MekaVerse’s NFT is accused of fraud

MekaVerse is one of the most successful NFT launches of recent times, generating over $ 60 million in revenue in 24 hours last week. But the initial introduction was controversial and potential fraud allegations have even surfaced since then.

MekaVerse is an Ethereum-based collection of 8,888 randomly generated avatars and started on July 10th. Investors who buy NFTs don’t know exactly which images they bought. It’s like an IOU (proof of loan): Owners see a placeholder image in front of a collection start planned for later days. Even the secondary market buyers do not know what they are getting.

Every picture on OpenSea now looks the same and secondary prices are exploding because users risk a bundle of trading cards to get rare, exceptionally valuable pictures. Before launch, the unreleased NFT MekaVerse had an average retail price of over 7.1 ETH, or around $ 25,000 at this point.

Of course, buyers do not know which NFT they are buying. But since its inception, a number of allegations have surfaced on social media suggesting that buyers had early access to metadata, or information describing the properties in each NFT image. This data is used to purchase rare NFTs that do not allow previews.

Twitter user MOLOTOV accusations MekaVerse launch event is “cheating”. He points to public data from OpenSea and other sources showing that one of the project’s developers, Wyb0 from Miinded Studio, “played around” buying rare NFTs at a bargain price before they were even revealed.

Source: MOLOTOV

Another user too criticize This:

“The collapse of MekaVerse is not only due to FOMO and weak investors giving up early. This is actual fraud. Insiders have gained access to hidden metadata and adopted legendary, extremely rare, undisclosed strains. The developers are also involved. It’s disgusting.”

https://twitter.com/OttoSuwenNFT/status/1448376113647038467″ target=”_blank” rel=”nofollow noopener
Amid the above allegations, the reserve price – or the cheapest NFT available for MekaVerse – has plummeted in recent days. As mentioned earlier, MekaVerse NFTs were trading for over 7 ETHs prior to release, while the average price on OpenSea has been below 2 ETH so far. Even so, according to Cointelegraph, the collection has so far generated more than $ 130 million in secondary trading volume. CryptoSlam.

Along with fraud allegations and other launch timing complaints, some buyers criticize the randomness of the MekaVerse robot image, which is inspired by Japanese anime classics like “Mobile” Suit Gundam. In some cases, the difference between Ethereum-based NFT images is just a slight color change of small details like in Alex Krüger’s tweet.

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Minh Anh

After decrypting

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