Fame Reward: Unlocking the Potential of Influencer Monetization | A Comprehensive Overview
Social media influencers have an extremely amount of influence on the general public. With that much influence, comes a good way to monetize it. Fame Reward is one blockchain project attempting to make influencers have a much easier time monetizing their audience.
Anyway, this article will cover absolutely everything that you need to know about Fame Reward including what the project actually does and its chances of success.
What is Fame Reward?
Fame Reward is a project on the Binance Smart Chain. It’s an entire ecosystem of different tools and projects.
One very important thing to note, however, is that most of the features in the ecosystem have not yet been released. It’s unclear if they will ever be released.
The flagship tool of the Fame ecosystem is FameNet. This is an AI-driven influencer marketing tool. It allows influencers to connect with enterprises looking to enter the world of influencer marketing.
Fame likes to mention “AI driven” when discussing FameNet. However, they do not explain how exactly AI helps this tool, which is suspicious. It leads us to believe that this AI is not nearly as powerful as Fame is claiming. For all we know the AI might not even exist.
There are a lot of aspects of Fame. Again, most of these have not actually been released, so it’s not really worth discussing them. These features include the following:
- A metaverse that has not yet been released.
- A video streaming platform – it’s basically Netflix. This has been released and has movies on it.
- As the name implies, this is a VPN. Again, it has not been released.
- A hardware wallet. This has been released. However, we would still go with a Trezor or Ledger due to their longevity in the industry.
- This is a social media project. The whitepaper acts like this something extremely innovative, but it’s just another social media network.
- This is a secure email platform. Users must use FAME token to access FameMail.
- An open-source media website. It would require payment of FAME token in order to access news articles and content.
- This is a decentralized exchange. Again, the whitepaper spends two pages discussing it, but it’s just another decentralized exchange.
- A video sharing website. It’s mostly to allow influencers to connect with brands that want to use influencer marketing.
- This is a crypto training bot. They claim it is an AI driven crypto trading bot and the most sophisticated trading bot of all time, which we find hard to believe.
Fame Reward is working on a lot of different projects within the ecosystem. Some might see this as a good thing, but the downside is that they can stretch themselves to thin developing all these different projects.
The Problems with Fame Reward
Fame Reward has a lot of problems with it. This section will outline some of the problems we have with Fame Reward.
It’s important to note that this should not be construed as investment. You should do your own research into the project before making an investment decision.
Too Many Projects
The first problem we have with Fame Reward is that it has way too many projects within it. They want to create a social media platform, a news website, a VPN, an email client, a metaverse, a hardware wallet, and more.
That is way too many projects for a project in its infancy. A company like Amazon can get away with it because they have so much money and such large resources, but a company like Amazon did not start out trying to do everything from day one.
What it looks like to us is that they have all these projects going on because it makes them look bigger and more important than they are in reality. But it’s not a good strategy, they should focus on doing one thing very well instead of releasing 20 mediocre products.
The other issue we have with Fame Reward is that it has anonymous founders. We really, really hate projects like this that have anonymous founders.
Founders staying anonymous just makes it so much easier for them to run off with investor money.
We strongly recommend avoiding decentralized finance projects that have anonymous founders.
What Does This Project Actually Do?
This point relates to the first point, what exactly does this project do?
We understand that they are trying to create an entire ecosystem, but what is the point of that?
Why can’t they just focus on one of the smaller side projects instead of working on ten different side projects?
It really does not make much sense to us.
They Have Not Renounced The Smart Contract
The final problem we have with Fame is that they have not renounced the smart contract. This allows the owner of the contract to do all kinds of nefarious things like token transfers or mint their own tokens.
This is a huge problem because there is nothing to stop the developers from minting tokens and then dumping those tokens on the open market.
That’s a massive red flag. If you see a project that has not renounced a smart contract, then you should avoid it.
Is Fame a Good Investment?
We would not consider Fame a good investment.
First of all, they are doing way too many things, which means they might release some stuff, but it will never be great stuff.
That’s just not something we like to see in a cryptocurrency project.
Second of all, the project has anonymous founders. We mentioned this in the previous section, but it’s worth repeating – do not invest in DeFi projects that have anonymous founders. It ends in a rugpull 99% of the time.
Third of all, the developers have not renounced ownership of the smart contract. This means that the developers can mint tokens whenever they want. Now, there are legitimate reasons to not renounce a smart contract, but Fame has not made any comment on why they have not renounced it.
Well, that covers it for everything you need to know about Fame Reward. This project does a lot while not actually doing anything.
It’s a weird situation.
Anyway, the developers have not renounced the smart contract, which is a huge red flag and a sure sign to not invest in the project.