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NFT
Transparency
Influencer Marketing
Guide
Influencer
1/ Here’s your guide to making it in this space as an influencer, founder, or even as a newcomer: NFT edition
2/ It’s no secret that there’s a huge lack of transparency in the NFT space with influencers, celebs, & projects deceiving people left and right.
A common question I am asked is what people can do to avoid being part of the issue.
A common question I am asked is what people can do to avoid being part of the issue.
3/ Not disclosing paid ads: This has been rampant in the crypto space for as long as I can remember but also has become popularized in the NFT space as well
Example: HelloImMorgan was paid 4.7 ETH to Tweet about JAC and the project went south bc of bad actors involved.
Example: HelloImMorgan was paid 4.7 ETH to Tweet about JAC and the project went south bc of bad actors involved.
4/ Newsflash: It’s not just a slap in the face to your followers, it’s also downright illegal in a lot of countries. It’s only a matter of time until the gov’t starts cracking down on people whether you like it or not.
Good guidance to follow:
ftc.gov
Good guidance to follow:
ftc.gov
5/ Thanks to the recent legal precedent in the US set in the Bitconnect case you potentially can be legally liable for promoting scams.
Being compensated to post about a project isn’t bad but lying about it is. It’s not hard to add #ad to a post.
theverge.com
Being compensated to post about a project isn’t bad but lying about it is. It’s not hard to add #ad to a post.
theverge.com
6/ Is selling yourself out for a few ETH and not disclosing really worth your entire reputation you’ve spent months or even years building?
Why I think projects/people do this:
People are just more inclined to buy something when it seems the person has a genuine interest.
Why I think projects/people do this:
People are just more inclined to buy something when it seems the person has a genuine interest.
7/ It’s unfair to say everyone doing it has bad intentions but it’s important you recognize the issue
Relative to other industries not disclosing NFT/Crypto can cause people major financial harm
People buying should do basic DD but you should assume the average person is 0 IQ
Relative to other industries not disclosing NFT/Crypto can cause people major financial harm
People buying should do basic DD but you should assume the average person is 0 IQ
8/ Doing giveaways in exchange for a whitelist spot is another way followers get deceived. Many influencers do this and it is still considered compensation.
When you do this you’re endorsing the project as legitimate so if it’s rugs you could be held liable.
When you do this you’re endorsing the project as legitimate so if it’s rugs you could be held liable.
9/ Some of these whitelist spots end up being worth a few ETH. Unofficial OTC marketplaces have even popped up to where you can buy these whitelist spots.
An example of what a disclosure could look like (your followers will thank you for the transparency as it isn’t common).
An example of what a disclosure could look like (your followers will thank you for the transparency as it isn’t common).
10/ On the project side of things as a founder you should aim to be as transparent as possible
In the recent months many NFT projects sprung up that straight up rug
It’s important you differentiate your project from these so people can to make a well informed decision
In the recent months many NFT projects sprung up that straight up rug
It’s important you differentiate your project from these so people can to make a well informed decision
11/ Red flags to look out for:
-Anon team w/o a track record
-Fake engagement on Social media (followers, discord members, bots in comments)
-Sketchy marketing
-Low effort Fiver art
-Projects that can’t justify high mint prices
-Wash trading
-Makes unrealistic claims
-Anon team w/o a track record
-Fake engagement on Social media (followers, discord members, bots in comments)
-Sketchy marketing
-Low effort Fiver art
-Projects that can’t justify high mint prices
-Wash trading
-Makes unrealistic claims
12/ Once again these are not all applicable 100% of the time but it’s a good basic guideline to follow as a founder/newcomer.
The more boxes a project checks, the more red flags there are & caution I advise.
The more boxes a project checks, the more red flags there are & caution I advise.
13/ We’ve also seen influencers blatantly dump on their audience.
Ex: If you tweet about a project and then a few minutes later start dumping said project
It’s surprising this happens as often as it does from a public ens.
Ex: If you tweet about a project and then a few minutes later start dumping said project
It’s surprising this happens as often as it does from a public ens.
14/ Then there’s influencers/founders that do not care at all and disregard all of the above to scam their audience.
Ex: Balloonville rug or Lana slow rug
Ex: NFT Machine used all 300 ETH he raised from his project to buy NFTs and has yet to build anything & ghosted investors
Ex: Balloonville rug or Lana slow rug
Ex: NFT Machine used all 300 ETH he raised from his project to buy NFTs and has yet to build anything & ghosted investors
15/ We all know the vast majority of people are here to make to life changing money and aren’t “in it for the art/tech” as they say. At least have the decency to do it right and let people perform basic DD bc the one thing that will stick with you forever is your reputation.
16/ As a newcomer the crypto/NFT space can be very intimidating and even with my warning you most likely will fall for some of this
As a rule of thumb: If unsure always ask yourself WHY a person might be posting about a project
Stop trusting random people blindly
As a rule of thumb: If unsure always ask yourself WHY a person might be posting about a project
Stop trusting random people blindly
17/ I created this account to hopefully help change as much of this across both the NFT & Crypto space as possible and brings awareness.
If my posts have helped at least a few people from being hurt then I’ve done my job.
If my posts have helped at least a few people from being hurt then I’ve done my job.
18/Believe it or not researching scams & shady things that go on in the space isn’t enjoyable at all. It’s quite depressing and changes your perspective of things
I’ve ruined countless relationships & have stupidly turned down many paid opportunities ($50k a month of shills)
I’ve ruined countless relationships & have stupidly turned down many paid opportunities ($50k a month of shills)
19/ Way too many hours have been spent and besides any donations to my ens there’s not really any financial incentive for me to do this longterm and legitimatize it further
Shoutout to anyone who’s donated I appreciate it
Follow for more threads in the future.
Shoutout to anyone who’s donated I appreciate it
Follow for more threads in the future.
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