I’NFT ecosystem evolving mainly in the digital space, it is on social networks like Twitter that this promotion is made. But, with the many possibilities that exist to buy likes, retweets or followers, it seems that some have abused these interaction accelerators.
An organic NFT community
In the world of NFTs, the first objective to achieve in order to make your project known is to create your community. This serves to federate her and get feedback, but also to let her know about the project around her to achieve the second objective: gain visibility.
The third objective is to achieve finance the project. This can be through fundraising from venture capital or in the manner of decentralized crowdfunding. Sometimes even both. This step, decisive for the rest of the project, will generate a lot of enthusiasm from the community who will share it enthusiastically on social networks.
Building this legitimacy can take months when done organically, but the payoff is worth it! A solid, federated and numerous community will be better able to support an idea or a long-term vision.
However, in this free, open and very competitive market, it is tempting to feign the success of the first two objectives in order to concentrate solely on the third.
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Highlighting a botnet
Thanks to services which make it possible to buy interactions, even followers on Twitter, it’s pretty easy to quickly skew an account’s stats. Although prohibited on the social network, this method is not a secret for no one. But wouldn’t some NFT projects abuse it to massively inflate the scope of their communication?
According to a 158-page research work from the account Little Shapes (Or Atto), 274 projects on Ethereum and Solana reportedly used a specialized bot network targeting the NFT ecosystem. Also, he denounces behavior that can be categorized as insider trading on the part of influencers without giving names. The last element to be highlighted is that of the price of NFTs which has fallen sharply from the initial price…
Atto would have contacted different legal institutions to report the situation while referring to 8 people arrested on December 14, 2022 for financial fraud using social media like Twitter And Discord. Note that neither crypto nor NFTs are cited in this US justice report.
The importance of staying alert
As long as justice has not expressed itself on this document, it is difficult to draw conclusions. That said, it raises questions about the possible consequences of these drifts, but also about their cause. Using bots to boost social media engagements and impressions is one thing, sending them against competitors is another.
With the place that social networks take in communication, maybe it’s time to rethink the way to promote the NFT projects ?
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