Lil Uzi Vert
In the crypto space, the ultimate goal is to be an early adopter for a cryptocurrency or NFT that will end up appreciating in value. But not all crypto and NFT projects can be trusted. And if you think that a well-renowned personality being the face of a project indicates authenticity, you’re wrong.
There have been countless examples of this happening in recent years, and one of the most prominent examples is that of Lil Uzi Vert. The popular rapper collaborated with the Eternal Beings NFT project, only for it to turn out as a fraudulent project. Let’s discuss whether the famous rapper promoted a crypto scam.
Endorsed The NFT Project For Weeks
As the crypto space gains more traction among people, new investors are on the lookout for potentially lucrative investments.
So when an NFT project titled Eternal Beings came out with famous rapper Lil Uzi Vert as one of their main endorsers, NFT enthusiasts couldn’t resist. Fans jumped at the opportunity to buy in on an NFT project that could gain immense value in the future. After all, if it’s promoted by such a famous rapper, it has to count for something.
When the announcement of the Eternal Beings project was made, Lil Uzi Vert went all in on trying to promote the project through his social media platforms. Moreover, he even got other rappers to promote the project.
Part of this promotion involved numerous tweets that hyped up the different Eternal Beings characters, which are dressed up as different versions of the rapper. This is obvious considering that all the artworks share a similar rockstar look.
Promised High Profits and Other Perks for Early Adopters
In a highly saturated crypto market, it’s obvious that new projects have to come up with increasingly inventive ways to entice potential investors. In this case, the Eternal Beings project made Lil Uzi Vert the face of the NFT project, and promised investors some pretty extravagant perks.
Of course, it made claims that the NFTs would eventually appreciate in value. It would allow users to not just hold a precious piece of digital art, but benefit from that value.
Aside from that, it also promised early adopters free NFTs, official merchandise, and an exclusive concert performance by Lil Uzi Vert. In fact, NFT holders would even get backstage passes to his concerts. This got fans excited because the amount of attention that Uzi was paying to the project made it seem like it would actually take off and become a hit in the NFT space.
Pulled Out In Just a Few Days
When the project was set to launch, the promotional posts mentioned that there would only be 11,111 Eternal Beings NFTs minted. When the NFTs were launched, all of them were purchased by fans and NFT enthusiasts looking to enhance their collection.
Each NFT was sold for around $330, which amounts to the collective value of the NFT collection being $3.7 million. That’s an enormous amount of revenue for a recently launched NFT project.
Unfortunately, this wouldn’t last, because Uzi deleted all his tweets promoting the NFT project after the launch. This led to the price dropping from $330 to $200 in a single day. Collectively, Lil Uzi Vert fans lost around $1.7 million in total – and that’s just in 24 hours. Then, it began to dawn on investors that it was all a scam and that Uzi was simply trying to make a quick buck.
Bottom Line
If you look at the facts, it’s clear that Lil Uzi Vert was promoting a scam and was simply cashing in to make a quick buck. If you look at the NFT marketplace now, the NFTs are selling for a mere fraction of the original cost, which is a long way from the $800 returns that Uzi was claiming. This shows how important it is for people to be wary about the NFT projects they buy into.
