Non-fungible tokens are one of the hottest topics in the tech sphere these days. Entertainment’s heavy hitters have been getting in on the party. An unreleased Whitney Houston recording recently sold as an NFT for $999,999.
There is a ton of money to be made from the digital trinkets. The rap game has been leaning into NFTs hard. Lil Baby, Snoop Dogg, and more are lending their name to NFT digital collectables.
Tekashi 6ix9ine is one of them. His foray into the blockchain-based tech market was widely called a scam when it was first announced. Fans believed the whole deal was shady.
Rolling Stone reported that fans who invested in the digital tokens offered by 6ix9ine aren’t worth anything. A Londoner named Jacob said he spent around $40,000 on Tekashi’s NFTs. He’s not pleased with his purchase.
“It turned out to be a huge scam.”
A portion of the proceeds from the NFT sale was supposed to go to charity. There were also supposed to be raffles offering unique prizes and drops. None of that has come to fruition.
Speculative investing in the NFT market can be a dangerous game. Many fans are simply buying into the hype. The truth is that it’s a complex technology that most laypeople cannot begin to understand. Hype and blind speculation can lead to huge financial losses.
Tekashi 6ix9ine may not have intended any harm from his entry into the NFT space. Those fans who threw out huge money for them would likely disagree. In the future, the phrase “buyer beware” should be at the forefront for those looking to invest in tech that’s still in its infancy.
What do you think of fans’ reaction to Tekashi 6ix9ine’s NFT offering? Let us know in the comments!