This is frankly the question that animates the cryptosphere currently. We seriously wonder (and on several scales and from several angles) if anonymity is not ultimately a utopia.
Recently, there was a Rug Pull on the Magic Eden marketplace . Yes, another one. In fact, they're countless in the Wild West that the NFT world has become. A Rug Pull, as a reminder, means walking off with the entire lot, without a word, of course, leaving NFT owners with JPEG images languishing in their wallets.
More than half of the projects are bogus, the NFTs are created in a hurry, the projects invent roadmaps that they do not follow and the only goal that seems to drive the community and the founders: money. Make money and dream of future projects to make the cake rise.
This is called "shilling", basically, talking, warming up the public, and making people believe in huge profits. Hot air, you get the idea.
In short, on February 7, 2022, the rug pull on the Magic Eden marketplace (on the Solana network) featuring the Balloonsville collection marked a new milestone in the history of NFTs. The founders walked away with the equivalent of 5,000 SOL (approximately $600,000). A tidy sum, and now they can enjoy it with impunity. They're even already thinking about pulling off another stunt.
The anonymous creators of Ballonsville walked away with millions of dollars. The holders are stripped. They only have their eyes left to cry.
Maybe it was one theft too many.
It was time we stopped for a moment and asked ourselves the question of the relevance of anonymity in a world of scammers.
Why especially did Ballonsville mark a turning point?
In fact, the founders of Balloonsville bragged about their scam. They tweeted and wrote particularly annoying messages and accused Magic Eden of being super lax. They themselves recognized that flying with NFTs was child's play.
They have published terrible messages where they explain that eventually Magic Eden could have known that they were scammers. They would have sent unreliable documents and the platform would still have accepted. The KYC process being very weak.
Here is a small example of what they wrote to their community:
Basically, the founders of Balloonsville blame Magic Eden. Yes, that’s the height, we agree with you.
Others took the opportunity to criticize platforms like Magic Eden and OpenSea for only thinking about their commission and getting rich in this market.
They have some responsibility and they must now take it. It's about damn time!
We will no longer be able to create an NFT while being anonymous, phew?
After hundreds of thefts, the founders of the Magic Eden marketplace decided to introduce new rules. A bit like marketplaces, NFT creators will have to submit to KYC.
There are rhymers who say that Opensea, which is currently in a difficult situation, is considering implementing a similar system.
They will then have to send their identity document and proof of accommodation to be able to create their collection.
It's actually a happy medium. It's not outright doxing like the BAYC case. At least it will limit the number of scammers who are currently taking full advantage of anonymity to create bogus schemes and walk away with millions.
Ponzi himself couldn't have dreamed of a better situation. Frankly, in time, we'll look back on this period as a godsend for thieves.
Magic Eden now wants to limit launches and focus on the quality of the collections offered. There will be fewer NFT launches, but they will be more "regularized" with links to real identities and not pseudonyms.
The founders will be able to remain anonymous in the public sphere but internally, on the platform, their identity will be known.
If they want to leave with the cash, it will be much more difficult and we will be able to trace them when they want to go to an island to benefit from the stolen money.
Finally we can thank the Balloonsville thieves. Their shamelessness showed us that the party had lasted long enough. Seriously, the party's almost over.
And this is the first party where we won't have the opposite of a hangover.
Yes, that was my downfall 😉
In short, we will still have to be careful and continue to be demanding with NFT projects. We are never sure of anything. That’s the only certainty we have and must always have.
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