Active crypto users may already be familiar with Polymarket, a decentralized prediction market platform. Unlike crypto exchanges, where tokens are bought and sold, Polymarket is a platform where users can bet on the outcome of a future event. In other words, users engage in peer-to-peer (P2P) trading on the outcome of events.
One event often subject to betting in prediction markets is sports matches. Given that the Super Bowl took place last weekend, Polymarket was flooded with bets on the outcome of this American football final.
One of them was Logan Paul, an American influencer and boxer who was seen placing a $1 million bet on Polymarket. His bet was posted on Polymarket's social media account on February 9.
In a video that has been circulating, Logan Paul was seen placing a bet that the New England Patriots would win the Super Bowl for the seventh time.
However, crypto investigator ZachXBT immediately proved that Logan Paul's bet was fake. Paul's Polymarket account had no balance at all, so the $1 million bet he placed would not be finalized.
Additionally, ZachXBT showed the list of the top bettors in that market. No holder matched the bet Paul made.
ZachXBT called this gimmick “yet another Logan Paul scam.” He was likely referring to Logan Paul's CryptoZoo NFT game project, which caused victims to lose tens of thousands of dollars.
The crypto investigator also criticized Logan Paul and Polymarket's “deceptive” marketing strategy. He believes Paul and Polymarket have a relationship that is not disclosed to the public.
This fake Logan Paul bet reminds us that not all marketing tactics in Web3 can be trusted. Always remember the principle of DYOR (Do Your Own Research) before investing in a project. This is because famous influencers who promote a project may be paid handsomely for their reputation without actually supporting the project.
Meanwhile, for project development teams, it is important to choose ethical and honest Web3 strategies. Learn how to market projects on Web3 through the article What is Web3 Marketing? Promotion Strategies for Blockchain Projects.
This fake Logan Paul bet reminds us that not all marketing tactics in Web3 can be trusted. Always remember the DYOR (Do Your Own Research) principle before investing, as famous influencers may be paid for their reputation without actually supporting the project they are promoting.
Meanwhile, for a project’s developer team, it is important to choose ethical and honest Web3 marketing strategies. Learn how to market projects on Web3 in the article What is Web3 Marketing? Promotional Strategies for Blockchain Projects.
