What is Treasure NFT? Is It a Scam?

Treasure NFT is currently a trending project loved by some and loathed by others. It's the literal digital version of 'One man's trash is another man's treasure.' If you've caught a hint of its drama but haven't learned about it in detail yet, then this blog is written exactly for you.

We have covered some major questions-

• What is Treasure NFT?
• Is Treasure NFT a Scam?
• Is it safe to invest in Treasure NFT?

So, make sure you read this blog until the end to fully understand the project. While we will not tell you what to do straight up, we will present all the facts important for you to know so that you can decide for yourself. We will explain how TreasureNFT works, its offerings, and its key concerns.

Now, without wasting time, let's begin our "treasure" hunt!

What is TreasureNFT?

As per its official website, TreasureNFT is the first ever encrypted NFT integrated marketplace based on algorithmic trading. It uses algorithmic trading mode to give encrypted NFT assets a new vitality, different from other NFT trading platforms like OpenSea and LooksRare.

TreasureNFT claims to solve the lack of liquidity problems faced by NFT projects when their popularity decreases. Such scenarios often cause the NFT assets on traditional platforms to have a price but no market. To curb it, TreasureNFT uses an "algorithmic price trading model" that leads to automated price and liquidity management, thereby protecting the rights and interests of participants. It includes a pooling algorithm model that employs a pooled trading mechanism in which all NFTs are combined so that their buyers and sellers interact directly. As per TreasureNFT, this approach significantly optimizes liquidity and provides instant settlements, as traders do not have to depend on specific buyer-seller matches.

Additionally, it developed an automatic pricing algorithm model to solve the issue of NFT valuation and pricing by fractionalizing the complete NFT into multiple small blocks. This approach allows a group of people to obtain partial ownership of the same NFT and reduces the entry point for the users to enter TreasureNFT.

The entire marketplace works like eBay in the NFT space. Sellers display their NFT assets online and choose to sell them at a fixed price or through an on-site auction.

At the same time, it provides a lucrative earning method by using algorithmic transactions to determine the value of NFTs. Then, it shares the earnings and profits generated by those algorithmic transactions with all participants to motivate them to make community contributions. Traders who trade NFTs on this platform get a fixed reward, depending on their trading range.

But TreasureNFT's rewards aren't limited to this. It runs a referral reward program, too, where users earn referral fees for trading the third-level users in their team. Not only do they earn via referral trading, but they also earn on their Referral piggy bank, which is basically the wallet where their earnings get collected. The balance release ratio of each referral piggy bank depends on its level and total earnings.

Like many other projects, TreasureNFT employs a DAO approach driven by community governance. As per its official documentation, TreasureNFT's DAO has its own complete economic system and is "autonomous." Any user acquiring TreasureNFT obtains project governance rights, which allow them to vote on existing proposals or initiate new ones.

Soon, it plans to introduce a staking system connected by the base fee of 2% that TreasureNFT collects in WETH to facilitate NFT transactions. This WETH balance will merge at the end of every cycle of 6,500 Ethereum block periods (nearly a day) to reward participants.

Since its debut in October 2022, TreasureNFT has steadily gained interest due to its highly rewarding referral incentives. But a number of individuals have now shared concerns about the possibility of it being a scam lately.

So, is it genuinely a "treasure" or a scam? Let's find out!

Is TreasureNFT a Scam?

To find out if TreasureNFT is a scam or not, the best approach is to look for the plausible red flags in the project. After analyzing the project, here's what we found:

1. Unrealistic Guaranteed Profit: Various crypto enthusiasts and community leaders have raised concerns about the high "guaranteed" returns promised by the project. TreasureNFT promises daily returns of up to 6.8% and up to 30% monthly returns, which is mathematically unsustainable without continuous new investments. Such a setup usually operates in Ponzi schemes, where the early joiners are paid via the money poured in by the new investors. They often collapse when the projects fail to attract enough new users to keep paying the existing ones.

2. Referral-Based Revenue Model: Since its launch in 2022, TreasureNFT has been heavily promoting its referral program, where users can invite others using a unique referral code to earn commissions from their referral transactions. While this may look like a marketing technique to expand faster, some concerns exist regarding the legitimacy of the process. The TreasureNFT platform uses a multi-level referral structure, allowing users to earn commissions from not only their direct referrals but also from indirect referrals. This typically resembles a pyramid scheme way of operating, which never survives for long.

3. Lack of Transparency: Transparency is the backbone of any successful crypto project which aims to stay in the industry. However, this doesn't seem to be the case for TreasureNFT. Many of its users have pointed out a lack of transparency about the company's operations and sustainability. The project offers a very limited explanation of how its AI-driven algorithm works and how it plans to achieve its future goals. Having this unclear documentation is often the tactic that multiple scam projects follow to deceive their investors.

