Preventing Million-Dollar NFT Scams with OKHotShot

Preventing Million-Dollar NFT Scams with OKHotShot
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Learn more about one of the most active NFT analysts and security experts in the space

OKHotShot is one of the premier NFT analysts and security experts in the blockchain space right now. Impressively, he shares his findings with his Twitter audience and contributes to the greater good without asking for anything in return. His efforts have uncovered some of the biggest NFT scams to date. This is why DappRadar wanted to pick his brain and see what goes on behind the scenes of such investigations. 

OKHotShot is the second interviewee as part of the newly launched DappRadar Crypto Influencer series. If you’re enjoying the interviews so far, have recommendations about our future guests, or you’d like to participate yourself, please reach out to us. Read on and find out how and why OKHotShot dedicates his time to uncovering the nasty details behind NFT scams and rug pulls. 

Quick FAQ

Name: OKHotshot

Twitter account:  

Twitter followers: 37,300

Favorite NFT collection: fully on-chain collections, ENS names

Editor’s Note – an on-chain collection stores both its metadata and its visuals on the blockchain. Examples of such collections are Avastars, Cyberbrokers, OnchainChains, Loot, OnChainMonkey, Autoglyphs, and ChainFaces.

From on-chain analyst to full-time NFT guard

OKHotShot launched his NFTherder Twitter account in September 2021. But this was not his entry point into on-chain analysis and blockchain security. He started out his NFT journey at the very dawn of the non-fungible token as a concept. One of his first purchases was a CryptoKitties NFT. 

Since then he followed the space closely, building an arsenal of useful information, experiences, and red flags in his mind. As an experienced on-chain analyst, NFT audits came easily to him. In 2021 he decided to transition to such activities full-time. Since then, NFTherder has accumulated more than 37,000 followers, and OKHotShot has become one of the most trusted analysts in the NFT space. 

According to him, a couple of his friends’ mishaps in the NFT space pushed him toward becoming a full-time analyst and security expert. 

“One of the decisions for me starting that was after two inexperienced friends of mine lost significant amounts of money from scams. They could’ve avoided those losses if they’d reached out to me beforehand but they didn’t know any better. To me, they were obvious scams but they had no idea and it cost them big. Which made me think – if I could tweet out info and share verifiable data that could help prevent someone from getting scammed that would be good.”

OKHotShot on education and making the NFT space safer

While Bitcoin has been around for more than a decade now, the blockchain space is still a new frontier for the majority of users. NFTs even more so. According to OKHotShot, one of the most important aspects that will make the whole blockchain space safer is education. 

On one hand, once users are aware of the numerous pitfalls to look out for, scammers and malicious actors will be much less successful in their efforts. On the other hand, education is also important for the founders of new projects. Having the know-how to create an airtight project that is as secure as possible is still elusive to some. 

In this sense, OKHotShot set out on a much bigger mission than simply revealing scams and rug pulls. His ultimate goal is to bring a better level of understanding to the community and help NFT enthusiasts protect themselves. One of the main tools he uses to do that are his regular ‘Alpha & Chill’ Twitter Spaces. 

These events give people from the community a chance to share their experiences in the NFT space with like-minded individuals. Such talks benefit everyone – people who got scammed learn how to prevent this in the future, while others learn about the newest tricks in the scammer’s playbook from first-hand experience. 

“It’s important to educate yourself on the market and the technology before buying anything. That’s what my weekly Twitter space ‘Alpha & Chill’ has turned into: a place for people to ask questions, learn (and chill).”

OKHotShot’s tips and tricks on staying safe in web3

As an experienced on-chain analyst, OKHotShot finds himself at home browsing through hundreds of pages of transactions on the Ethereum blockchain. According to him, this is one of the richest resources out there, showing all activity and transactions performed by any given wallet. 

However, scrolling through Etherscan is not enough. You have to know what to look for. OKHotShot shares that one of the most important aspects of being a successful NFT analyst is knowing what is happening on the blockchain. Tying into the notion of education as the primary tool for staying safe on the blockchain, he states that knowing what you’re seeing in the transaction history is the most important aspect of blockchain security. Information is power, and in this case, it is the power to protect yourself in the web3 space. 

Of course, doing detailed research on all other aspects of a project is also essential. For example, earlier this month, OKHotShot tracked down the malicious entities that hacked into the Discord servers of some of the biggest collections out there, including Bored Ape Yacht Club and Doodles. To do that, he looked way beyond blockchain activity, diving into Discord bot hacks, social engineering tactics, and much more.

