Top 5 Red Flags to Watch out for While Trading NFTs

With the recent explosion in the popularity of NFTs (non-fungible tokens), there has been a corresponding increase in the number of scams and bad actors in space. As with any new and rapidly growing industry, it’s essential to be aware of the risks before you get involved. 

This article will review the top 5 red flags to watch out for a while trading NFTs. By being aware of these scams, you avoid getting rugged.

1. Team is not Doxxed

Dox is a internet / crypto-jargon for persons who expose their genuine identity in the crypto world and choose to be recognized by the community.

Every NFT results from a robust and talented team – individuals that care deeply about the project and want it to be the best in the market. It is critical to assess the people behind the product in terms of abilities, expertise, and credentials; if something does not add up, do not engage further.

Of course, there have been successful NFT initiatives with undoxxed teams. You may wish to inquire about the team’s motives for refusing to divulge their identity. Stay away if their answer does not appear to be adequate.

2. Fake Followers and Accounts

There are bots and paid personnel who chat with the community to increase participation and enthusiasm for the project.

Even if the group is made up of “genuine people,” it is necessary to look through the interactions on posts to determine whether they are actual people or bots. Examine their social media pages and Discord for toxic/fake followers, and compare their online member ratio to the overall member count – any discrepancy should tell you not to invest. It is also critical to observe if at least a few persons are on the NFT social media account; otherwise, this might be a warning indicator.

3. Unrealistic Mint Price

The combination of enthusiasm and fear of missing out (FOMO) results in an exaggerated mint price. Actual community builders begin at a low cost and do not drain the market of all liquidity.
When a project permits its first mint-ers to keep their first NFTs, it not only increases the value of the NFT but also creates loyalty from its supporters through periods when the project may be inactive. During market downturns, projects that mint ridiculously high prices frequently struggle to get backing.

Many strategies, including some that are malicious, may be used during the pre-selling of an NFT project. A great example is someone holding the cheapest NFTs available to ensure that no one else can buy them. Another is punishing developers or banning users for listing below the initial price, establishing echo chambers where only particular perspectives are allowed to be heard, and publicizing popular projects or intellectual property (IP).

4. Unrealistic roadmap

It is critical to determine whether the developer’s vision is a reasonable estimate for the time frame specified, as well as whether there is expected usefulness for the product.

5. Artificial hype

Celebrities and social media influencers have quickly jumped on the NFT bandwagon, endorsing everything from sunglasses to virtual real estate. They have been paid handsomely to advertise items or make cameos in films and television series recently. While this may be an efficient marketing tactic, it can also build unwarranted enthusiasm about a product or service.

However, before purchasing an NFT recommended by your favourite celebrity, you should research whether the endorsement is genuine or a forgery. There have been instances of celebrities advocating NFTs without understanding what they are or influencers being paid to endorse NFTs without declaring their relationship to the project. As a result, even if an NFT is suggested by someone you trust, you should conduct your research before purchasing it.

As customers, you must be aware of this tendency and resist the fake frenzy generated by these endorsements. Instead, research to determine whether a product or service is appropriate for us.

The takeaways from this article are that you should research before buying NFTs and be aware of the warning signs. By studying and knowing what to look for, you can avoid scams and ensure you are getting a good investment.

Polygon And Travala partners to Integrate USDC with Travel Booking

In a recent development, the crypto-focused booking platform Travala has teamed up with Polygon to bring USDC as a payment method for over 2 million hotels worldwide, instilling a new wave of crypto adoption. 

The USDC integration will be done with all the services provided by Travala, which also includes over half a million users participating in activities such as cycling, hiking, boat trips, museums, and so on. This integration is also extended towards interactive activities such as the “Original Harry Potter Locations” tour. 

Currently, Travel offers users to pay using tokens such as Shiba Inu, Dogecoin, Bitcoin, Ethereum, and others. But with this integration, USDC will also be added to the list. Moreover, this integration is the first joint initiative by Polygon and Travala, as tweeted by them. 

Polygon has been making headway with its token $MATIC as well and recently overtook Dogecoin for the 10th position in the leaderboard by market capitalization. While the meme coin took its position back, Polygon is making steady progress and shows signs of gaining momentum again. 

Binance x Travala 

On the other hand, Travala is enhancing its activity in the crypto sector and recently teamed up with Binance to offer the crypto community a discount on the Binance Blockchain Week Paris 2022. The conference will take place from September 14 to September 16 and only has limited seating of 4000. 

It’s never too early to get ready for #BinanceBlockchainWeek in Paris! Score a discount for your flight and hotel when you pay with crypto through @travalacom using the promo code ‘BTake5Off’. Here’s how

Binance (@binance) August 25, 2022

The travel industry is a massive sector that has taken a pro-blockchain approach. The travel industry is one of the main responsible parties in boosting mass crypto adoption, and by offering USDC, Travala has taken this initiative a step further. 

How DeFi is ready to power its way beyond investment and speculation

What do you think about when you hear “the future of finance?” Most people envision mobile payments, internet banking, and other cutting-edge technology. What about decentralization, though?

