The NFT ecosystem continues to grow at an exponential rate. Many people are entering the market, looking for an NFT project to invest their hard-earned money in. Now, people are asking, is it time to end the cult of Anonymous developers (devs)?
For most people, this is the first step into the NFT world, but some are having a horrible experience as rug pulls become more frequent.
New NFT projects emerge every day, and due to the market’s growing popularity, many sell out very quickly. However, unfortunately, not all of these projects are legitimate. Some are cash grabs by anonymous devs who see the market as a chance to make as much money as possible.
Recently, an NFT project called Frosties sold out, making the developer $1.2 million. Shortly after, the anonymous devs deleted everything and disappeared. This scam left many people out of pocket with an NFT that probably has no future.
A lot of the time, these devs generate multiple NFT projects simultaneously. Perhaps, as we enter the new year, it is time to begin questioning how these projects operate.
Twitter is beginning to turn the tide on Anonymous devs
Now, several Popular crypto Twitter influencers want to end this. Zeneca has also asked the question to his followers, asking them to stop ‘aping into projects with anon devs/teams?’
People also favour anonymity, as it is a massive part of the crypto culture. Many people consider themselves at risk if they doxx themselves. Therefore, there are legitimate concerns about remaining anonymous, especially for devs.
Finally, if you are going to enter a project, always remember to do your own research (DYOR). Check out our guide to protecting yourself and your NFTs.
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.