Nearly one month following the implosion of cryptocurrency exchange FTX, Metallica is warning fans of crypto-related scams involving its forthcoming 72 Seasons album.
Metallica just recently took to social media to apprise diehard supporters of the apparent flood of crypto scams centering on 72 Seasons. About one week ago, the more than four-decade-old act revealed its 11th studio album (which is scheduled to debut in mid-April of 2023) as well as a single and a 2023-2024 concert series.
Meanwhile, FTX officially filed for bankruptcy on Friday, November 11th, and besides rather predictably causing massive issues for other crypto players and investors, the multibillion-dollar entity’s collapse is likewise impacting the music industry. FTX Ventures, the exchange’s venture capital arm, was a key player in the non-fungible token (NFT) space pre-bankruptcy.
Of course, more than a few music NFTs have rolled out since 2020’s start, and FTX had invested in UMG’s Bored Ape Yacht Club and issued the tokens for the NFT offerings of Tomorrowland and Coachella. (The latter’s official NFT marketplace was still empty at the time of this writing.)
Now, following FTX’s much-publicized demise and amid the adjacent music industry effects thereof, Metallica is warning fans to be on the lookout for crypto scams ahead of the release of 72 Seasons, as mentioned at the outset.
“In the wake of last week’s exciting news of our new song, new album, and new tour, unfortunately the ugly side of social media made an appearance,” penned the Rock and Roll Hall of Fame-inducted group. “Many of you have let us know about YouTube channels and live streams, as well as websites, claiming to offer Metallica Crypto giveaways in conjunction with last week’s announcement.
“Let’s be as clear as possible. These are scams. They’re being streamed on fake YouTube channels posing to be ours and all pointing to websites that we do not run. Please remember – all of our official social media channels are verified. Always look for official verification before believing something wild and crazy to be true. We thank all of you who have been vigilant in reporting these live streams to YouTube and to us…please don’t let up!”
Needless to say, casual supporters could well have a difficult time distinguishing between authorized NFT drops and “wild and crazy” NFT collections made available without authorization. (One video scam featuring a deepfake depiction of FTX’s founder attempted to trick individuals who are purportedly knowledgeable about crypto, for instance.)
Additionally, evidence shows that crypto scams, far from being new, have already cost Americans north of $1 billion – and potentially much more than that, depending upon one’s precise definition of the term.
Consequently, it’ll be interesting to see how (and whether) different acts take steps to prevent their fans from falling victim to fraudulent crypto and NFT offerings moving forward. Once again at the time of this writing, YouTube appeared to have taken down each of the livestreams described by Metallica, though an official-looking (and unverified) “Metallica: Lux Aeterna NFT” account remained up and running on Twitter.