Netizen losses half a million in the NFT, Web 3 and crypto space.
HYPE MARKETING – A netizen took to social media wherein he shared the lessons he learned after losing half a million in the NFT, Web 3 and crypto space.
Investing in NFTs, believing in Web3, and managing Axie and Pegaxy assets seemed like a profitable venture for the a certain Raf Marabut over a year ago. During the last bull run, his initial investment of P10k quickly grew to half a million in NFT and crypto assets, just by flipping NFTs and making profits ranging from P5k to P50k per flip.
He even managed to acquire a Psychedelics Anonymous NFT worth over P100k at that time. However, things took a turn for the worse when Raf lost it all in one day, as the value of most assets evaporated overnight.
Reflecting on this experience, Raf realized that one of the most crucial lessons was to never trust hype marketing. Hype can be manipulated to sell the latest and hottest NFTs, Web3 projects, and cryptocurrencies. People are willing to spend their life savings to be part of the “next big thing” based on hype, only to see the value plummet shortly after. He recalled even famous personalities like Pia Wurtzbach falling for hype and spending millions on NFTs from an overhyped collection, only to witness their value collapse within a month.
The sad reality is that hype marketing exists not only in the NFT, Web3, and crypto space but also in various industries, including MLM (networking) companies and big names in any industry. Scammers also often rely on hype marketing as a tactic.
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