De'Aaron Fox Essentially Scammed Fans Out of $1.5M

[CraftylikeaFox]

This same thing happened with Gunna a few weeks ago. Fox is a POS for this, but what are you doing investing into a rapper/athlete NFT at this point when there are so many horror stories of this exact same situation?

[GSWFan1994]

If you are into NFTs, I have a great piece of land on the Moon for you. Send PM if you are interested.

[Slim Charlez]

You deserved to be scammed if you're into NFT's.

[Boneman2]

Those telling you to "buy the dip" or "hodl the line" are the scammers. So many swindlers out there in the Crypto market creating new **** coins everyday. At least 99% of all alt-coins, NFTs, tokens are a scam.

[Dirk]

That story is genuinely awful. This guy used his audience to scam them and rug pull.

[azcatz11]

Based on what you posted, this is misinformation. The project went live just over a month ago and he is communicating with people that purchased the NFTs. You haven't provided what reps and warranties he breached and how he has responded. Way to early early to call this a scam and imo its bad form.

So is your problem just the word scam? The rest of the post seems accurate. If we added the word 'possibly' before Scammed would you be okay with this thread?

[Kabaum]

Wayyyy too early to be writing something like this. Is everyone a POS until proven otherwise these days? Trolling at its best right here.

[Alfred]

What a douche. NFTs have incredible potential for pragmatic uses in the modern world in all kinds of facets, and I hate how it's essentially been distilled down to jpegs and crap like this

lol

[CobraCommander]

I’m doing a CobraCommander NFTs

You get to join Cobra and get NFTs of the Barroness send me 5 eth and you get one

[Ice Trae]

NFTs = No **** Thanks. Drill that into ya head people smh

[Nate505]

I also fall on the side that he probably didn't go out to scam people but just got in way over his head.

That said, with the amount of money he makes, the ethical thing to do would be to try to make it right to the best of his ability, even if he has to hire someone out to do it.

[Coxy]

It says he is giving people their money back, and a signed jersey, did I miss something? He’s made a business decision error, and he’s trying to resolve it on the fly it seems. Probably didn’t realise how much work it would take and keep up.

[jlokine]

to be frank, i dont know anything about NFTs. but it sounds more like it was up for crowd funding/investment opportunity. and the investment failed, it's not exactly a "scam" if that's the case, no business/venture capital opportunity is guaranteed a return. maybe ppl shouldnt have invested in him just because he's de'aaron fox.

[CreekShow]

I never really understood NFT's. Many, say they are the next big thing. I'd rather have a physical piece of art like a painting, I could look at and admire. Not saying NFT's aren't a form of art but thats just me.

NFTs are not restricted to just pictures. It's weird to me that everyone thinks it just means digital art. I guess given the stupid ape picture nonsense and scammers like this guy, I can see why blockchain tech has a negative perception

I didnt think there was much of a negative perception regarding block chain outside of all the pump and dump schemes and the amount of energy it uses?

Or youre the government.

[ElectricMayhem]

It says he is giving people their money back, and a signed jersey, did I miss something? He’s made a business decision error, and he’s trying to resolve it on the fly it seems. Probably didn’t realise how much work it would take and keep up.

Could you link or bold where you saw that he was giving money back? I saw the signed uniform part but didn't see anything about monetary refunds.

I think this is more a case of ignorance on Fox's part than malevolence. Still, it is incredibly irresponsible to lend your name to something like this without doing due diligence. He deserves to have his name attached to this mess.

[monopoman]

I hate to say it but a huge portion of the NFT market are basically scams. A youtuber I have been following has detailed most of them and points out how most operate. It also can affect the crypto market but most of the time scam coins are not available on most crypto markets so buying/selling them is harder.

https://www.youtube.com/c/KiraTV1/videos

[Frank Dux]

Never got a great feeling from Fox. Especially after the reports that he was campaigning against the Kings drafting Doncic.

[Dirk]

to be frank, i dont know anything about NFTs. but it sounds more like it was up for crowd funding/investment opportunity. and the investment failed, it's not exactly a "scam" if that's the case, no business/venture capital opportunity is guaranteed a return. maybe ppl shouldnt have invested in him just because he's de'aaron fox.

No. This is blatantly bad by Fox. He won't be able to remove this stain going forward, unless he actually reimburses people who bought in.

Fox basically hyped his project. Built it up. He fronts or launches a project. Has a roadmap. Makes promises.

People paid around $300 to "mint" their jpeg. Looks like there were 6005.

Swipa the Fox is a collection of 6,005 Distinct Foxes ready to dunk on the competition in the Metaverse. This project is the official project of NBA max contract player De’Aaron Fox.

I.e, just searching, you can see him tweeting about it while they were selling the nfts. Sold out.

Read on Twitter

They make the initial mint of the jpegs, each cost about $300 I guess at the time with gas fees. People could mint 5 per wallet. Some fools lost over 1200$.

Right now, the price of his nfts is around $8 (no one will buy them, gas fees are much higher than the nft value).

Can call it pump and dump, exit scam, rug pull... it is just such a terrible look for a guy that makes dozens of million in the NBA.

[Promezclan]

I mean fraud requires misrepresentation. A NFT is worthless by its nature, a receipt for a URL, so people knew what they were getting.

[Chinook]

NFTs aren't JUST digital art ... because they're not even art. The art is just a picture, like any other pic. It can be copied and distributed just as easily, and "owning" the NFT for it doesn't give a person copyright or any other protection. Nothing is stopping a whole group of people from using the same images. The reason why we don't see this is because they're ugly AF, and no one who hasn't been suckered into paying for them wants to use them. I haven't heard a good argument for their uses, even ignoring how they're tied into crypto. They aren't secure. They don't store information. They aren't fast.