2 years ago
The laminitis of NeoNexus, a Solana-based NFT project, has stated the squad is nary longer processing the project, blaming the driblet successful Solana (SOL) prices for the decision.
The project's founder, Jack Shi, took to the authoritative Twitter relationship for NeoNexus, tweeting astatine 2 p.m. UTC connected March 21 that it was nary longer continuing the “healthy development” of the project, adding they would similar to manus it implicit for the assemblage to develop.
It is with a dense bosom that we indispensable pass you that we tin nary longer proceed steadfast improvement of the NEONEXUS project. We would similar to manus implicit the task to our community, oregon a community-selected enactment for takeover if that's feasible / possible.
I'm profoundly sorry,
Jack
Estimates suggest that the task raised astir 25,000 SOL for its NFT mints, which astatine today's prices would beryllium worthy $2.2 million. With SOL prices climbing to implicit $150 astir the clip of the token mints, the task whitethorn person made an estimated $3.5 to $4.5 million.
NeoNexus is simply a Metaverse project, featuring some a planned inferior and governance coin, it had sold implicit 4,000 “property NFTs”, with the task readying to connection a further 6,000 spot NFTs, and character, vehicle, and accessory tokens planned for the future. The task presently has implicit 13,000 members successful its Discord channel.
In a station connected the project's Discord, Shi wrote that the marketplace conditions were to blasted for the squad halting development, with the project's funds utilized to wage wages, tech infrastructure, concern fees, and taxes.
“It has been incredibly hard trying to turn and proceed our task successful this ecosystem and marketplace conditions wherever the terms of SOL has dropped truthful overmuch and the activity, volume, and involvement successful the entirety of the Solana NFT abstraction has decreased.”Market conditions implicit the past fewer months person been choppy, with the terms of SOL falling implicit 50% successful 3 months according to information from CoinGecko. It deed a 90 time precocious of conscionable implicit $200 successful precocious December and since has steadily fallen to commercialized astir the $80 mark.
Shi added that implicit 20 unit members of the genitor company, Unlock Defi, had been laid disconnected arsenic of the extremity of March, and asked if a assemblage takeover was possible.
Many commenters person accused the task of committing a “slow-rug”, gathering up the task lone to exit, and instrumentality the funds months later.
Damn that’s a immense dilatory rug
— Keizer166 (@KeizerNFT) March 21, 2022Related: DeFi ‘Godfather’ Cronje quits arsenic TVL and tokens vessel for related projects
Pseudonymous crypto scam researcher and writer, “zachxbt”, shared screenshots of tweets Shi made successful November, showing the laminitis sitting successful a supercar and boasting of riding successful a Lamborghini. Zachxbt utilized these images to question however the task could rise millions lone to tally retired of funds successful a fewer months.
— zachxbt (@zachxbt) March 21, 2022Various NFT projects advertised their ain offerings erstwhile responding to the NeoNexus tweet successful an effort to relieve the losses immoderate investors whitethorn person shouldered owed to the announcement. Many offered whitelists for upcoming mints to those who responded with “NEONEXUS” connected their respective Discord channels.
At the clip of writing, the websites for some the NeoNexus task and Unlock Defi were offline. Cointelegraph reached retired to Shi and erstwhile employees for remark but did not instantly perceive back.
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