The ease with which some crypto projects are switching into NFT shows that the collectible space is among the most lucrative at the moment. What may not be easy to ascertain is which of the projects are genuine and those that are leveraging the $1 trillion industry that has been tipped to take over the creative arts in the next few years.
Maplabs is among the many cryptocurrency and blockchain projects that have switched over to NFT, despite the fact that the initial proposition of the team shows that originally, they had no plans to run a project that is associated with non-fungible tokens.
According to the original website of the company which has been taken down, Maplabs, which was originally Marcopolo Protocol was an interoperation blockchain that would provide a platform for De-Fi, IoT, finance and other ecosystems.
It is curious that the project that was planned to be a blockchain that supports clients and infrastructure has quietly switched to NFT without making any remarkable progress on its original roadmap which stated that it would be ready for launch by Q3 of 2021. What could be the reason for this?
What we now know is thst the new Marcopolo Protocol has morphed to Maplabs which is strictly a NFT platform. The implication is that the team did not really have the vision of creating a blockchain with utility and may have been interested in joining the long list of blockchain projects that may not have had impact on the ecosystem.
When a project or website is rebranded at short notice, this raises suspicion about the intent of the team. A further check on the platform shows that the new website, Maplabs.io is a clone of another website, https://t20worldcup.io/. This could be a confirmation that this is not an authentic project. It is one thing for a project to side step into a business that was not originally in their roadmap and quite another for the project to copy another existing website for convenience.
What we have noticed over time is that cryptocurrency and blockchain projects that clone sites, plagiarize or use fake teams cannot be relied upon. If this is the situation with Maplabs, it is not advisable for any investors to put their funds in these projects since the likelihood of losing their funds is high.
Switching between projects because of trends raises the suspicion that this is a quick-grab project that has no genuine intention to add utility through a blockchain. This is despite the fact that it has listed a token at listing sites such as Coingecko.
What we have concluded, based on evidence, is that for this project to switch its roadmap to the most convenient trend means that the roadmap was created out of thin air. What can be observed in projects such as Maplabs is that they work hard at publicity by creating hype around what they are doing with the aim to draw investors.
With the popularity of NFTs, there are many fake projects that work to deceive uninformed investors. This is why conducting due diligence is of essence. This is the only way to avoid losing your funds to scams.
If you’re serious about investing in metaverse tokens and NFTs, we recommend that you use a reputable exchange that has listed some of the best tokens and collectibles in the space.