Investors in non-fungible tokens are the latest victims of crypto scammers who have expanded their nets (NFTs). Indians accessed crypto fraud sites over nine million times in 2021, according to a Chainalysis analysis.

It's great to own a digital piece of art or music, but it's not fun to lose money. So, put your fear of missing out on the NFT craze aside and read our fast guide to recognising and avoiding these con artists.

If you have no idea about NFT, we suggest you go through this article first: NFTs: Most Resourceful guide you'll find on the internet; Everything you need to know

An NFT initiative sells a tonne of tokens, making a tonne of money for something that will very certainly exist in the future. The project and those involved then vanish with the money, leaving those who invested in it stranded. It appears to have happened once more, this time with Blockverse, an NFT project that is (unofficially) linked to Minecraft.

Via akm-img-a-in.tosshub.com

Blockverse, according to PCGamer, launched last week and is described as a "on-chain Ethereum NFT that enables a unique P2E on Minecraft," which essentially translates to a private Minecraft server that is only accessible to those who have a Blockverse NFT. Despite the fact that selling access to servers has been done without NFTs for years, the initiative generated a lot of "buzz."

Blockverse started on January 23 and sold roughly 10,000 NFTs in less than 10 minutes, netting an estimated $1.2 million. The project's creators, however, erased Blockverse's website, gaming server, and official Discord a few days after purportedly making all of that money.

As you might think, several people accused the whole affair of being a hoax and demanded explanations. After a few days of silence from the developers, and as members of the community sought information on the project's leaders, Blockverse took to Twitter to provide an update on the matter, including an explanation and an apology from the developers.

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The Blockverse team then added that when community resentment mounted and people began asking more questions—questions like when server difficulties would be fixed, why fees were so high, and so on—the team panicked. As the reported "harassment, threats, and doxxing" persisted, it was concluded that the best course of action would be to delete everything and simply go into the night with over a million dollars.

"Unfortunately, there has not been a chance to open back up yet because it seems the situation has only worsened," explained Blockchain's team in its long, rambling statement. "While we have delivered everything already promised, we understand why people may be displeased with everything that has happened and we feel the obligation to keep our fully functional game online."

Yes, if a game's customers paid over $1 million for content, the game's owner would feel obligated to keep the game available.

The rumoured idea was for them to return "after everyone had time to cool down," according to Blockverse's crew. Many in the community were sceptical, which is why, according to PC Gamer, a large number of them formed a separate Discord server to track down the project's creators in the hopes of finding a solution.

"We're sad that the community reacted so fast to false claims," the Blockverse team remarked. "But we still believe in our project, and we're talking to experts in the field about how we can move forward so that everyone else does, too." Our goal is to collaborate with other reputable developers and members of the community, giving them access to our website, servers, and everything backend infrastructure so that there is no fear of the project going offline. We recognise the extent of our damage, but we believe that this gesture toward the community will assist us in getting back on track."

Concluding words on NFT scams:

It appears that some of the folks behind Blockverse are aware of the potential legal issues and are now attempting to clear their names by turning up the keys to the community. While the developers are willing to hand over the project to the community, they want to keep all of the money, according to the storey. That pretty about encapsulates everything.

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