The end of rug-pulls?

NFT News

Pete Boyle


The end of NFT Rug-Pulls?

We’re not even halfway through the year and already people have lost millions to crappy NFT rug pulls and scams.

The highlight of my month was watching Floyd Mayweather — one of the greatest boxers to have ever stepped into the ring — plead with anonymous “crypto sleuth” Zachxbt to remove tweets that highlighted his upcoming scam project.​

Thankfully, Floyd’s new project was a pretty dismal failure. So I guess he’s no longer undefeated 🤷🏻‍♂️.

While I absolutely loved seeing this happen in real-time despite my love for his boxing ability, it’s a small step fighting against a huge issue.

A good third of the news pieces we publish mention some form of NFT rug pull.

Unscrupulous creators throw up these projects only to disappear within a few weeks or months after everyone has minted their collection.

Of course, they also disappear with a few million to show for their “hard work”. All the while leaving behind a community of disgruntled investors who have handed over not insubstantial amounts of cash.

The problem here is that crypto works in a way that once a transaction has been made, there’s no way of getting it back.

If you’ve ever sent money to the wrong wallet, you’ll know how annoying it can be. When it’s gone, it’s gone.

So all these scammers need to do is put on a good show and make promises they never intend to keep.

It’s like dressing the front of a store to look incredible and charging people to enter. Only for them to find there are no products when they’ve passed the threshold.

But that might all change soon.

A team known as Crypto Fighters have introduced the ERC721R standard.

Sounds fancy, but what doe sit mean?

This is basically a standard that can be built into smart contracts to allow refunds up to a certain time after the mint date.