Can Data Defeat This New NFT Scam?
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NFT’s or non-fungible tokens, had a massive year last year. There were over $14 billion dollars in sales on the largest marketplace for these digital assets, OpenSea. There is very little regulation if any on what is a legitimate project or not. Unfortunately, this has led to some major scams, pump and dumps and otherwise unethical practices. My friend Avery Smith and I didn’t like that people could be getting taken advantage of from a system like this. We wanted to see if data could be used to help solve this problem. Could we use our data science skills to understand the nature of whales in the NFT space, if projects are legitimate or scams, and create a framework for more transparency on a platform like OpenSea.