. On the 23rd, the transaction volume of CryptoPunks was 27,821 ETH , or approximately US$ 92.22 million. Both the single-day trading volume and turnover reached historical highs. OpenSea transaction volume reached 194 million US dollars, an increase of 55.2% from the previous day. OpenSea burned more than 10,000 ETH, worth about 33 million U.S. dollars.

These data can prove that NFT has entered the Fomo stage. In the NFT field, there are still some things that are worth paying attention to. They are part of the NFT wave today and deserve to be watched.

Imitation

“EtherRock”, which is an Ethernet Square on an extremely well-known NFT project, which is a total of 100 NFT, each NFT is a stone picture, which has some 100 stone only slight differences in color. On August 23, one of the stones was sold for 250 ETH, valued at approximately US$830,000. Earlier, Justin Sun bought another stone with 187 ETH.

Imitation and fraud projects rampant Opensea NFT's popularity has reached its peak?

The NFT trading website Opensea has a TopNFTs ranking list, which includes the top 200 projects in different time dimensions such as 24 hours and 7 days.

Taking 24 hours as a dimension, we found that there are multiple “stone imitation disks” rushing into the top 200. Take a look at them one by one.

The 105th place is a project called Eeherpaper (Ethereum Paper). What does its introduction say? “Because paper is better than rock. That’s it.”

Imitation and fraud projects rampant Opensea NFT's popularity has reached its peak?

The 90th place on the Opensea ranking, etherscissorsoffcial (Ethereum Scissors), the project introduction: “Because scissors are better than paper, it’s that simple.”

Imitation and fraud projects rampant Opensea NFT's popularity has reached its peak?

Rock, paper, scissors are all there. You can play a small game. Do you think this is over? No, there are a few more projects.

Imitation and fraud projects rampant Opensea NFT's popularity has reached its peak?

Imitation and fraud projects rampant Opensea NFT's popularity has reached its peak?

Imitation and fraud projects rampant Opensea NFT's popularity has reached its peak?

This is just a clumsy imitation project for Ethereum stones on the Ethereum chain. There are also endless imitations for Cryptopunks and BoredApeYachtClub, and the rankings are higher and the popularity is higher, so I will not give examples one by one.

But we can look at the imitation disk on Solana. For example, Solanart is a trading platform similar to Opnesea on Solana. One of the most popular projects is SolPunks, which is a copy of Cryptopunks. From the data point of view, the floor price is 9.45 SOL.

Imitation and fraud projects rampant Opensea NFT's popularity has reached its peak?

If we only look at the similarity of “content”, there are already a lot of the above-mentioned very clumsy imitation discs. From the perspective of the situation, the current Opensea rankings have almost been dominated by avatar NFT projects.

Is this very similar to May 2021, when zoo-like projects went online wildly, which completely disturbed the entire cryptocurrency market.

Is this kind of imitation one of the cultural factors of MEME? Or is it an outright speculation?

Fraud, arrogant fraud

MAODAO is a Chinese project of Metaverse Play and Earn Guilds, which is very similar to YieldGuildGames (YGG), the traffic promoter behind Axie Infinity. Recently, they released two batches of NFTs with a total of 4000 cat images. Within 24 hours, the transaction volume rushed to the seventh place in the ranking, ahead of Meebits. Under the high fever, some investors complained and were deceived.

It turned out that an investor in Opensea found the NFT being sold in Opensea by searching the name of the project ReadyPlayerCatNFT. Then made a purchase. He soon discovered that the cat was fake.

What do you mean? Opensea is like NFT Taobao. Anyone can download a picture of an NFT project and upload it to Opensea to make an NFT, and then indicate the selling price, which is often slightly lower than the NFT floor price of the real project, just waiting for investors. Set.

This kind of fake shop is very confusing, especially for Chinese investors, because Opensea’s English page, coupled with the hot Fomo sentiment, is easy to be deceived under the impulse to buy.

After a simple check, there are no less than 3 fake shops on Opensea for the MAODAO project alone. At first glance, it looks exactly the same.

Imitation and fraud projects rampant Opensea NFT's popularity has reached its peak?

Imitation and fraud projects rampant Opensea NFT's popularity has reached its peak?

Imitation and fraud projects rampant Opensea NFT's popularity has reached its peak?

In fact, Opnese has been flooded with fakes. The picture below is a very popular proof. Searching for “EtherRock” can reveal a lot of fakes.

Imitation and fraud projects rampant Opensea NFT's popularity has reached its peak?

Can you report it to Opnesea? The answer is no. Investors can only keep their eyes open.

In fact, it is very good to distinguish between true and false. The data of project NFT total, owner, floor price, and transaction volume are very intuitive. Small amounts are definitely false, because fraud has a cost. After uploading a false NFT, a quotation requires a GAS. Fee.

NFT is considered to be able to prevent counterfeit goods to a large extent, but the irony is that Opensea, the largest trading platform of NFT today, may already be the largest counterfeiting platform. The blockchain is a dark forest, and so is Opensea.

Is Opensea doing nothing at all? No, recently, a project named “SadFrogs District” was deleted by Opensea due to copyright infringement.

From the proliferation of imitation disks to rampant fraud, and then contact the current NFT project is crazy to go online, do you think the market has reached an inflection point?

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/imitation-and-fraud-projects-rampant-opensea-nfts-popularity-has-reached-its-peak/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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