all about cryptop referances
On May 26, Timeless Investments announced its first own NFT collection together with artist Cro. The coins sold out after a very short time and were a real success for the company. 3 months later the unveiling took place. From technical issues to NFTs still not received, everything is included. The emerging success story is thus characterized by failure and the question of whether it was all just about making money cannot get out of your head. Below is a thread on why the Carlito NFT scam story may be true.
Timeless is the first company in the world to use blockchain technology to enable anyone to invest in collectibles and thereby participate in their value development. With this business model, the asset class of collectibles will be democratized and the market for rare collectibles, such as watches, art and vehicles, will be made accessible to everyone. Timeless, a brand of New Horizon GmBH based in Berlin, is a digital platform that verifies, acquires and then shares unique assets in shares that anyone can buy from €50 and trade with other users. The company undertakes custody, insurance and maintenance of the assets. Shares can be purchased securely, conveniently and digitally via the Timeless app.
Like Carlito, Cro pursues another artistic expression besides music: he paints pictures. Therefore, Timeless decided to collaborate and tokenize the first artwork created for fractioning, “Michelle”. Around 400 fans currently have shares in this value.
Due to the ground-breaking success, two weeks later it was decided to enter into a new collaboration with the artist Cro. This time the goal was to release an NFT PAP (Profile Art Picture) collection with 1000 unique interpretations of Michelle.
The guaranteed coin for Michelle Holder and early access for Timeless users then started on July 5th. In addition, selected Premint Raffle winners can also claim a coin token. The Public Mint followed two days later. A short time later, the 1,000 NFTs were sold out.
That’s why Timeless Investments celebrated the decline as a complete success, sharing tweets like this one:
On August 25 at 22:22, the time had finally come. The coin tokens are finally revealed and everyone gets NFT.
The story is over and everyone is happy. Unfortunately not . The first technical difficulties crept in even before publication. That’s why it was decided to add an extra variable to make the metadata 100% secure.
So it’s only a matter of time before the reveal takes place.
After some technical hardships, it’s done. The revelation came live on August 25: “WE FINALLY MADE IT”. Or not?
After the alleged NFT Reveal, several members wrote in Discord that there were significant problems. It doesn’t matter if this has to do with a hidden NFT or if some coin tokens are still undisclosed.
Because the failed disclosure caused significant damage. Although the moderators of the Discord group try to downplay the incidents as normal, the affected investors still have to reckon with the consequences. These are listed in the following paragraphs.
If you look at the distribution of the NFTs on Etherscan, several things stand out. The largest address alone has 300 NFTs. This is due to the fact that Timeless Investments mines 300 NFTs themselves. Furthermore, it is stated in the FAQ that around 100 NFTs distribute the artists and contributors. This means that out of the 1000 NFTs, more than 400 NFTs were already unavailable initially. Thus, the collection that was available to the general public is limited to 600 NFTs.
It is also surprising that there are only 403 goalkeepers in total. That means each address has about 2.5 NFTs. If you subtract the 300 NFTs from Timeless and assume 700 NFTs and 402 holders, that’s still 1.75 NFTs per address. A look at Etherscan also confirms this picture.
For example, of the 10 largest addresses behind Timeless, all 10 or more have NFTs. So now the following question arises: Why didn’t Timeless Investments limit the coin to a certain number of tokens? If you assume that the collection, as Timeless writes on its own website, is aimed at Cro-fans and its community, it actually makes no sense to allow an unlimited mintage. Since the collection was limited to 700 NFTs, if you wanted to live up to your promises, you could have kept 700 fans happy with a Mint limit.
There are only two options for this decision. Either the demand for the NFTs was so low that you saw no other option but to make an unlimited coin, or you wanted to use people’s fear to make money as quickly as possible.
The former is unlikely since Timeless should find enough buyers with 160,000 users. Furthermore, there is a collaboration with the artist Cro, who has more than 1,600,000 followers on Twitter alone. As a result, the second seems quite likely.
Another important aspect is the distribution of the collection based on rarity. After analyzing the metadata, the following image appears:
Now it plays a significant role in whether the coin signs were revealed correctly or not. Because those who had access first could see the characteristics of the NFTs and consequently buy the best ones. So on the 27th the top 3 were bought away. This causes financial damage for those who did not have the opportunity to do so. As a result, they no longer have the ability to sell their own (inferior) NFTs.
