 8 coin. Is it a scam? So if you don't know what 8 coin is, it's a coin that's been launched by the biggest NFT project going, the Board Ape Yacht Club. And I can guarantee you that you've seen at least some of these NFTs around if you've been in the crypto space or the NFT space. And they sell in multiple six figures and they're pretty much just a status symbol in the NFT community. So one of the interesting things that you can do with most cryptos, which includes 8 coin, is stake it. So if you don't know what stake in means, I'll have a separate video explaining that in the description. But the the short and simple answer is they take your crypto, in this case, it would be 8 coin, and they lock it away and you get paid interest, which is great, right? The reason that the whole 8 coin launch gives me bad vibes and makes me feel like it could be a bit of a cash grab is that they're misleadingly using the word staking. This is because staking is a technical term. So staking helps to make the blockchain function, which is why you're rewarded in interest in the first place. But 8 coin, using the term staking is wrong because there is no technical functionality. So what it roughly translates to and what the developers are telling you is I'll bribe you with some of the extra tokens. If you agree to just keep holding them, lock them up, don't sell them, don't dump them and don't cause the price to drop. So long story short, what they're doing is they're using the term staking to basically artificially lower the sale pressure on 8 coin, which keeps the price up and stops it from tanking, which is this is an important point, it stops it from tanking until the dev team and the board of advisors can get access to their tokens and have their tokens unlocked. So it just kind of delays it and stops that sale pressure. If they sell as soon as they have that access to it, then it would kind of justify this whole thing being a bit of a sketchy cash grab. I'll personally still be holding a small amount of 8 coin just because it's the strongest brand in NFTs. And if it manages to keep that image and stick around and 8 coin is exclusively used on the metaverse, which they'll be releasing or opening on the 30th of April. If it's any coin you can use and they've got a finite amount of coins, which they fixed at 1 billion, so no new coins can be minted or burned, then the and there's actual value in the metaverse of this kind of board 8 Biot Club, then the price is kind of inevitably going to go up. You'd like to think as long as they can, as I say, maintain that brand image. So a bit sketchy, a bit touching, just something to think about. None of this is kind of set in stone and it's more just opinion. It was initially highlighted by Kobe. So I'll link his post in the description and it goes into a bit more detail and you can read over it and check it all out. If you enjoyed this video and want to see more content like this, like the video, subscribe. And if you've come from Itoro, check out my profile and if you want to consider copying my trades so I can invest for you, then go ahead and do that. You can always reach me on Itoro, Instagram, YouTube. Thanks for watching and I'll catch you guys next time.