This Metaverse Token on Uniswap is Fraud, Warns Animoca Brands

Animoca Brands, the noted Hong-Kong based investor in non-fungible token (NFT) and metaverse projects has issued a warning on Twitter about a scam that involves the sale of a fake ERC-20 token, labelled “Animoca Brands Metaverse”, on Uniswap V2, a protocol for automated token exchange on the Ethereum blockchain. The Web3 investor stated in an official note that the namesake token uses the “Animoca” symbol to claim affiliation but isn’t in any way associated with Animoca Brands, deeming it fake.

The Etherscan entry of the fraudulent token can be shows, that 53 wallet holders have fallen for the scam so far, although the number also suggests no broad attempt has been made to propagate the token yet. It is also worth noting that if you head into ‘Info’ and ‘Contract’ tabs for the fake token, there’s nothing to be found. Furthermore, there are only 83 transfers so far, signalling limited trading. Nevertheless, Animoca Brands reacted to protect its potential players from owning a worthless asset.

Animoca Brands, in its note, strongly advised the public to avoid this fraudulent token and any associated activities related to it such as social media and messaging apps. The blockchain gaming investor urged users to only visit the official links for legitimate games, NFTs, and token sales, emphasising that Animoca Brands and its operated projects will never directly reach out to individuals to arrange sales of tokens.

Already an established name in the gaming space, Animoca Brands has found its footing in the metaverse and NFT worlds. The blockchain gaming company announced plans to expand into Japan with the launch of its strategic subsidiary Animoca Brands KK after raising nearly $10 million (roughly Rs. 75 crore) in its seed round last month.

The Japanese arm will allow intellectual property (IP) holders in the country to issue their own NFTs and alternative tokens, and develop fan communities through participation in the wider Web3 ecosystem. It also revealed plans to work with professionals around the world to help Japanese IP holders expand into global markets.