RUG / RUG PULL Meaning in NFT

RUG is a short-term for RUG PULL. This my friends, unfortunately, is not a good one.

RUG PULL is literally a SCAM made by illegitimate NFT creators. To put it simply, RUG PULL is a scheme where the developers of an NFT lure you into what seems like a legit project. After getting lured, you probably would have invested in them. You are probably not the only one lured into this scheme, since the developers need a lot of people to make a huge leap in stocks/volume.

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Right after it is launched, the developers then suddenly leave and disappear. Sadly, they’ve already run away with all of your funds. Though you still have the token, coin, or NFT, at this point, it’s already worthless.

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NFTs (Non-Fungible Tokens) are digitally encrypted non-interchangeable data which are stored in a blockchain (public, private, or hybrid). These types of digital data can be sold or traded to other people via digital currency (i.e. crypto).

With the current rise of NFTs in the digital market, it would not be a surprise if these scams become rampant.

So, please be careful with your next investment. DYOR (Do Your Own Research) before jumping into the hype, or else you might get yourself RUGGED!

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