@Pantera
edited
more from that month
Is the "Modern Fairy" NFT Collection a Scam?
I had plans for a different article, but I believe raising awareness of the situation with some NFT collections is more important and warnings should be given. Some devs are producing collections intending to scam collectors with fake promises and abandoning the project right after. **The case of Modern Fairy has a similar approach,** a collection by @PrimeBCH and another anonymous person (@TechnicalJihad1) that have now disappeared.
Sadly, everyone invested in this collection (Modern Fairy) lost their money. Was it a scam? Was the team honest? Was it the bear market that crippled the potential of this project? I write this article, to raise awareness so my readers will avoid losing money to unprofessional and shady projects, and join only projects that are being transparent and have better chances of delivering their promises. I didn't expect Modern Fairy to be a scam when it was released, but I have to wonder today what exactly it turned into if not a scam.
Modern Fairies Abandoned - Investors Lost Their Money (7.91BCH)
**This NFT collection attracted 7.91BCH during its mint phase, and the team abandoned it just a week later.** Not sure what the goals of some people are, but it seems they are happy to abandon their project and make a run for it after grabbing a few BCH, instead of working to create a name for themselves, that would profit them way more than just 7BCH with an honest approach. Instead, they tarnish their reputation for money enough to buy them pizza and sodas for a week or a month. And then, they will probably start all over again with different nicknames, trying to ask for more. But, when they mess with a community it is their loss. You see, you could have grown your name into someone credible and honest. This is what all communities want to have people they can trust, but you decided to grab BCH from a few investors and disappear with ridiculous excuses. Fairy NFTs sales on OASIS Modern Fairy had just 15 NFTs sold on OASIS. There was interest for a while but quickly evaporated, since the project had no other plan rather than quickly grabbing some BCH and exiting.
A few words: @PrimeBCH is one of the two behind this project and should start a refunding procedure for the investors since the project failed and didn't deliver its promises. It is actions that matter, not words.
*From* *telegram**.* https://t.me/BCHModernFairy This is where all seriousness is lost. What kind of bear market is this person talking about? Who is he fooling? You released your project in a market that has the same conditions today. It could have been different, but this person decided to mock his investors. The bear market! This is exactly what a scammer would say. I've seen similar responses in the past by **scammers** while exiting their ICOs of 2018-2020 and not refunding anyone. This is the second person involved in this project (***TechnicalJihad1***) who teamed up with *@PrimeBCH* for this collection. Can't tell I was convinced enough by these amateurs from the beginning. I minted a limited number of NFTs anyway, just in case, as chances for success were not limited with the high interest in NFTs in smartBCH. The team failed though, by abandoning this project and not delivering their promises. So, since it failed, **it should refund** those who participated in the mint since the value of these NFTs is now zero, the minting process is stuck and the project is not developing anything of what it promised. **It is now completely abandoned** and I don't really understand if this guy PrimeBCH thinks he is not responsible, still being around, but he should understand what steps to take to rectify and pay back those that invested in this failure. Cause right now @PrimeBCH has lost all credibility. and this is a blow for any future projects this person is planning.
*(**source**)* https://t.me/BCHModernFairy/1387 **According to this post on telegram, it seems that the project belongs to PrimeBCH**, while he is also asking for extra donations.
*(**source**)* https://t.me/BCHModernFairy/1878 If the team behind this project wants to come clean, and not be considered scammers, they **should begin a refund procedure**. But as it seems this team was only *"cooking"* its exit strategy. **If the team doesn't refund** **the Fairy investors, then this was just a scam as it was advertised** with promises **of staking and token rewards**. The excuse of a "bear market" is enough to convince me they are trying to find an exit and not meet disgruntled investors.
In Conclusion
PrimeBCH by the way is the creator of the **BCH & SBCH Influencers** **NFTs.** I don't know if PrimeBCH actually got permission from the influencers as he/she claims. If there was no permission, then this is a whole different level of trouble. https://read.cash/@PrimeBCH/bch-and-sbch-influencers-nfts-6380a97e Anyway, **investors of Modern Fairy are waiting for a refund.** The failure is on the team that didn't proceed with promised developments. It is not the fault of the bear market, and not the investors' fault either. The team grabbed the BCH, and one month later the NFTs are worth nothing as the team was not backing their claims. The project is now abandoned, and broken promises are justified as a result of a "bear market". Not an honest approach, and as patience runs out, the reputation of those involved with this project is severely damaged.
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22 comments
I've always says and tried to aware not to invest in such NFTs project and have minted only two because i knew it was cash grabbing scheme And believe me mate same thing is now happening in the name of Gamefi in just a week I've found more than 7 projects promising for a game so should aware more peoples to invest carefully in projects claiming to be a Gamefi. Also cattos have decided to refund back money let's see if this will do it but I don't think that guy will ever refund back.
