Lana Rhoades and Jake Paul are two of the many who give selling NFTs a bad name. It’s easy to see why so many think of schemes and scams when they hear about NFTs or cryptocurrency. Creators like Rhoades and Paul are the reason it’s easy for people to assume that the only way to make good money by selling NFTs is by ripping people off via rug pulls or pump and dump schemes.
What kind of NFT schemes are there?
There are more than a few types of NFT schemes out there. However, there are a few that are more common than others. A popular one is phishing, and a high profile example of this is when a Chinese University student lost $548,000. The student had clicked a link that gave hackers access to that individual’s data and personal information, leading to NFTs being stolen from the student.
Jake Paul and Lana Rhoades were both involved in a rug pull NFT scheme, which involves telling people about a project, starting the development process, and, after individuals have invested in it, abruptly shutting the project down. Millions of dollars have been lost by investors, and in Rhoades’ case, she hasn’t returned any money and has avoided speaking out much about it. Neither have issued an apology to those who were involved.