Nevada Coin Review: Legit or Scam?

Hey people! Happy weekend to you all. Today, I’ll be reviewing two relatively new tokens doing the rounds on coinmarketcap.com’s trending list.  Nevada coin and Micro pets coin. Just so you know, this review is exclusively dedicated to Nevada Coin. Micropets’ review will come later in the day.

If you are an investor looking to invest,  curious, or maybe you already invested in the coin. You are in the right place. This review seeks to find out whether or not the Nevada coin is legitimate.

Before we go into the reviewing Nevada coin, You and I need to establish an understanding, with the below disclaimer.

I’m not a banker or a financial expert. I will not be held responsible for your financial decision. This article is just a guide and nothing more, take it as a form of entertainment.

With that said, here’s a short description of what Nevada coin is, according to coinmarketcap.com

Give your shot at one of the most lucrative lottery games on BSC! Our team is developing an online casino with lottery concepts for those investing in our token. Our project will develop the concept with a low-tax contract, with up to 1000% possible winning!”

Observation

Nevada is the first casino game-based token on the binance smart chain. I find that very interesting.  Different entities from different industries are creating tokens, more industry-based tokens are expected to appear over time. For example, an adult content (porn) token has been trending on coinmarketcap.com, for some time now. The task is to separate the scam from the legitimate ones. So, if you are into casino games, you need to pay attention.

Nevada’s Website

In my opinion, Nevada’s website is simple and mature. I like the theme. Black and yellow can never go wrong. The website is SSL secure, which is always a good thing to see. The website is, however, not optimized to fit mobile screens. That’s amateurish and unprofessional in my opinion.

Nevada website’s description begins with a precise introduction. Here’s how it was written.

“A pioneering BSC token that lets you stake your tokens while playing in some of the hottest casino games.”

What I consider a proper description immediately followed. Here’s a quick summary of the description.

Nevada is a gaming platform that exists on the binance smart chain. Nevada states it provides more than 1000 games that can be played on its platform. Nevada has a 9% transaction tax fee. They also claim to be audited by the InterFi network and are audited by Certik. Nevada provides a staking option for its investors. Nevada affirms it has a locked liquidity pool. Nevada also claims its core team is doxxed and that it has secured a partnership with Melanie Weisner a professional casino game player.

We will attempt to verify each claim, in the coming paragraphs.

The first claim of having over 1000 games is misleading. There’s no proof that over 1000 games exist on Nevada’s platform. On the road map, you can see that November was fixed for the launching of the online casino, but that hasn’t been done yet.

A good dev team should be able to provide verifying links to claims they make. The absence of these links on Nevada’s website makes it look like some of these claims are lies. I manually went to verify
if indeed, the Interfi network has audited Nevada. That claim has turned out to be false. A simple google search will verify this. I searched through google to see the announcement of the partnership between Melanie Weisner and Nevada coin. This is what I found.

Can that be classified as a partnership? Compare that with this.

Yes, it is true Nevada coin has a staking feature. And their offer of 238% APY is ridiculously good.

Nevada’s gambling platform and online casino games are being hosted by Evenbet, the Nevada dev called them their ‘partners’. EvenBet Gaming is an online poker platform developer based in Malta and licensed as B2B Critical Supplier by Malta Gaming Authority. Click to know more about evenbet.

I checked. There’s no proof there’s a partnership agreement between Nevada coin and Evenbet. The most likely outcome is that Nevada coin is Evenbet’s customer, not a partner.

As said earlier, the game is yet to launch, despite being billed to launch in November. There’s however a demo version.


Have you heard of Rainbow Token


Tokenomics

Nevada coin has a total supply of 1 billion. A 9% tax is charged upon every buys and sells on the Nevada ecosystem. This is how the tax is broken down. 2% from the 9% is sent to the liquidity pool. Again, 2% is sent to the casino development wallet. Another 2% is sent to the marketing wallet. lastly, 3% is distributed to staking.

White Paper

Nevada’s white paper is a 10-page downloadable pdf. Like the website, I like its simple design (black and yellow). The description on Nevada’s white paper begins with an introduction.

“Nevada is a pioneering Binance Smart Chain (BSC) token that will let you partake in a good investment, with the options of staking, buybacks, and NFT…”

Staking was mentioned on the website, whilst the NFT platform introduction was casually mentioned on the roadmap, but there was no inclusion of buyback on the website. This left me scratching my head. makes white paper and website a little inconsistent.   Where are they going to get the funds to buy back the token, since it wasn’t included in the tokenomics?

Moving on.

Nevada coin’s flagship platform was slated to launch in November, according to the road map. We are in December and the project is yet to kick-off, we only have what appears to be a demo version. This isn’t a good look. The NFT market that was also slated to launch in October/November has not been launched. Nevada’s road map is littered with unfinished goals. It makes the coin look like a sad joke.

Market cap and liquidity pool

As of the time of writing, Nevada’s market cap is $3, 375, 834. This is a shrinking market cap if you ask me. But you can argue that the market has been bearish for some time.

The liquidity pool is currently valued at $660,075. 99% of the liquidity pool is locked in Pinksale. I however could not determine the lock time frame, at the time of writing.

There are over 10,000 holders of Nevada tokens. This I think is the most impressive thing about Nevada.

Developers Behind Nevada

On the website, the description has it that Nevada has a doxxed team, according to the website, the same website said this

“We are a group of seven dedicated professionals from a multitude of locations. In Phase 4, we also intend to reveal ourselves to the world!”

What is phase 4?, there’s nothing like that on the roadmap I saw. These developers aren’t doxxed, they lied. And I’m not confident they intend to be doxxed. This is a red flag.

What investors are saying about Nevada

In Nevada’s telegram, things are not that lively. The entire market is down today, so that is sort of understandable. Investors are hoping the game(s) is launched soon.

On YouTube, I saw comments from 3 weeks ago. The mood was bullish.

Conclusion

I do not believe the Nevada coin should be trusted, I’m not saying it’s a scam, but it doesn’t inspire enough confidence. The developers are undoxxed. The road map is littered with incomplete projects. The liquidity lock time frame is unknown. There are outright lies in the developer’s claims. The name Nevada belongs to a state in the USA, that hosts the world’s biggest casino city. And such, Nevada coin is primed to run into copyright issues later in the future.
If you however want to go ahead and invest in the Nevada project, make sure you confirm the time frame of the liquidity lock.

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