NFT project was actually a “social experiment” designed to shed light

Little Shapes NFT was first conceived as a “social experiment,” as disclosed by Atto, the pseudonymous originator of the project. The goal of the “social experiment” was to bring light on large-scale nonfungible token (NFT) bot network frauds on Twitter.

Since late December 2022, Little Shapes has been receiving a significant amount of attention from the crypto community as well as the media. This is because the creator of the company was featured in multiple tweets that went viral and detailed events in his life that sounded too fantastic to be true.

A man woke up after being in a coma for five months, discovered that he had assets locked on FTX, told his wife about it, and then discovered that she had been cheating on him with other individuals in the NFT business. These are just a few examples.

However, the exposé was based on true events. “Here’s how a ring of influencers and entrepreneurs sucked more than $200 million out of the ecosystem across 274 projects,” Little Shapes NFT stated, adding that: “Over the course of the previous year, NFT Twitter has been managed and controlled largely by a lone Twitter botnet.” The majority of its appearances were in February 2022, and it was put to use in combination with a network of influential people and beta testers in order to sell out projects.

The actual paper has a heading that reads, “The insider NFT bot network that’s been dominating the market behind the scenes.”

It claims that from February 2022, a huge number of low-level NFT ventures have used bot networks to artificially develop excitement and legitimacy in an effort to scam investors. This was done in an attempt to pull the wool over investors’ eyes.

During an interview that took place on February 2 with BuzzFeed News, Atto, who is also the creator of BALLZNFT, referred to Little Shapes as “performance art” and emphasised that “people don’t pay attention until you give them a reason to.”

He added, “I needed a tale that sells to ensure that no one would disregard a story that hurts,” and that was exactly what he did. “I needed a story that sells.”

The paper refers to bot networks such as “Dmister” that provide social media engagement as a crucial channel for NFTs projects and only price around one hundred dollars for every one thousand likes, retweets, and responses purchased.

The BALLZNFT team even promoted Little Shapes NFT by using Dmister as an example of how it works in order to spread awareness about their product.


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CoinShares Launches Twitter Bot for NFT Investors

Crypto asset manager CoinShares has launched a helpful Twitter bot for NFT investors.


On Thursday, CoinShares announced the launch of a Twitter bot called the ‘CoinSharesNFTAI.’ According to the functionality of the Twitter bot, CoinSharesNFTAI would help NFT investors predict a ‘fair price’ for any NFT listed on Opensea.

The Twitter bot would assist NFT investors on Twitter to filter the uncertainties in the NFT space and know how much an NFT might be worth with just a single tweet. To activate the bot, users would have to make a tweet with an Opensea link of the NFT they would like to check and then mention the bot (@CoinSharesNFTAI) in the tweet.

In the announcement, CoinShares stated that Pricing NFTs could be a difficult task, especially as their value is volatile and millions of them are available on the market. 

“Building on our crypto and quantitative expertise, we came up with an experimental project to price NFTs, whether you own them already or not. This model relies on tested mathematical concepts to predict a fair price for any NFT currently listed on @opensea,” said CoinShares in the announcement.

The bot predictions are based on identified factors such as hype, rarity, utilities, content, and products, as well as transaction volume and history of an NFT project.

CEO Jean-Marie Mognetti said in a release, noting: NFTs are one of the newly discovered digital assets in the crypto industry today, and it’s essential that everyone should feel comfortable while buying and selling them. He added, “To this end, we made our proprietary NFT pricing algorithm available to the public through our CoinSharesNFTAI Twitter bot.”

CoinShares is a Europe-based digital asset investment and trading group pioneered in innovative financial products and services for the crypto industry.

In the firm’s recent news, CoinShares announced its intention to launch an algorithmic trading platform, HAL, for retail traders. The platform will provide retail traders access to a range of algorithmic trading strategies for $20 per month.