Furthermore, it is noted that Timeless has both the best NFT (Carlito: 1) and 3 of the third best NFTs in the collection. This could be a coincidence as the chance is 30% due to the large number of 300 pieces, but it is unlikely.
It’s much more likely that Timeless got the best NFT up front to sell to in-app investors. It can therefore be assumed that there were no fair chances when the decline occurred and that small investors in particular suffered losses.
Since Timeless Investments, as announced, owns 300 NFTs, the question arises whether the project is still decentralized. Timeless ensures the following:
“After 3 months Timeless is allowed to sell 25%, after 6 months 50%, after 9 months 75% and after 12 months 100%. Generally, Timeless will try not to sell until 12 months have passed for the transaction to be tax free. The effect on the price of NFTs is therefore positive as many NFTs are withdrawn from the market for months, making the collection appear smaller.”
The problem with the statement is that it is based on pure trust. There are thus no obligations that Timeless must fulfill in the event of a sale. It is also uncertain how many NFTs were distributed to the collection helpers. Timeless only provides approximate information here, which cannot be proven.
Unfortunately, this means that Timeless Investments has a big impact on the price. Therefore, the floor price of the collection is of little importance and should always be viewed with caution. Timeless can at any time decide to sell 30% of the NFTs at any price, thereby defining a new floor.
A key argument that Timeless constantly mentions is that you can win tickets to a Cro concert in December. Five lucky winners will take part in the Cros Homecoming Concert Experience in Munich. No information is given about the draws.
So this could be the next scandal. Since Timeless and staff own more than 40% of the collection, a fair draw is almost impossible. If this does not happen directly in a video call, it is unfortunately a prerequisite that the work was not carried out correctly here either.
There is no complete answer to this question. There are definitely enough signs. How can a company with 36 employees turn on such a coin? How come some tokens are still undisclosed to this day?
The following conclusion can therefore be drawn. Something went wrong with the Carlito NFT collection. The fact that true fans were not offered any added value is a shame. For this reason, the collection can only be stamped with the Gelddruckerei stamp. If you wanted a fair and sustainable coin, things would be different. But just the fact that they chose to own more than 40% to influence the price shows that it was never about the community. Timeless investors are now suffering from this, and they first became aware of the exclusive collection through the newsletter. So in the end, there’s only one question left to answer: How can a company that appeals to so many customers host something like this?
Timeless Investments was able to raise 12 million in funding with its business model. Despite all this, the site itself has little to show for it. So far, only two watches have been made with a profit and the money paid out to the users. The rest is currently traded with other users on the marketplace for profit or loss.
The page itself is therefore completely opaque. The assets are usually offered at very high prices to always achieve a positive effect. The probable price calculations are based on the past and thus give the impression that there must be significant increases in value of similar dimensions.
Therefore, it can only be said that the Timeless Investments offer is as opaque and manipulative as the NFT collection itself. For these reasons, we strongly advise against using timeless investments or investing in the NFT collection. In the end, despite millions in funding, there could be an end similar to Nuri’s.
Here, too, a company has taken advantage of the new trends and deceived investors and users in general with false user figures for years. Therefore, caution is always required, especially with new startups, even if they have many users.
Dennis Weidner 0 Ethereum-based Layer 2 solutions are on the rise, how can you invest in this lucrative market? What is …
Prasanna 0 This article is about successful NFT projects in 2022 so far. Let’s take a look at it in more…
No rush crypto tutorial due to crash
Coinbase and other crypto-exposed stocks rally like Bitcoin, Ethereum Rebound
How will the crypto market perform in the second half of 2022?
SEGA Launches Blockchain Card Game on L2 Oasys Network
Should tech and crypto innovators avoid San Francisco?
The Gridex protocol enters into key strategic partnership with Paris Blockchain Week 2023
What will the Fintech opportunity in India transform into -Vipul Sharma
Sea Limited: Performing Well Against Profitable Growth (NYSE:SE)
House Republicans move to regulate crypto with new subcommittee
Despite the NFT market downturn, companies continue to hire for Web3 roles
