The Ape Saga; a Road to Accrued Profits or An Overselling Financial Mistake?

NFTs have quickly become one of the most eruptive blockchain projects attracting even state-owned non-fungible tokens. Slovenia became the first country worldwide to issue NFT tokens, mapping it as one of the most advanced digital countries in understanding and developing blockchain technology. However, like cryptocurrency projects, NFTs are also encountering their share of scams. The Evolved Apes project recently proved that NFTs are not immune to rug pulls. The anonymous developer, Evil Ape, vanished with 798 ETH worth $2.7 million, as revealed in the traces of transactions discovered later. The funds came partly from the initial public sale of the NFTs and others commissions on the secondary market. These events, coupled with the expensive nature of Ape NFTs, leave the question of whether they are a safe road to accrued profits or just an overselling financial mistake. Evolved Ape Red Flags Notably, the Evolved Ape project lasted only a week, but several red flags had already manifested. First, the announcements following the public presale were unprofessional, plus a couple of the project leaders were not part of the project anymore. The fallout resulted from the scam, although claims had it that they lacked experience at the time. Second, it had emerged that the winners of the social media competition involving a marketing activity to create a buzz for the project were yet to receive their NFT prizes, and the artists had ...