How to detect scam collections while using KEAK.COM?
There’s many ways of noticing if a collection is legitimate or not. In this article I will show you the tricks to read the red flags of a scam collection when a notification from Keak.com arrives.
These are the red flags:
- 0 ETH mint.
There’s a bunch of scammers around that have managed to trick the alpha tools into thinking something was minted by someone, specifically influencers and celebrities, even if the reality is that it was a modified airdrop. This triggers a chain of reactions in which other users will see this and simply buy without hesitation. Notice the 0 ETH value in the Etherscan and in the keak notification.
NEVER FOMO. ALWAYS DYOR
Not all 0 ETH transactions are scam.
For example, a collection that offers a free mint of a secondary collection to holders of the first collection might be in this category and not necessarily it’s a scam mint notification. As seen here with DeadFellaz and their DeadFrenz.
Another example of a 0 ETH value mint could be that another token was used for the transaction, like this one for Steve Aoki, in which he minted Snoop Dogg’s The Doggies for 0 ETH value, but it’s because he used 150 $SAND for the mint. Click the Etherscan link from the notification:
2. Social Medias & Stats
Let’s take this notification in Keak.com’s Dashboard from GaryVee.
The first red flag applies to this one off the bat, but let’s dive into the social medias of this collection and other statistics.
a. Check the volume (2.2 ETH)
b. Check the owner to asset ratio ( 189 — >1,000 )
c. Check the floor (is it lower than mint price?)
d. Check their website (Does not exist anymore in this case)
e. Is it a derivative project? (Yes, an Azuki derivative in this example)
f. Can you join their Discord? (No Discord link)
g. Check activity (How long has it been minting?)
h. Check if other people were allowed to free mint before
- Always use a burner wallet for minting random collections that might not be verified.
- Only keep the exact amount in the wallet to mint.
- Never use the wallet with your valuable NFTs to mint.
- Always check before signing anything on a website.
- Never invest more than you can afford
- Always do your own research. Always.
- Don’t simply ape into something without thinking.
- Don’t let feelings take over when making a decision.
- Always expect an NFT to go illiquid very fast.
- Never mint when there’s gas wars. There is a high probability of losing ETH when minting.
- Check what the community is saying in Discord
FOMO — FEAR OF MISSING OUT
DYOR — DO YOUR OWN RESEARCH