Mark Cuban's 'NFT company' caught promoting scams for $25,000 a post

Mark Cuban's NFT company that has control of the '@NFT' Instagram account has been caught promoting projects that are scams.

1 minute & 26 seconds read time

The Non-Fungible Token (NFT) space has been plagued with projects that are purely created to scam investors, and now Mark Cuban's "NFT company" has been caught up in promoting these illegitimate projects.

The claims come from Twitter user Space Cowboy, who publicly claimed that the verified Instagram account @NFT, which Cuban officially backs, promoted shady projects that have resulted in investors losing their money. Cowboy claims in the Twitter thread that the Instagram account was charging developers $100,000+ for promotional posts that were not disclosed as advertising to the Instagram accounts followers.

The NFT Instagram account managed to obtain 1.7 million followers, and after noticing the immense growth, Space Cowboy decided to look into its authenticity. According to YouTube investigator Coffeezilla, who recently exposed a YouTuber and Streamer for scamming his audience out of $500,000, states that he impersonated a "pretend NFT project promoter" to talk to the team behind the @NFT Instagram account where he learned that the team was charging creators $25,000 a post, with five posts minimum.

Rolling Stone asked Cuban for a comment on the matters over email, to which he replied by saying he's "not involved with operations" of the account, and forwarded the publication the handles of two of his associates, "@NFT co-founders Jason Falovitch and Aaron Avruskin".

Instagram recently banned @NFT on Thursday, February. 3.

"This account was disabled following repeated violations of our policies, and it won't be reinstated," said a spokesperson for Meta, Instagram's parent company, to Rolling Stone.

If you are interested in reading more about this story, check out this link here.

Mark Cuban's 'NFT company' caught promoting scams for $25,000 a post 01

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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