Since Loopring has got to be the best place to do business, it attracts a lot of reputable players in the NFT space. These players probably started out legit, but as things do, good will is overpowered by greed. “Artists” create followings and sell you NFTs with “utility”, and you get to be part of the “passive income” club. They tell you to login to Discord and they’ll perform a wallet check to ensure you do, in fact, own the right NFTs to “qualify” to receive your passive income allotment.

They don’t say when they’ll pay you. Sometimes they actually say when the monthly snapshot is. A "snapshot” is a term borrowed from other Cloud Systems language that describes taking a “backup” of the disks or files at a particular time. There are various types of backups and disks, but none of that is relevant for this discussion. What they are describing is a public information request for all addresses that have particular NFTs or NFT IDs so they can establish who is an “owner” of the collection. On Opensea, they list who the individual owners are for an NFT collection. Pay attention to that number. The smaller it is-number of unique owners, the more likely the collection is being manipulated and wash-traded.

Wash-trading is a term describing ‘selling’ an asset to myself so that I can jack up its price. You’ve heard about this in the news already no doubt. “X Celebrity just paid $650k for this stupid NFT that just has a single dot in the center of the image!” Influencers: ermahgerd guys, but it’s so avant garde.

The price is literally, fake. Just like GME, and the fact that Epstein killed himself.

I own two wallets. Somehow, I have access to a shitload of Eth because I’m an asshole and steal from everyone. I “work” with, or create, an NFT collection that is literally useless and worthless. The best kind. I “list” the NFT on Opensea using lazy-minting(Fee-free creation for the artist) for 100 Eth. It is completely useless. I already know this.

I use my other wallet to go to Opensea and “buy” my NFT listed from another wallet. I pay Opensea a fee, ofc, but the rest is escrowed through OpenSea to my other wallet at the end of the month. I get 98% of my money back, let’s say.

The Floor price for my collection just became 100 Eth. The art and utility is still worthless. But now I “own” an asset I created, and I can prove the price is real. After all, it’s right there on OpenSea. 100Eth. Look at it!

Since Loopring has got to be the best place to do business, it attracts a lot of reputable players in the NFT space. These players probably started out legit, but as things do, good will is overpowered by greed. “Artists” create followings and sell you NFTs with “utility”, and you get to be part of the “passive income” club. They tell you to login to Discord and they’ll perform a wallet check to ensure you do, in fact, own the right NFTs to “qualify” to receive your passive income allotment.

They don’t say when they’ll pay you. Sometimes they actually say when the monthly snapshot is. A "snapshot” is a term borrowed from other Cloud Systems language that describes taking a “backup” of the disks or files at a particular time. There are various types of backups and disks, but none of that is relevant for this discussion. What they are describing is a public information request for all addresses that have particular NFTs or NFT IDs so they can establish who is an “owner” of the collection. On Opensea, they list who the individual owners are for an NFT collection. Pay attention to that number. The smaller it is-number of unique owners, the more likely the collection is being manipulated and wash-traded.

Wash-trading is a term describing ‘selling’ an asset to myself so that I can jack up its price. You’ve heard about this in the news already no doubt. “X Celebrity just paid $650k for this stupid NFT that just has a single dot in the center of the image!” Influencers: ermahgerd guys, but it’s so avant garde.

The price is literally, fake. Just like GME, and the fact that Epstein killed himself.

I own two wallets. Somehow, I have access to a shitload of Eth because I’m an asshole and steal from everyone. I “work” with, or create, an NFT collection that is literally useless and worthless. The best kind. I “list” the NFT on Opensea using lazy-minting(Fee-free creation for the artist) for 100 Eth. It is completely useless. I already know this.

I use my other wallet to go to Opensea and “buy” my NFT listed from another wallet. I pay Opensea a fee, ofc, but the rest is escrowed through OpenSea to my other wallet at the end of the month. I get 98% of my money back, let’s say.

The Floor price for my collection just became 100 Eth. The art and utility is still worthless. But now I “own” an asset I created, and I can prove the price is real. After all, it’s right there on OpenSea. 100Eth. Look at it!