Today’s blog is my personal PSA. If you follow me on Twitter, you may have seen me tweeting lately about what has become a major vulnerability in the NFT space: people aidropping NFTs into my account and other people’s accounts and then running ads saying we own them to convince other people to mint. It sucks, it’s tricking people, and it’s just not kind.
That being said, I’m writing this blog for a few reasons. One, to end the confusion on what I’ve actually bought vs BS that scammers airdrop me and then try to use my name to trick others. Two, to remind you that buying a project just because I or anybody else bought it is 100% always a bad idea.
Getting very frustrated with so many projects trying to trick people into buying their bullshit rug project by airdropping nfts into accounts and then claiming that those people own them. I’m asking nicely, pls don’t do that. Tricking people is such a sad trait 🙁 pic.twitter.com/ewJK6jkOk2— Gary Vaynerchuk (@garyvee) February 12, 2022
NFT P.S.A … fake ads .. don’t buy what others buy … pic.twitter.com/5yfS631aYX— Gary Vaynerchuk (@garyvee) February 16, 2022
I’m aware that the scammers won’t listen to me, but what I hope is that this reminds all of you reading this right now to do your own homework on NFTs. The more educated you are, the less likely you are to be naive and fall for this trap. As always, remember to always buy on your own conviction, never invest more than you can afford to go to zero, and please understand that a majority of projects out there will fail in the macro.
I hope this helps.
Unless you hear me talk about it, don’t assume I bought it
Unfortunately, the amount of people that are airdropping NFTs into my account and then running fake ads saying that I “own” them – and thus you should mint them – is at an all-time high. This is just the latest in a variety of scams either impersonating me with fake usernames, or using my actual name to try to steal or convince people to invest in garbage. For more details on these types of scams and how to look out for them, read this article.
Here’s an example of an ad using my name to get others to mint NFTs:
Let there be no confusion. This is simply a BS tactic, but can be convincing to many who aren’t aware. From now on, unless you explicitly hear me talk about supporting a specific project, don’t assume that I bought it. Even better… don’t make your personal NFT investment decisions based on which projects I choose to support – but more on that later.
For now, let’s go over how you can actually know for sure which projects I – or anyone else – have bought.
What NFTs do I Actually Own?
Again, none of this information is to be used as investment advice. There are a lot of different factors that go into what projects I support, from me just liking the artwork to generally believing in a project or that project’s creator. Also, remember that you should never put in more than you can afford to lose, and that amount is different for different people.
My only purpose in sharing this information is to clear up any misconceptions. Just because something was airdropped to me, does not mean that I bought it or that I support or even know of the project.
Fortunately, thanks to Web3 and the transparency of the blockchain, everything is there for anyone to see in perpetuity. This means you can actually look up a record of exactly which NFTs I’ve purchased. Here’s how.
Search “Gennady” or “GaryVee” on OpenSea
Go to opensea.io and search “Gennady” or “GaryVee” under accounts. These are my two wallets where anyone can go and look up my NFT collection. Both will have a blue verified checkmark next to the account name.
If you click on the “Activity” tab, you will see a record of all my wallet transactions and when they happened. Notice the frequency of NFTs being sent to my wallet. Most of these are random airdrops.
Now, click the “Sales” button on the left hand side of the screen. This will take you to the record of NFT purchases I have made myself.
Alternatively, I may sometimes share projects and creators I’m supporting or interested in on social media, like in this tweet where I featured a guest on my Twitter Spaces show, DNA with GaryVee.
There you have it. Unless you heard about it directly from me or saw a public sale record on OpenSea, please don’t assume my support for specific projects.
Don’t buy what others buy
The other really important lesson here is that you should never buy an NFT – or make any type of investment – just because someone else does. I make plenty of “wrong calls” with NFTs, and so do many other people with big portfolios. There is always risk involved with investing, so it’s always important to make moves on your own convictions.
i beg people to know these things— Gary Vaynerchuk (@garyvee) January 15, 2022
#1 98-99% are gonna get crushed
#2 dont buy what i buy i am playing long, post “winter”
#3 dont spend what u cant afford to lose and go to 0, i say it DAILY!
Also keep in mind that a large amount of action right now is based on “day trading NFTs,” or people wanting to make a quick bag. This is why I never want people to buy what I buy… I am only making decisions on 5 to 15 year windows, which is very different and could hurt a day trader if they buy what I buy.
At the end of the day, spaces that bring lots of opportunity unfortunately also bring lots of people with bad intentions. Always do your homework, beware of scammers, and stay smart.