Dominic Kimani
The team behind Friendsies NFT collection development appears to have reportedly rug-pulled its long-awaited NFT project,which was worth more than $5 million, after spending several months without making any communications to investors or delivering the project.
Friendsies Rug Pulls $5.3M NFT Project
The rug pull accusations began rapidly spreading on February 21evening, hours after the project behind the popular Friendsies NFT collection announced a “Pause” and deleted its social media platforms, including its official Twitter account.
With the $5.3m @friendsies_ai hard rug earlier today it remains unclear how the funds could’ve possibly been spent.
There have been no announcements since September, no community treasury, and no P2E game.
The team blames “market volatility” as their rationale. pic.twitter.com/FM8ytum4Ur
— ZachXBT (@zachxbt) February 21, 2023
In a February 21 blog post, the Friendsies NFT project announced that it would pause developing the collection. The production team blamed the now-ending crypto bear market that left many NFT projects making massive losses last year. The team wrote:
“We had the best intentions to make a true digital companion for the future. However, the volatility and challenges of the market have made it very difficult to move this project forward in a way we can be proud of.”
Based on the Friendsies website data, the Friendsies NFT project set out to mint 10,000 NFTs in partnership with popular auction house Christie’s in March 2022. The NFT collection would help enthusiastic collectors to mint the rarest Friendsies NFT.
Moreover, the rug-pulled Friendsies NFT collection would enable users to participate in a play-to-earn (P2E) NFT game, which was part of the roadmap. Sadly, the production team failed to deliver the NFT project, exposing investors to massive losses.
Other NFT Rug Pulls In 2023
Earlier this year, Vanessa Sierra, the former star of the popular dating game show “Love Island,” rug pulled her $431,000 non-fungible token project, citing the bear market. Sierra and her co-founder ‘Reagan.eth’ promised to launch the SmolBoyzLand NFT project.
Last year, YouTube star, internet personality, and undefeated professional boxer Logan Paul, was accused of stealing millions of dollars after allegedly rug-pulling his CryptoZoo NFT project. Logan Paul promised investors to launch an animal-inspired play-to-earn (P2E) game, but he is yet to deliver.
Related
- OnlyFans Model Vanessa Sierra Rugpulls Her NFT Project, Blames Bear Market
- Logan Paul’s CryptoZoo Is a Scam That Stole Millions in Crypto & NFTs. Here’s Why
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This article was written for Business 2 Community by Dominic Kimani.
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