Tai Lopez is at the center of a brewing NFT controversy because Crypto Twitter is tagging his OG (Original Garage) Social Club as a cash-grab! Some NFT influencers and thought leaders have called out the project for giving the industry a bad name. In addition, there are also loads of criticisms and questions about the reputation of the self-proclaimed crypto philanthropist.
OG (Original Garage) Social Club by Tai Lopez: Cash-Grab or Legit?
Former Coinbase engineer Ox Beans (@Ox_Beans) revealed a shocking fact about the project’s smart contract. According to the screenshots he shared, the project immediately siphons out the funds into the team members’ wallets whenever a user mints an NFT.
The cherry on top is that the minter shoulders the gas fees for the transfer. So when you sign the transaction, the gas you’re spending includes the fee for dispersing the funds to different wallets. Unfortunately for Tai and his team, blockchain transactions don’t lie and even the worst detractors can’t make up things like this.
Even before Ox Beans’ revelation, the community was already cynical about the project because of Tai’s questionable reputation. If you were heavy on Youtube as early as 2017, then you probably know him for his ads. In one of his videos, he showed a new Lamborghini in his garage along with a library which he claimed has 10,000 books. Back then, he marketed himself as an Internet Entrepreneur selling online courses. So to most, he is the guy who made a fortune by promoting get-rich-quick schemes on the Internet.
Crypto Twitter pointed out that Tai suddenly becomes an “expert” on things whenever they become trendy or can make him money. Back then, he capitalized on the BTC bull run and now he is dipping his toes into NFTs.
Some NFT influencers made it clear that they are sick of his antics. NFT influencer ThreadGuy.eth (@DiscoverXnft) said, “I will pay the 10 Eth mint to never see Tai Lopez on my timeline again.” Ashrobin.eth (@ashrobinqt) feels the same way. He wrote, “I would never touch the Tai Lopez NFT or anything he does.”
Does the project have Real Benefits?
Now, let’s look at the benefits that the project promises to its NFT holders. Basically, the NFTs allow you to hang out with Tai Lopez. The line-up includes things like getting his Whatsapp number, watching a movie and shadowing him in his office. So in a way, it is similar to other personality-based NFT projects.
So why is it receiving backlash? The short answer is his bad reputation.
NFT influencer EddyisKongz.eth openly criticized the benefits of the project. He said, “I respect anyone wanting to add value to NFTs but this is not the way.”
The early mint for whitelist members started yesterday and the project has already pulled in 36.7 ETH (around $97,000) in secondary trade volume on OpenSea. Meanwhile, the floor price sits at 0.196 ETH, so, despite the controversies, the project has some decent numbers.
The Tai Lopez NFT Collection gives access to the exclusive Mentor Social Club and claims to provide a lot of benefits. The American motivational speaker is also giving a chance to win a Bored Ape to the early holders of his NFT collection.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.