As cryptocurrency gains traction as a viable investment opportunity, people are looking for ways to get started with investing. But since there are tens of thousands of cryptocurrencies on the market, newbie crypto enthusiasts with little knowledge have no clue as to which token to invest in. In such situations, people turn to relatable and familiar faces who can give them a sense of security.
It’s why many people follow an influencer’s advice even when they aren’t a financial expert. The trend has contributed to a rise in crypto scams in which influencers without any finance background give investment advice. One such name is JRNY Crypto, so let’s look at if it’s a scam.
Disappears During Bear Markets
To start off, it’s important to understand the context. JRNY Crypto is a once-popular YouTube channel that would collect NFTs and talk about different innovations in the crypto sphere. Many followers of the account noticed that a couple of years ago, during the crypto market, JRNY crypto would post almost one video every day.
One of the primary reasons why so many followers are no longer interested in the YouTuber now is that there are rarely any new videos. Essentially, he just vanished from YouTube without a trace.
This has led many to believe that he was only active on YouTube during the bull market, when sentiments were more positive and generating hype guaranteed that he would make money. True experts would have an understanding of how to guide their subscribers and followers in times of crises and would continue posting. Unfortunately, JRNY Crypto took it as a lost cause and decided to focus all his energy on the NFT collection.
Lack of Transparency on the Website
While there have been some impressive NFT collections so far, it’s important to remember that not just anyone can make an NFT. It requires expertise and the NFT has to offer some sort of utility as well. Most of the high-quality NFTS you see today offer some form of extraneous value that you can redeem in other ways, so it’s more than just something you can look at. Unfortunately, this wasn’t the case with the JRNY Crypto NFTs.
According to most followers, the NFTs were nothing special, and most of them looked like ordinary graphics of a shiny spinning logo. Even in terms of appearance, it wasn’t particularly fantastic to look at. Nevertheless, he pushed his idea of a complete NFT collection and launched a website. This led to another problem. On the website, users complained that there was no information about the utility of the NFT, and that they were unsure of the whole purpose of these tokens.
NFTs That Trick Users Into Buying More
As it turns out, the entire point of starting the collection was to trick users into purchasing more and more of the tokens. So unlike limited edition and exclusive NFT collections that would be a big deal if you got even a single token, JRNY Crypto emphasized on quantity as opposed to quality.
To make matters worse, members of the community found that the project wasn’t living up to the promises it made via a roadmap that was on the website. But this was after many of them had funneled all their savings into buying NFT tokens. They were under the assumption that the value would skyrocket, but as soon as the NFT bubble burst, the value tanked, leaving many devastated.
To conclude, JRNY Crypto is a venture that started out with some impressive ideas, but failed to do so while ensuring user satisfaction and transparency. It proves that people should be careful about what crypto venture they invest in by doing some research.
These days, plenty of people with close to no knowledge about the blockchain or NFTs are looking for ways to make money from it by convincing their followers to buy them. In the end, it’s nothing more than a cash grab. This is a classic example of what happened to JRNY Crypto, and something that users should be wary of.