Throughout the Covid-19 pandemic, the world has witnessed a rise in popularity of everything related to cryptocurrency. If you were online during the first year, it was almost impossible to ignore new coins and projects. This year, there has been a rise in the popularity of NFT projects. Often, influencers heavily promote these new projects on their social media.

These new innovations are wonderful, however, they come with many issues. Numerous scams have caused many crypto “newbies” to lose significant sums of money. The crypto space is quickly becoming more user-friendly, however, it is important to remember that it is still a new environment. Well-informed investors comb through immense amounts of information in order to do their own research. After reading whitepapers, they will consult Telegram, Twitter, Discord, Reddit and various community groups.

Cryptocurrency News: Misleading Information

Yes, all of these sources are filled with information but is it all reliable? In the cryptocurrency news spheres, there is a lot of talk about groups using these platforms for their “pump & dumps”. They will promote a coin or an NFT that they hold a large quantity of and as soon as people make the price increase they sell and make the project crash. New and young investors often fall for these scams when they are promoted by celebrities they trust and look up to.

A new alternative to Reddit cryptocurrency pages and crypto discords are community platforms that offer wallet verification. These platforms act as gatekeepers and provide a safe space for investors to share knowledge and exchange with each other about interesting projects. On platforms like Whaleroom, users can access a number of rooms based on the coins they own. There are different tiers and once a user has entered a room they can see what each member holds in their connected wallet. All users are completely anonymous so there is no need to worry about privacy issues.

What’s next?

In the following years, the idea of token-gated online communities will be very common. This concept will be applied to more than just online communication platforms. It has already started in the NFT community with events solely reserved for collection holders. Certain exclusive events, locations and platforms will require individuals to confirm their holdings.