More

    Here is why Instagram has to ban the @NFT account. 

    NFT is a non-fungible token which means they are not exchangeable. NFT is a booming space, especially after lockdown due to covid happened. Since then, they have gained much popularity, and their market volume has reached $13.3 billion last year. As the space gets better and bigger day by day, some negative news also comes out. Because no central authority is governing the rules of NFT, there is a much more significant threat of hacking or scamming in this NFT. 

    Recently, Space Cowboy – a Twitter user with the handle of @topshotfund whose display picture is of a cartoon extraterrestrial has watched an NFT centric account taking severe advantage of the less informed people about NFT. He is also furious at Mark Cuban because Cuban backs this NFT account.

    How it was disclosed

    Best NFT Accounts on Instagram

    In his recent interview with Rolling Stone, Space Cowboy said that he is a big-time collector of NFT, and he was constantly following the @NFT account for many days. Then, a few days back, he found out that this account handle was promoting those NFTs who don’t have a good roadmap. Then he thinks that something fishy is going on. Then he decided to wait and watch this account for a few many. And on February 2, he felt that it was enough and needed to speak out against this. Then, he publicly accused the verified NFT page of “promoting a shadowy cabal of scammy copy paste NFT project without proper disclosure.” He also added that @NFT was charging creators $100,000 for promoting their NFT through them and not labeling them as ads, making it hard for onlookers to know whether it is paid promotion. This post quickly gets significant community pickup and 1000 retweets, and more than 2,000 likes in just two hours. 

    How @NFT account got Banned

    @NFT was launched in 2021 already has 1.7 Million followers on Instagram alone. Due to most of their followers are not educated enough about NFT space, they use these tricks to scam their followers. Space Cowboy said that he started paying attention this year due to his many friends who told him about this account. He was surprised at how people blindly believed them. Almost newcomers who want to come in this space type NFT and directly go into their landing page and then trick them with their attractive post. 

    Meta Plans to Integrate NFT Display Feature on Facebook and Instagram

    However, it should be essential to note that Twitter has already banned their account. After seeing the controversy rising as many people were commenting against them, Instagram banned their account on February 3. According to Rolling Stone, “This account was disabled due to repeated violation of our policies, and it won’t be reinstated,” a spokesperson for Meta, which is Instagram’s parent company, told them. He did not elaborate it further and only said that they were violating companies’ policies to sell, buy, or exchange, which is why their account has been disabled. 

    There were many comments that gratitude Space Cowboy to stand against this. One of the users said that ‘finally someone said against it.’ Some were very much angry and said ‘@NFT guys are bloodsucking men pumping all the worst projects”. It is important to note that when Mark Cuban was asked about this. He said that he is just an investor and has no authority.  

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...