Wow. Narrative is shutting down. It was just last week that I finally decided to certify on the platform for better rewards which I did so reluctantly given they require you to pay via Paypal. Let me tell you why I think it was a scam.
In my comprehensive review I had said:
“Narrative looks like it could have potential, but it’s mainly geared to reward early adopters. Like for example to start a new “tag” or niche as they call it, you have to bid on it and it could be anywhere from $50-$500. I don’t think it’s realistic that people would pay that, but they have. I’ve only scratched the surface so maybe there is more to the story that is Narrative. You need a NEO wallet to earn NRVE. When digging in further into platform I found that niche owners are upset because they actually have to renew their ownership and they have earned next to nothing as the owner but spent between $50–500 so for quite some time I expect this to only generate losses. Maybe users will have a good time here, but I don’t think it’s quite ready yet. I will try to use it more to test it. You also need to pay $15 via Paypal to certify.”
You can find my Minds version of the comprehensive review here: https://www.minds.com/scottcbusiness/blog/comprehensive-blockchain-social-media-platforms-review-iv-1038934439106088960
For a while I had noticed that people complained they were losing money hosting niches or “categories” and I wanted to continue to test this on your behalf but low and behold a platform I had not recommended in my review didn’t hold up just like Hyperspace and surely 99% of the rest I didn’t recommend.
This isn’t to brag that I was correct, I lost money. This is to show you that my comprehensive reviews clearly have some merit and insight into where this space is headed and to give you the best idea where to invest your time given I’ve been historically correct and the ridiculous amount of time I put into these reviews and all the other things I do.
The point here is that I will lose money, get scammed, and waste my time on your behalf so you don’t have to.
According to their statistics: https://www.narrative.org/hq/reporting/network-stats they sold over 1000 niches and only ever gave out $1,152.53 USD worth of rewards.
I don’t know how much niches cost originally, but today they were listed at 695,345 as the minimum bid which is you bought NRVE during the ICO would cost you about $80,000 USD plus you had to renew yearly.
What’s really crazy is they raised millions of dollars: https://tokensale.narrative.org/
This is their official shutting down post: https://www.narrative.org/post/narrative-sunsetting
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Let me know what you think about this in the comments below and don’t forget to subscribe! Also, what platform do you think will go next?