Still, for the average NFT enthusiast, the most important thing is being informed. Learning as much as possible about a project and its creators. Look into their social profiles, any information they have shared about themselves, blockchain addresses for the project, and the activity on these addresses. 

“Security practices and awareness will improve as web3 technology progresses and the market matures. However, the most effective way to protect yourself will still be through proper onboarding and education.”

How to check the authenticity of an NFT purchase on DappRadar?

  • Go to somebody’s wallet using the Portfolio Tracker here on DappRadar. You can find that wallet by typing the wallet address or .eth user name in the search bar. 
  • Go to their NFT inventory
  • Click on the NFT you want to investigate. You’re now on the Single NFT Page. 
  • Scroll down, and click “Trading History” 
    • When it’s been purchased you will see ‘Sale’ and a ‘Price’ mentioned on the right side. 
    • When it’s been transferred from one wallet to the other it will simply say ‘Transfer’. This can either be a gift from someone else or the owner moved their NFT to another wallet. Of course, this can also be a ‘spam NFT’.
    • When someone buys or receives an asset straight from the original smart contract, we call that minting. The NFT will come from an address like 0x000000000000 and the action on the left side will say ‘Mint’. 

Some of the biggest scams in the space

Since the launch of NFTherder in September 2021, OKHotShot has uncovered some of the biggest scams in the space. In October 2021, he released material uncovering an airdrop scam targeting inexperienced buyers and copy traders.

The scammers managed to hide fake mint transactions in the activity of celebrity wallets. This includes big names like Gary Vee, Pranksy, and Snoop Dogg. Unfortunately, these fake mints were actually airdrops of NFTs with zero market value. However, traders looking for buy signals could easily be misled into buying these NFTs and ending up with a worthless asset in their wallets. DappRadar posted a detailed coverage of the case, following OKHotShot’s Twitter thread. 

“I coined it “mint masking” because the airdropped NFTs were hidden in a legitimate buyer’s transactions, effectively masking it. It’s one of the more elaborate scams that are still ongoing.”

Another infamous instance when OKHotShot unveiled a serious NFT mishap was the reveal of the art for the much anticipated Pixelmon NFT collection. Thousands of collectors saw their early investments plummet to the ground as the art for the collection came out with severe bugs and hundreds of times below the expected level of quality. You can read more about this case here

OKHotShot’s coverage of the Pixelmon scandal even made it to mainstream media. 1News New Zealand aired a story on the topic which reached millions of people in both the crypto space and audiences unfamiliar with the matter. In this sense, his work as an NFT analyst sheds light on the space for audiences beyond Crypto Twitter, bringing a level of security to a much bigger crowd.

OKHotShot on the NFT space at the moment

The NFT space is still in its infancy, despite attracting billions of dollars in trading volume in the past several years. Security for buyers and founders of NFT projects alike is one of the more fundamental aspects that still need to improve largely. And that’s where OKHotShot has focused his efforts. 

According to him, another important thing to look for in the space is the community surrounding any given NFT project. OKHotShot believes that the future of NFTs will be to create a solid foundation for completely new internet culture. And to achieve that, collections will have to attract dedicated community members who believe in the ultimate goals and roadmap of said project. 

“I love seeing genuine communities with principles and morals supporting NFT projects that may turn out to be the foundation of future internet culture.”

OKHotShot refrains from sharing personal views on any project he’s currently looking into. For him, going through the due diligence process yourself is the most important step in making an educated investment decision. Still, he admits he’s closely monitoring some of the older, more proven projects already on the market. 

Closing thoughts

OKHotShot is one of the most influential NFT analysts in the space right now. DappRadar is excited that he is part of the Crypto Influencer series. We’re happy to have had a chance to dive deeper into his day-to-day analytics and glad to have shared his advice with our audience. 

If you want to learn more about OkHotShot, check out his official Twitter account NFTherder. His regular ‘Alpha & Chill’ Twitter Spaces are both educational and very fun. 

P.S. You can also take a look at OKHotShot’s favorite New Dapps Reports here

“I’m a big fan of the New Dapp Reports. Sharing verifiable data in an easy-to-understand format is important in a market that on the surface is run by personalities, hype, and opinions.”

Thank you, OKHotShot for the kind words and the opportunity to take a better look at your work.

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