Tim Sweeney, the CEO of Tencent Holdings Ltd (OTC:TCHEY) owned Epic Games, has labeled the Fornite Token (FNT) “a scam.”
What Happened: In a tweet on Monday, Sweeney said that there isn’t a Fortnite cryptocurrency and condemned crypto exchanges for facilitating trading of the token.
There isn't a Fortnite cryptocurrency. The Twitter accounts promoting such a thing are a scam. Epic's lawyers are on it. Also, shame on the cryptocurrency marketplaces that enable this kind of thing.
— Tim Sweeney (@TimSweeneyEpic) June 6, 2022
While the alleged scam Fortnite token is not available on centralized exchanges like Binance and Coinbase Global Inc (NASDAQ: COIN), users can still trade it on decentralized exchanges by manually inputting the token's Ethereum (CRYPTO: ETH) contract address.
Sweeney went on to call out the token’s creators for unlawfully using Fornite’s brand to advertise the Fornite Token NFTs, which users will be able to mint and sell on the decentralized NFT marketplace OpenSea.
See Also: WHAT ARE NFTS?
That's a scam.
— Tim Sweeney (@TimSweeneyEpic) June 6, 2022
The team behind the token denied any wrongdoing and remained set in their belief that the ERC-20 token was fairly launched by a community of fans.
“Fortnite Token isn't a scam cryptocurrency project. Instead, this is a fair-launch, community-driven, Fortnite game fans-created cryptocurrency project with no specified owner or company structure behind it or a CEO deciding on its future,” said the token's creators on Twitter.
Like... you realize you can't take someone else's brand and assets and just sell it as your own... right?
— ocdtrekkie (@ocdtrekkie) June 7, 2022
The Fornite Token’s Telegram channel has been blocked following the comments from Sweeney.
Epic Games partnered with blockchain gaming platform Gala (CRYPTO: GALA) earlier this week. Gala plans to bring web3 games to the masses by releasing its games on Epic Games store which caters to more than 194 million users.