4. Lack of Accountability: Unlike legitimate crypto projects, TreasureNFT also lacks accountability. For instance, there is no clear information about its engineers, founders or any other crew. This anonymity can be problematic as it makes it almost impossible to confirm the validity of people running the platform and managing huge user funds. The details about the project founders are also not verifiable, further complicating trusting the platform. Many people argued that even Bitcoin founders chose to stay anonymous. However, this is entirely different from that scenario because the TreasureNFT team and founders claim to have identifiable leadership. Still, their social media profiles appear to be fake due to zero interactions and activity. Fake leadership profiles suggest a deliberate attempt to deceive users as it eliminates the point of accountability from the equation. Without that, the users will be left to handle the mess if anything goes wrong due to legal or other issues.

5. Suspicious Testimonials: Another concern regarding TreasureNFT's is ratings and reviews on multiple platforms. On Google Play Store, the platform has around 57,000 reviews and a rating of 4.7/5. However, multiple crypto experts have shared that the majority of these reviews are fake due to their abnormally positive tone and specific patterns. While real reviews by real users often reveal valuable insights into the platform functions, TreasureNFT's reviews looked overstated. Some sites are also reportedly banned from the platform due to fake review postings and manipulated ratings. Several crypto influencers even revealed that they were offered hefty amounts to collaborate with the project for paid promotions.

6. Rising User Complaints: Lately, multiple users of the platform are posting about withdrawal troubles, account freezes and inactive customer service. Problems with withdrawals of referral earnings are highly alarming since they may suggest that the platform does not have enough money to process the withdrawal requests. It strongly resembles the patterns in Ponzi schemes where the institutions often start freezing withdrawals due to a lack of new contributors. Such instances are often associated with the early signs of a project that ended up as scams.

Overall, Treasure NFT's operations align with those of a Ponzi scheme to some extent, making it a risky and potentially riskier investment opportunity.

Is It Safe to Invest in TreasureNFT?

Deciding whether to invest in TreasureNFT requires careful consideration. The platform offers an attractive referral program with lucrative returns, which can appear attractive to potential investors. However, some serious concerns exist around its too-good-to-be-true returns, transparency, and credibility.

At the first look, the high rating of 4.8/5 on the Google Play Stores give a good first impression of the project. However, multiple sources claim that these reviews are fake, paid and manipulated. Platforms like TrustPilot known for verified reviews and tracking fake ones have also reported paid reviews by TreasureNFT. The authenticity of leadership is also dicey, with claims that the CEO and CTO profiles may be fake as they show no credible presence.

Another red flag is the way this platform pushes its referrals and not its innovative NFT trading. Historically, platforms that heavily promote multi-level referral programs often turn out as pyramid schemes, especially when they promise guaranteed high returns and offer little transparency. its claims of up to 6.8% daily returns not only look unrealistic but also practically unsustainable.

Thus, to make an informed decision, you should conduct thorough research. Verify the platform's claims, check for independent reviews, and ensure there is clear information about its leadership and operations. Always exercise caution and avoid investing funds you cannot afford to lose.

Is Treasure NFT legal in India?

Currently, no law prohibits Indians from using TreasureNFT. However, please note that the Indian government has not yet provided complete clarity on the legal status of NFT and crypto regulations. While Virtual Digital Assets (VDAs) are not banned, they are also not fully regulated by the Indian government.

Despite that, any earnings from VDAs in India are taxable at a 30% rate, and 1% TDS is applicable on some crypto transactions. This shows recognition by the government but not full regulation.

FAQs

Is Treasure NFT real or fake?

Whether TreasureNFT is real or fake depends on multiple factors. The platform has been running for over three years but many crypto experts have raised doubts about its operations. Several sources suggest that the social media profiles of TreasureNFT's leaders and developers are fake and its multi-level referral program resembles a pyramid scheme. Thus, please conduct a thorough research before investing and be cautious of its questionable practices.

Is NFT legal in India?

There isn't any specific law that specifically bans or regulates NFTs in India. Currently, Indian law considers NFTs a part of the Virtual Digital Assets (VDAs) under the Income Tax Act 1961.

What is the TreasureNFT owner's name?

According to the available data, TreasureNFT's owner or CEO is Steven Alexander, and its CTO is Bob Steven. Both have zero or no social media activity and according to some crypto enthusiasts, their social media accounts are also fake.

Is Treasure NFT safe or not?

With a number of allegations about its resemblance to Ponzi schemes and a lack of legitimate social proof, we can not consider TreasureNFT a safe project.

Disclaimer: The content provided in this blog on TreasureNFT is purely for informational purposes and should not be considered financial advice.

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