Web3Land Token Review: Legit or Scam?

For some days now, I have struggled to see coins to review. The one’s occupying the top spot on coin market cap are known frauds. And the trending list looks uninspiring. If you have a token that looks. Interesting, drop it lets me check it out. If I find it interesting enough, I’ll review it. Today, we will review Web3 land. For some reason, this token reminds me of web3 inu. The token completed its presale 5 or so days ago and the holders are super bullish about the project.

Before I start going over what this token is or is not. You have to understand that “I’m not a banker or a financial expert. I will not be held responsible for your financial decisions or indecisions. This article is just a guide and nothing more.” without further ado, let’s get on with this review.

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What is Web3 Land?

Coin market cap says web3 land is a fully decentralized, community-driven, play to earn gaming ecosystem. It is a platform where world owners can create limitless in-game experiences for players.

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So, coinmarketcap.com quickly lets us know that Web3 land is a play-to-earn platform that is lives on the binance smart chain. Let’s get on to review the token’s website.

Web 3 land’s Website

Web3 land’s website is well made. The UI is neat, with the background music and all. The description begins with a rather intense statement.

“WEB3land is the New World Order that links to a decentralized multiplayer Metaverse in the ever-expanding galaxy of crypto, with virtual reality experiences of a sustainable economy built on NFT deeds in a world under your control where you can be what you want to be and live how you want to live without any limitations focused on complete decentralization of WEB 3.0”

Basically, they are trying to say that the Web3land project is a metaverse game that seeks rewards players or participants with the token, for their limitless accomplishment in the ‘game’ ecosystem.

We discover, through the website that the contract has been audited by coin scope. Which I think is a great place to start. The below quote is the summary of the contract.

“The smart contract analysis reported no compiler errors and 1 medium severity issue. The project owner can change fees but there are limitations of how much he can increase them (25% for buying, up to 50% for selling). A multi-wallet signing pattern will provide security against potential hacks. Temporarily locking the contract or renouncing ownership will eliminate all the contract threats.”

We will still access the contract on token sniffer to further determine the grey areas.

The rest of the website explains the features of the metaverse and gameplay. Which, honestly, I’m not interested in. So, let’s move to the games tokenomics.

Ever heard of Pulse Chain?

Tokenomics

We find out that Web3land’s total supply is
300,000,000. This is a very small supply, that should see the price of this token shoot up. This supply is further distributed and vested across different interests. For example, 17% was made available for presale, 25% for the meta ecosystem. Most of these interests have been vested. 25% of the token is scheduled to be burnt across different times. Mind you, a 10% burn has already been carried out.

Web3land adopts a tax system. These taxes are supposed to fuel the growth of the ecosystem. On every buy and sell, investors pay a 10% tax. These taxes are moderate, compared to some tokens. Here’s how the tax is distributed. 4% goes to the marketing wallet, 3% goes to the development, 2% goes to the burn wallet, lastly, 1% is directed to the redistribution wallet.

Shintama has been trending on Coin market Cap. This is my thought about the Token

Web3Land On Tokensniffer

On tokensniffer, web3land is rated a moderate 65%. The positive things about the token are that the contract is unique to the token, meaning that the contract is of high quality. The creators seemingly did not reward themselves with any part of the supply. There aren’t any whales in the token’s ecosystem, etc. The only negative, as seen on token sniffer is the fact the token is not renounced.

Developers Behind Web3land

The developers behind this token are nameless and faceless. This, to me, is a red flag. It is a red flag because the contract is not renounced. According to the audit done by coin scope, the developers can change fees but there are limitations of how much they can increase them (25% for buying, up to 50% for selling).

Conclusion

In conclusion, I believe this project is legit. However, it comes with a significant level of risk. Everything around the setup seems good, except the fact the token is not renounced. Also, the fact we do not know the developers, their antecedents, and whether they will be able to achieve the goals of the project. This token currently has 1,842 holders, with a market cap of $1,979,537. This token is designed to head up north provided the marketing is topnotch.

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