Web 3 (also known as Web 3.0 and sometimes stylized as web3) is a concept for a new iteration of the World Wide Web based on blockchain technology, which integrates principles like decentralization and token-based economy, according to Wikipedia. Web3 is a decentralized ecosystem built on blockchain technology that incorporates the core of decentralized ecosystems. The goal of this project is to return the internet back to people in a secure and balanced manner. DeFi (Decentralized Finance), GameFi (Gaming Finance), NFTs (Non-Fungible Tokens), DAOs (Decentralized Autonomous Organizations), and a broader concept of NFT-based metaverse technology are all part of this.
RUG PULLS
Rug pulls are a profitable fraud in which crypto ideas are promoted to investors. These projects are shut down as soon as money is invested, and investors' money is taken. With such scams, scammers have found new ways to infiltrate the blockchain sector. Rug pulls can be NFT, DeFi, or DAO projects. A community manager serves as a bridge between a project and its target audience. They serve as a voice, tone, and moderator by providing community support, content distribution, and digital interaction in order to increase brand awareness both online and offline. This article describes what to do when approached by such projects or what you should do if you're already in such projects.
COMMUNITY MANAGERS VS. RUG PULLS
There are two ways to get involved with rugpulls as a community manager. Pre- and mid-job stages.
Pre-employment Stage: This is what I refer to as the "early discovery" stage. Early detection because the community manager is aware that a project is a rug pull without being involved with it. It is required of you as a community manager to conduct research on each project before applying for or accepting job offers. You can learn about each project’s concept, the team working on it, the founders' objectives, and possibly decide if it’s a rug pull by conducting research. This may not be enough, as scammers have become more sophisticated and have devised methods of concealing their scams; therefore, I recommend asking questions as well. When you’re not sure, ask questions. If you’re a Community Manager with suspicions, it’s wise to stay away from such initiatives. It’s also a good idea to notify the public if you have any evidence. A community manager will always put the community’s interests first.
Mid-Job stage: The job stage, often known as mid-employment, refers to the period of employment. Usually, there are visible indicators from the team. The team is frequently unavailable and do not react to questions. Most employers do not pay their employees, promising to do so after receiving the mint. In this situation, you're already directly involved with the project, likely already well-known by community members, and your function is well-defined. As a community manager already working on a rug project, it's best to quit, explaining the service you provided, the contract terms, and your reason for leaving to community members. Make a thorough record of each step, making sure you don't miss anything.
Community managers are team representatives in the community, as well as community representatives in the team. A community manager serves as a link between the two groups. Getting involved in a fraudulent project can have a bad impact on your reputation, as well as thousands of people's lives. A community manager, whether paid or unpaid, should always look out for the best interests of the community. This article describes what a community manager should do in the event of a rugpull encounter.
I found these tweets on rugpulls helpful:
Questions, thoughts , suggestions? Share in comments.
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