Image source: Shutterstock


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Bybit Announces Launch of Grid Trading Bot

Crypto exchange platform Bybit has announced the launch of its grid trading bot. - 2022-06-21T114427.572.jpg

The company announced that the new grid trading features are available now for all registered users, starting from June 20. It further added that users will also have access to the grid trading bot to automate their buy and sell orders and adjust their investment amount.

“By executing low purchase orders that lead to high sell orders during a lateral price movement, the system ensures profitability each time the sale price exceeds the purchase price, thus eliminating the need for market forecasting,” Bybit said in an announcement.

The grid trading bot assists users in carrying out the Grid Trading Strategy. It enables users to place a series of purchase and sell orders within a given price range.

The system is based on the trading principle of buying at a low price and selling at a higher price to earn the difference.

Bybit says their AI parameters maximize profits for our users. According to the company, users can share their strategy with a fellow trader once they have set up their trading bot and if they are earning a good return.

“Bybit’s VIP users can enjoy the same trading discounts using the new bots, while those on track to becoming VIPs can more quickly advance their level thanks to the bot’s higher trading frequency,” the company said in its announcement.

Company Staff Layoffs

However, the trading company has joined the list of cryptocurrency exchanges that have revealed plans to lay off their staff in a bid to reposition their businesses amid the ongoing crypto market slump, Blockchain.News reported. 

The latest layoff of the Bybit was unveiled through an internal letter shared with employees by the platform’s Chief Executive Officer, Ben Zhou. A copy of the letter from Zhou was posted on Twitter by Chinese independent crypto Journalist, Colin Wu, and has been affirmed by other mainstream media platforms.

In the letter, Zhou emphasized the need to downsize, considering some of the staff are not needed in the wake of the menacing economic realities. Zhou said the company’s workforce grew from a few hundred in early 2020 to more than 300% at this time.

The company attributed to the recent bear market on the stock market and the turmoil in the crypto market, “Bybit is no exception apart from the fact that we have taken extreme steps to maintain our workforce for as long as possible during this crisis.” 

Image source: Shutterstock


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Trader builds Bitcoin ‘buy the dip’ bot, outperforms DCA

While a bullish backdrop emerges in February, spare a thought for the traders trying to time the market. One savvy trader by the name of Samjhill on Reddit has built a trading tool that outperforms dollar-cost-averaging (DCA) for buying Bitcoin (BTC). 

DCA is the strategy in which investors buy a small amount regularly regardless of price fluctuations. It works in contrast to traders keen to get the lowest entry, timing the dip to perfection and avoiding “catching a falling knife.”

The aptly named “Buy the Dip Bot” aims to “get the best price for a given asset by using a limit strategy.” Inspired by another Redditor who suggested a manual limit-buy-order strategy for getting the best price entry, Sam took the idea one step further, coding up a dip buying bot.

The bot places limit orders at several intervals below the current price and if an order gets executed or canceled, it starts again. Using tech from AWS, Python, Lambda, DynamoDB and React.JS while hosted on Github, the cost to run is low, “about $5 per month.”

While the bot has been beavering away since December, it hit a maiden milestone yesterday. Reaching profitability versus regular dollar-cost averaging, “the price-per-coin advantage is about (cheaper) 5-10% right now, which you could also think of as getting that much more coin for your money,” Sam told Cointelegraph.

The bot runs a backtesting library to work out the best entry points for the limit buys. A complex process, the work paid off, culminated in a “winning strategy.”

Related: TokenBot helps crypto traders build social communities and monetize market knowledge

When asked by Cointelegraph if he would recommend the bot as opposed to regular DCA, Sam replied it depends on where you are in your BTC journey:

“For people just starting out, regular DCA probably makes more sense, since your goal is probably to stack as many coins as possible. For those later in their journey, they might have a decent stack already and want to minimize increasing their cost basis, and so might benefit more from this.”

Sam, who first learned of Bitcoin around 2013, added that he is doing both DCA and the limit strategy “to get a more even curve of coin growth.”

While the future is currently Bitcoin orange for the trading bot, Sam built the system for easy integration with other coins. Ethereum (ETH) features on the Github page, and Sam hints he may roll out other coins to production.