Non Fungible Tokens, or NFTs, are the most recent blockchain trend that has taken over the world like a wildfire. From actors, singers, rappers, writers, and painters, almost all type of artists are launching their own NFTs, crowding the digital space with buzz about itself. Since so many popular names are minting their own NFTs, it is right to assume that these NFTs have significant value.
In this ever-growing NFT world, 6ix9ine has again made it to the highlights with his latest Giné NFT collection after months of launching the Trollz NFT launch. While Trollz NFT was far from what we can call a success, how well this Giné NFT collection will perform is yet to be seen.
WHO IS 6IX9INE?
It is noteworthy that 6ix9ine is an American Rapper who has made a name for himself with his numerous hits and the popular memes of 69 gaining mass attention. Christened Daniel Hernandez, he was born to a Mexican mother and a Puerto Rican father in Brooklyn, New York City.
He’s had a rough childhood but has managed to make a name for himself in the industry, giving hits after hits. His latest hit track came as a single called Giné. Looking at its popularity and success, 6ix9ine has launched an NFT collection Giné.
Before we deep dive into the latest NFTs launched by 6ix9ine, let’s get a basic understanding of NFTs.
WHAT ARE NFTS?
In the easiest language, NFTs refer to different digital artworks that are stored on a blockchain that acts as a digital ledger. Since this data is stored on blockchains, it is non-interchangeable and has established proof of ownership. For example, you can tokenize one of your paintings into the digital format and store it on one blockchain supporting NFTs. By doing this, you not only establish an irreversible and uncrackable proof of ownership, but you can also choose to sell it for considerable cryptocurrency, making substantial monetary gains.
Now that we have established a basic understanding of NFTs, let’s have a look into the Trollz and Giné collections in deep.
TROLLZ COLLECTION – WHAT WENT WRONG?
Launched in October 2021 on the Solana blockchain, the Trollz NFT collection comprised 9669 rappers-inspired images like profile pictures. Being an owner of one of the Trollz NFT collection images not only meant bragging rights about being one of the top 6ix9ine fans but also meant monetary and value-based rewards. Moreover, the ownership of one of the Trollz also came with voting rights in the project’s decision-making and philanthropic endeavors seeing an amount of $100,000 going to various charity organizations.
However, the positive attention that 6ix9ine was getting turned into a publicity fiasco and nightmare when an NFT enthusiast recognized as Jacob questioned the authenticity of this NFT collection. In his statement, Jacob mentions that the royalties were never distributed, the governance and decision-making rights were not delegated, and there is no paper trail or verifiable sources that the promised philanthropic promise was met.
Moreover, he also complained that the game associated with the NFT project, which was to be launched, never saw a release. Also, the promised number of Trollz that were to be released never saw any launch as they gave up halfway at around 5K Trollz.
In an official statement by the project, Trollz NFT mentions that the rapper himself is privy to all the behind-the-scenes progress and growth of the project. However, looking at the final outcome of this NFT collection, users and investors categorized this project as nothing but ‘rug pulled’ or a ‘scam‘.
Yes, there has been a lot of commotion about this seemingly failed endeavor. But if you are to believe the rapper, he wasn’t the brain behind this whole Trollz collection fiasco. Instead, he just had an endorsement deal with the NFT project. Moreover, the rapper also shares that when the Trollz project came out, he didn’t have any knowledge about the NFT world which he disclosed through his Instagram apology story.
If you are to believe the rumors in the market, the rapper might have been paid to keep mum, but these are just speculations. However, this hasn’t deterred the rapper, as he claims to have learned his lessons and has come out with another project.
GINÉ COLLECTION – WHAT DOES IT HAVE TO OFFER?
6ix9ine had claimed that he didn’t have any knowledge when he endorsed the Trollz project. However, he has spent significant time learning about NFTs before coming out with this project.
Giné Collection comes out as a branding strategy originating from his latest hit single. The rapper is trying to create a whole brand with this name, launching a recording label signing music artists, an energy drink, and the NFT collection. However, when you analyze the roadmap launched, you’ll notice several rewards being offered. But most of these rewards are short-term and won’t provide any real value to the NFT holder. Let’s look at the most prominent things being offered in the first phase.
- Giné music video collectibles – After the NFT is sold out, the personal belongings, including his diamond rainbow Rolex watch, clothes, accessories, etc., of 6ix9ine that he used in the music video will be distributed to the holders of 12 special NFTs hidden in the collection.
- Ride in Lambo – One lucky holder will get a chance to have a ride with the rapper in his Lamborghini in Miami. All the expenses related to flights, hotels, and transportation will be covered.
- VIP Yacht Party – Six lucky holders, will get an invite for a day-long yacht party with the rapper. All the expenses related to flights, hotels, and transportation will be covered.
- Night Club Party – Nine lucky holders will get to party with the rapper at their favorite nightclub. All the expenses related to flights, hotels, and transportation will be covered.
This is not an exhaustive list, but all the rewards are on a similar note. The second phase mentions that the $100,000 will unlock when the NFT is sold out that will go to a charity.
The third phase mentions a launch of an ecosystem with the motive of enabling its holders to interact, learn, create, develop and have fun. While the first phase will surely excite the 6ix9ine fans but have nothing to offer to the real NFT collectors and investors without any long-term value, moreover, the remaining two phases do not offer any clear insight into the vision of the project dwindling the faith in the project.
CONCLUSION – IS GINÉ COLLECTION GOING TO BE ANY BETTER THAN THE TROLLZ PROJECT?
The Trollz project was an endorsement contract where the rapper didn’t have much say in the project. Also, it came out at the moment when 6ix9ine was a novice in the NFT space. But, the Giné collection comes at a time when the rapper claims to have learned his lessons and has complete control over the project.
But looking at his past history and other celebrities’ failed attempts to launch successful NFT projects leaves us with our doubts. Moreover, the rewards that are being offered are not attractive from a collectors standpoint but will charm the rappers’ fans without any value.
But, if you are looking to invest in Giné NFT Collection, we suggest that you do your research and understand the risks involved before investing your money. But if you ask us if it is going to be any better than the Trollz project, we cannot tell you for sure. All we can do is wait and watch how the events unfold.
DISCLAIMER: This article is submitted by the user registered on our website. The Website or Admin is not responsible for the content submitted by the users. Images or Links in this Article are collected from search Engines and public domains. All images are copyrighted to their respective owners. Content published in our publication is a journalistic opinion and the information on this site is for information purposes only. Please contact us for any copyright issues.
Mackenzie Thompson, PodCast | The Hive Mind & Fake Paid Articles
PR & Digital Marketing – Two Pods in a Pea
A Practical Guide to Finding Influencers on TikTok
Josh King Madrid | JetSet is Really a Entrepreneur?
Instagram Verification Ponzi Scheme Exposed by ProPublica
© 2020 Let me Expose. All Rights Reserved