NFT gaming, memecoins, and NFTs have all exploded in popularity over the past year. Naturally, this has led to a large jump in the number of projects popping up in these niches. A lot of these projects are scams or just terrible investments, but some of them aren’t.
One project that has reemerged after some negative publicity is called MiniFootball – it combines aspects of NFT gaming, memecoins, and NFTs into one project. This article will cover all you need to know about this project.
What is MiniFootball?
MiniFootball is an NFT gaming project launched on the Binance Smart Chain way back in August 2021. The project spiked pretty rapidly because they made large promises and had paid endorsements from somewhat famous soccer players.
The goal of the project is to combine the fanbases of soccer and Dogecoin into one community. The main driving force of this was supposed to be a play to earn game revolving around soccer, but that game still has not launched yet.
Basically, the point of this game is supposed to be to keep the ball from touching the ground. Players would control their own NFT character and earn MiniFootball tokens as a reward.
Other plans for MiniFootball include launching an NFT marketplace and an NFT collection.
The one thing it appears that this project has launched is a fantasy soccer league. But it’s not a blockchain based fantasy league, so we do not really see the purpose of this fantasy league. It simply provides rewards for winners of the league.
Is MiniFootball a Scam?
We cannot say for sure that this project is a scam, but it’s reasonable to assume that this project is a scam. One look at the price chart tells the entire story.
The spike when the project first launched was massive. The token price then collapsed shortly afterwards and slowly went down to 0 after that. It eventually reached the point where the 24 hour trading volume was less than $200 per day.
That’s a sure sign of a dead project and typically indicates that the developers drained all the money from the liquidity pool.
It’s called a rug pull in cryptocurrency (aka: a scam).
However, things with MiniFootball changed at the start of April. The developers suddenly decided to announce the launch of a play to earn game on Twitter.
It was their first tweet in 4 months. The project was back and the developers were not going to disappear again.
They also paid some soccer players to promote the project.
Naturally, the price of the token rocketed on this news.
So, why did the developers come back to a project it appears they already rugged?
Well, on March 24, 2022, the founders of Frosties, an NFT project that rugged, were charged by the US Department of Justice for wire fraud and money laundering. The charges were brought against the founders because they promised staking and a play to earn game on their website, collected $1 million in ETH, and deleted the Frosties website before disappearing from the internet.
That’s a pretty good indication of fraud.
It’s very coincidental that a seemingly rugged project is resurrected a week after the founders of a different rugged project were arrested.
What we’re trying to say is the founders of MiniFootball likely relaunched this project in order to deliver a working product in order to avoid any fraud charges being brought against them.
To answer the question, this project looks like a scam to us.
MiniFootball Red Flags
There are a lot of red flags with MiniFootball. In fact, there are even more red flags with this project than with the more standard projects you find on the blockchain. Here are some of the red flags.
The Project Has Already Rugged Before
The biggest red flag with MiniFootball, in our opinion, is that this project has already been rugged in the past.
Just look at the price history of the token we posted earlier in the article. It’s pretty clear that someone dumped their tokens and crashed the price. Was it the founders or someone else?
We don’t know. But the founders abandoned the project for four months shortly after the price dropped, so they aren’t serious if it wasn’t them.
Another red flag is that this project has anonymous founders. The website also has misleading information about their identity as well.
The MiniFootball website claims that there are three team members named Roderic, Hector, and Jaxon. The founders are from Argentina, France, and Brazil.
No last names are included on the website and the only pictures are generic face shots. The only social media is a link to a Telegram account.
So, these are essentially anonymous founders.
Things get more interesting, however, because the official MiniFootball Twitter account tweeted out this tweet:
Now, if you read that tweet carefully, then you will notice that tweet does not actually say that the cryptocurrency MiniFootball is in anyway related to Minifootball Ltd. based in Scotland. But the implication is that the P2E game MiniFootball is owned by Minifootball Ltd in Scotland.
Of course, this is either not true or the MiniFootball website is lying about its team members. MiniFootball Ltd has only one director – a Czech computer programmer living in Glasgow named Martin Rezek.
There is no mention of a team member named Martin (nor a Czech or UK citizen team member) on the website.
We will admit that the timing of the formation of the company and Rezek’s job lead us to believe that Rezek might have some involvement with the MiniFootball crypto project. However, we cannot state that definitely – it could be a coincidence.
That said, the “Team” page on MiniFootball is still deceptive because it does not include Rezek as a team member.
To summarize, the founding team is anonymous and there is some deception going on with the identity of the team members, which is even more suspicious than simply having an anonymous team.
Too Many Paid Endorsements
Another red flag that we do not see often is that MiniFootball has too many paid endorsements. We will admit that having paid endorsements is a seemingly logical thing to do. It’s just a way to promote a project.
The problem is that Web3 (crypto) projects with too many paid endorsements are almost always scams. The scammers view it as an investment for their scam.
This is especially true when influencers with no relation to Web3 (ie. soccer players) start promoting Web3 projects. They will promote anything as long as someone pays their fee.
We prefer projects that have no paid endorsements. Organic growth is the best way for a project to grow. We can’t think of many legitimate projects that have 20+ paid sponsors promoting the project.
One or two crypto influencers promoting a project in the very early stages for extra publicity is ok (not ideal, but ok). Over twenty soccer players promoting a crypto project is a red flag, though.
Is MiniFootball a Good Investment?
No, we do not consider MiniFootball a good investment. We are nearly 100% certain that the price of MiniFootball will fall back to zero in the near future. The founders appear to have scammed once in the past, so we do not expect anything different in the future.
As the saying goes, “Fool me once, shame on you; fool me twice, shame on me.”
To wrap things up, MiniFootball looks like another Binance Smart Chain scam project. The project already ran its course in 2021, but the anonymous developers have come back in 2022 for a second chance to earn more money.
We don’t trust this project and neither should you.