This is BCH that is not going to the right use. If you fail, you have to pay back for breaking what you promised. I don't like losing not even a satoshi to scammers and this one grabbed more than 7BCH from its mint phase. I wonder where the BCH is today, probably in fiat.
Yea, I've seen so many BCH moved to wrong hands Many people's scammed community and specially I've seen many chinese losing their BCH badly no matter it's a sep20 token or it's a NFT project I've some great examples who just focused on looting community nothing else.
He should do the right thing by refunding. Why tarnish your name over less than 10 BCH. Nakamoto (charles) who's the dev of Cattos and also a known figure is planning to refund all mint money, since the project didn't succeedas promised. That's the rightful thing to do.
This is the right approach. If you fail, you refund. Otherwise it is not cool.
It looks pathetic to run away with 7BCH. It looks like more NFT projects are suffering with not being able to deliver what they promised, but as long as devs/admins are there to give updates all would be well. Last year, when I first minted Punks, I thought I wasted a few $ and I have some weird looking pictures in my wallet. I kept them in hope that one day their value will increase as others advised and kinda forgot all about it. Months later staking came out and it turned out to be the best investment ever. These days everyone expects next Punks a day after minting, but we forget that these things take time. BlockNG first developed the Law token and grew a strong community before releasing NFT’s and staking months later. People see easy money and think they can do the same and much faster, hence all the empty promises. Only later they realise that it is not as easy as it looks and abandon the projects. Sad about fairies really. I like the cute art on those, but clearly the creators are not experienced or maybe like you said just wanted a quick buck and run.
The final straw is the "bear market" excuse. This is an ignorant and irrelevant thing to say. It seemed like mocking all those invested in this project.
Looks like your article stirred something as Fairies TG has become active again ;)
Maybe when the bull market will revive there will be progress too. I'm still expecting refunds instead of excuses.
Haha, who knows? I generally expect nothing from most of those NFT projects. The only ones I’m bullish about are punks and thrones. Others I consider a lost cause and maybe I’ll get nicely surprised at some point.
With the way it lasted and those responses are clear indication that this project was a pre-planned scam to me truly. As when I saw it at the first time and joined and see chats of the Admin answering the investors, I understood that this is scam. But haven't said anything as I thought I shouldn't demotivate new projects as I can be wrong also. Some people really got interested in this project and I think he/she would have made much more than what they stole in few months if they had taken the right path. And answering that it's bear market. It can make any investor angry. Lol who doesn't know it is. It's not an excuse rather an opportunity!
I knew that project won't succeed right from the beginning, so I didn't care to mint any. I only got one the dev sent to me as a gift because we have interaction about NFT project. He showed me the database of the uncompleted fairly NFT and was looking for a buyer. He even asked for 1.5 BCH if I will buy the project, he will connect me to a dev to build a minting site for the project, but I declined the offer since I don't have any experience in the field.
Interesting. What was it that made you sceptical and recognized it would not succeed from the beginning?
The manner he was desperate to sell off the project made me sceptical about the whole thing. I was like, how can someone choose to sell off a complete project for just 1.5 BCH? It doesn't seem right to me. If it's possible I would have attached screenshot of our conversation to this comment.
Yes, 1.5BCH is simply too low. I can understand how the discussion went, and definitely would feel it was going to be a lost cause then.
This just took me back to in advice you gave me months ago when I said I was going to start the purchase of NFT, you advice me to do my findings well so I won't get into trouble, I never knew people could do such thing and plan to GEF away with people hard earn more, if such had happened to me, I don't think I would give smartBCH a chance again. I started with SHORAI and everything seems fine, I hope the money is refund and they punish the offenders if they don't refund the money
Yes, there are always concerns as some will state one thing but take it back later and then blame it on the bear market, the weather, Covid, and anything else but the developer.
This is just broad day light robbery
I adored fairies, they are really pretty, and I bought some.. they said a few days (maybe1-2 weeks) ago that modern fairy is just a collectible so we shouldn't complain. This is what made me angry because as you showed us here, they had promises in the beginning. And it's not a problem if we can't stake it. Nfts has value without staking too, but they don't communicate, promote the project or anything.. annoying
Agreed. I also liked the art, but felt let down by everything else.
It's insane for an artist/dev to abandon a project that cost so much time and effort to come up with, and for only 7BCH? Ridiculous! I have minted only 1 fairy NFT, but I would be glad to take a refund from them.
However Whole NFTs hype reducing. Outstanding awareness post of you. I also making an article about this project.