DeFi refers to peer-to-peer finance enabled by decentralized technologies built on the blockchain. From lending and borrowing platforms to stablecoins and tokenized BTC, the DeFi ecosystem has launched an expansive network of integrated protocols and financial instruments.

However, Decentralized finance (DeFi) is currently undergoing soul-searching. Terra’s collapse in May 2022 had a contagion effect on many other DeFi platforms. Subsequently, there has been a widespread perception that DeFi offers little more than circular financing and dangerously leveraged speculation, the type that may produce a domino of bankruptcy and failures. And to our horror, it’s partially true.

Read more about the Terra collapse here

The “crypto-winter”

DeFi has since faced many criticisms. The thrust of all these criticisms is that most DeFi revolves around highly leveraged speculation – users deposited their money into these platforms that promised high yields. The platform, in turn, uses these funds to lend or invest in other projects. However, many such projects were wiped out when the crypto bear market hit in 2022. 

Nonetheless, there is a silver lining. Authorities in the crypto and DeFi sectors confirm that DeFi is still a developing field that will grow and consolidate as it evolves. Indeed, many think DeFi will become more integrated with traditional banking in the following years by linking with the Internet of Things, digital ID, and data storage. And the more it does, the less it will be centered on the risky habit of lending and borrowing virtually entirely for speculation.

DeFi benefits from using blockchain technology in various ways, including transparency, which may increase due diligence and assist individuals in identifying and avoiding dangerous financial frauds and damaging corporate practices. Similarly, smart contracts give further protection against rogue actors and fraudulent transactions.

DeFi’s Current Status and Potential

Some reports indicated that DeFi’s growth on the Ethereum blockchain was 780% in 2021. The total value locked (TVL) in DeFi protocols was more than $172 billion by the first quarter of 2022. The future of DeFi rests on the three strong pillars: composability, DeFi insurance, and governance.


Composability refers to the ability of several components to collaborate to produce the intended result. In the context of DeFi, composability is how diverse protocols and platforms work together to generate new financial solutions. This is not to imply that flexibility has not existed in conventional finance. DeFi, however, takes composability to the next level by allowing the creation of a trustless system.

On the blockchain, users can verify every transaction and activity. Ethereum serves as the impartial settlement layer, with no one entity wielding power. Furthermore, because DeFi is permissionless, anybody may design new financial products and apps that would not be viable with old infrastructure.

DeFi insurance

DeFi insurance is the missing link that will bring DeFi up to speed with traditional finance.

DeFi insurance arose out of need, as indicated by the predicted $10 billion fraud losses in the DeFi business in 2021. Insurance safeguards against unfavourable occurrences in the cryptocurrency sector, such as exchange hacks, smart contract failures, and stablecoin price collapses.

Despite the benefits of DeFi insurance, the claims procedure is still unknown. As a result, additional study is required to evaluate the usefulness of this new instrument.


Some DeFi platforms reinforce the blockchain community’s commitment to decentralization by making governance tokens available to users.

A governance token gives consumers control over the platform’s protocol, goods, and future innovations. Governance tokens are usually established using decentralized protocols that promote community-driven growth and self-sufficiency.

To make critical choices concerning protocol changes, recruiting, and even governance framework alterations, decentralized networking initiatives require governance mechanisms.

For example, a borrowing and lending platform may use its regulating mechanism to compute the requisite amount. In other words, decisions made by project stakeholders through its governance structure can directly influence the project’s success or failure.

When approached correctly, governance efforts can bring in a new era of decentralized growth and collaboration.

In essence, there remain many defenders of DeFi within the crypto sector. All of them continue to affirm that the space will continue to grow and, ultimately, make good on its promises.

Binance Signs MoU with City of Busan

In an interesting development, the largest cryptocurrency exchange, Binance, has signed a Memorandum of Understanding (MoU) with the City of Busan in South Korea to foster blockchain development. 

Binance, the world’s leading blockchain ecosystem, recently released a Press Release mentioning its plan to foster growth in South Korea using blockchain technology. According to the agreement, the City of Busan will also receive technological and infrastructural support from Binance to develop the city’s blockchain ecosystem and promote the Busan Digital Asset Exchange. The MoU will also include cooperation between the two parties for order book sharing. 

Binance has several plans to develop and foster Busan City’s blockchain sector, such as:

  • Utilizing Busan’s blockchain regulatory-free zone to develop and promote blockchain businesses and initiatives.
  • Support blockchain-related investments and research in the city.
  • Advancing initiatives to promote social well-being using Binance Charity
  • To provide specialized blockchain education and digital resources using Binance Academy

Binance also mentioned in the Press Release that it would establish its presence in Busan by the end of the year to serve as the driving force for helping the city become one of East Asia’s most active digital hubs. 

The CEO and Founder of Binance, Changpeng Zhao, said,  “We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts. Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond. We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries.” 

The Mayor of Busan, Heong-Joon Park, said, “With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets.” 

