“Cryptocurrency markets,” according to Epic Games CEO and Co-Founder Tim Sweeney, are reportedly “supporting” unofficial and unauthorized coins using the “Fortnite” moniker.
Epic’s Battle Royale shooting game Fortnite is extremely popular. It was first introduced in 2017 and today has over 350 million registered users throughout the world.
“There isn’t a Fortnite cryptocurrency,” Sweeney wrote. “The Twitter accounts promoting such a thing are a scam. Epic’s lawyers are on it. Also, shame on the cryptocurrency marketplaces that enable this kind of thing.”
Sweeney is referring to the “Fortnite Token” (FNT), which is supposedly traded on SushiSwap, PancakeSwap, and CronaSwap, among other decentralized exchanges.
A cursory search on such exchanges for the claimed scam coin yields no results, despite the fact that these decentralized exchanges allow their customers to trade nearly any token as long as they manually input the token’s contract address.
Sweeney commented, “This account is running a fraud.” He was referring to the Twitter handle @fortnite token. In another remark, he said, “Anyone participating in this is being conned.”
Despite the “CEO of Fortnite” confirming many times that it was a fraud, the Twitter account behind the unapproved Fortnite token sought to explain that it wasn’t.
The token’s account answered, “This is a fair-launch, community-driven, Fortnite game fans-created cryptocurrency initiative with no designated owner or corporate structure behind it or a CEO deciding on its destiny.”
Sweeney was furious.
He said, “You can’t use the Fortnite brand and imagery to advertise an unrelated product without authorization.”
The suspected con artists are also urging Fortnite players to use their tokens to create NFTs, which Sweeney described as a “scam.”
Few people appear to be trading the FNT token, according to Nomics statistics. FNT has dropped 96% from its all-time high since January and is now worth virtually nothing at $0.0000007673. The cryptocurrency has only seen roughly $250 in total volume moved in the last 24 hours.
This isn’t the first time that malicious actors have allegedly utilized the Fortnite brand without Epic’s permission. Scammers promised gamers that they could convert their V-Bucks, Fortnite’s non-crypto digital currency, for dollars using an unlicensed “Fortnite Coin” back in October, according to reports.
Despite the fact that Epic Games does not have a Fortnite-related cryptocurrency, it is investing in Web3. GRIT, a new game by Gala Games that includes NFTs, will be the first blockchain game available on the Epic Games marketplace. NFTs are one-of-a-kind tokens that are used to prove ownership of digital assets like in-game stuff.
Epic Games isn’t “touching NFTs as the entire area is now wrapped up with an intractable combination of frauds,” Sweeney had stated in September.
He explained his position today.
“When new technology arises, some people put it to good use, while others misuse it. For such a rationale, banning an entire field of technology would be incredibly stupid.”
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