What is Elon Legacy NFT and is it safe?

Bitcoin is a popular blockchain-based currency, and Ether is an altcoin that represents Ethereum. There are thousands of other altcoins, including Shiba Inu and Solana. Where do non-fungible tokens (NFTs) fit in this scheme of things?

NFTs indicate who owns any particular asset, which can be an artwork, a piece of music, or something else. NFTs exist on the blockchain, the same technology that underpins Bitcoin and altcoins. This is a reason why NFTs are also considered a part of the cryptoverse. Beeple, BAYC, and CryptoPunks are some of the popular participants in the NFT space.

Now, a new project is aimed at riding on the popularity of the world’s richest man, Elon Musk. Let’s explore.

What is Elon Legacy NFT?

Not much information is available on this project, and it is yet to list on major NFT exchanges and price-tracking websites like CoinMarketCap.

According to its website, Elon Legacy NFT is offering digital assets that can help its owners win a Tesla car. It states that 10,000 versions have been created, all of which correspond to a different asset. Rewards are said to be of two types — direct and referral. The former rewards accrue to NFT holders, while the latter can be won by “contributing to the community” and promoting the project.

The website has an option for users to apply for a “whitelist spot”. The holders have a chance to win a Model 3 or Model Y Tesla car, it is claimed.

Also read: Top 3 NFTs by market cap other than BAYC and CryptoPunks

Is Elon Legacy NFT safe?

The project is very new with not much information available on how rewards will unfold in the future. If digital assets offered in the form of NFTs can appeal to enthusiasts, it might become a hit. NFTs of CryptoPunks and BAYC also had humble beginnings, but a few of these assets have fetched millions of dollars in recent auctions.

However, the cryptoverse is also a space for scams. Pumping and dumping of tokens and other digital assets are concerns that ail this sector. Elon Legacy NFT is using the name of a billionaire to promote itself. How it fares in the medium-to-long term is unpredictable.

Also read: Top three NFT cryptos by market cap

Data provided by CoinMarketCap.com

Bottom line

Madonna also launched NFTs in 2022, but they could not become a big hit like CryptoPunks or BAYC. Elon Legacy NFT is a very new project, with 10,000 assets on offer. It is not listed on major exchanges. This calls for caution on a user’s part.

Also read: What are Madonna NFTs and are they failing to invite high bids?

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