He added, “By making Busan a blockchain-specialized city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub,”

Binance is taking charge and establishing its presence in several regions that have been ignored in the crypto adoption till now. 

Top 5 hugely popular Play-to-Earn Games built on Polygon

The Polygon blockchain is a highly scalable, technically competitive, and secure platform for building video games. Through a strong network of amazing triple-A studios, small teams, and independent developers — all putting real players, real value, and real fun in the games. Let’s explore the top play-to-earn games built on Polygon.

Arc8 by GAMEE

Arc8 is a mobile gaming experience that combines e-sports with cryptocurrency. Crush your opponents and gain $GMEE tokens in a variety of video games. Arc8 by GAMEE gives millions of gamers access to the blockchain experience.

Arc8, a play-to-earn mobile esports platform, has 1.3 million registered gamers. Polygon’s full-stack scaling solution enables Arc8 to create high-engagement, skill-based casual games on the blockchain.

Soon after its release, Arc8 became one of the top three blockchain games across all blockchains and the top Dapp on the Polygon chain (source: DappRadar).

Gamers can now access ten casual games on Arc8, where they may compete in one-on-one matches and group tournaments for $GMEE tokens as rewards.

GAMEE’s utility token, GMEE, is used to pay entrance fees in gaming competitions and to make platform purchases. The GMEE token is intended for governance activities like voting on GAMEE roadmaps, game deployment, and prize and reward pool distribution.

Moreover, GAMEE is preparing to debut G-Bots, which are upgradeable NFT game characters that will unlock extended capabilities as they level up. This will allow owners access to unique play-to-earn tournaments on the platform to further enrich the game-playing and esports experience on Arc8.

Elfin Kingdom

Elfin Kingdom is a Pokémon-inspired MMORPG (massively multiplayer online role-playing games) environment where anybody may earn tokens via gaming and farming by combining DeFi and play to earn prizes. Elfin creatures can be collected, mined, and battled.

The Elfin Kingdom is a hybrid of decentralized farms, and NFTs with gamification aspects merged into a single game. The Elfin Kingdom is a metaverse in which players may design their journey and participate in a community, social network, job platform, and e-sports league.

Players can earn by:

• Playing the game every day.

• Participating in PVP combat.

• Participating in PVE bouts for leaderboard awards.

• Finishing daily missions

• Summoning and selling higher-level Elfins on the market.

• Selling Land and Harvest

• ELFIN Token Staking

The Elfin Kingdom is an entertaining approach to bringing new technologies to individuals. The project’s goal is to bring decentralized technologies closer to people, allowing everyone to reap the benefits of blockchain technology and become a part of a new economy.


Aavegotchi is a Polygon-based crypto collectible game in which players may buy and grow Aavegotchis, Non-Fungible Token (NFT) avatars used to explore and interact with Aavegotchi’s digital realm.

Each Aavegotchi avatar is a digital collectible with distinct characteristics specified by a rarity score. The score is determined by certain character qualities, wearables tied to the avatar, a kinship score, and the amount of Aave-powered aTokens staked to the avatar.

The platform is inspired by the portable digital pet game Tamagotchi, enhancing its traditional gameplay with blockchain-enabled capabilities. Aavegotchi combines several popular cryptocurrency components into a single platform, including decentralized finance (DeFi), blockchain games, staking, and digital land ownership.

Aave derives its name from the Finnish word for “ghost.” Aavegotchis are depicted in a ghost cartoon. Hence, the token is named $GHST. The utility token is used to buy and sell products inside the Aavegotchi universe, including Aavegotchis themselves. $GHST, like other cryptocurrencies, may be staked for additional rewards and transferred between users.


Pegaxy (Pegasus Galaxy) is a futuristic mythological racing game with a Polygonal interface. Pega (the horses) are descendants of the legendary Pegasus. In this, players compete in a horse racing game where they battle for the top three positions against 11 other racers. Wind, fire, water, and speed are randomly assigned to each race. Players must compete to finish in the top three using innovative enhancements, food, and skill to win the platform’s utility token, VIS (Vigorus). 

Players can earn VIS tokens by breeding, renting, selling, and racing their Pega in the game. 

Crazy Defense Heroes

Crazy Defense Heroes is a Tower Defence mobile game that combines free-to-play and pay-to-win elements. It is one of the finest TOWER Defence games that combines the worlds of blockchain with anime RPG-type defensive games!

The TOWER Platform includes

  • The Crazy Kings and Crazy Defense Heroes

These mobile games have over 2 million downloads and tens of thousands of fans. Tower Defence games come with collector cards of varying rarity and potency and reward players with TOWER Tokens for playing games.

  • $TOWER Tokens

$TOWER tokens are ERC-20 tokens. The Crazy Kings series uses the token as a means of commerce, utility, and governance. Players may obtain $TOWER by participating in franchise games. Players can buy products like game card NFTs, pay for game or tournament registration fees, and participate in game governance.

  • A new blockchain PC game

In the upcoming game, players can use their Crazy Kings franchise NFTs to earn $TOWER Tokens by playing and competing in tournaments.