The very recent scrapping of one of the most popular Metaverse NFT projects has made the latest news on crypto today. Metaverse Project, NeoNexus has finally been shut down after the recent price drop in the cryptocurrency Solana. According to the estimates, the metaverse project managed to raise about 25,000 SOL with the help of the different NFT mints.
Hence, it can be said that the project managed to earn about $2 to $4 million in total. NeoNexus founder, Jack Shi has made a statement regarding the future of NeoNexus, an NFT project that is based on Solana transactions.
In his statement, he mentioned that the team will no longer play a part in the development of the project. He also stated the reason for the shutdown of the project and said that the recent drop that took place in the prices of Solana or SOL was mainly responsible for the decision.
The founder of NeoNexus, Jack Shi, recently went on the official NeoNexus Twitter account to make a post on the 21st of March, 2 PM UTC. In his tweet, he mentioned that the entire team will no longer try to take part in the healthy development of the particular project in question.
He also added that the team would want to hand the project over to the community for any further developments that are to be made. Going by the value of the estimates, the project managed to raise a total of 25000 SOL which would be worth about 2.2 million dollars in today’s worth.
With the prices of Solana climbing to reach over $150 around the time of the token mints, it is concluded that the project could have made somewhere around 4.5 million dollars in total.
NeoNexus is a Metaverse project, featuring both a planned utility and governance coin, it had sold over 4,000 “property NFTs”, with the project planning to offer a further 6,000 property NFTs, and character, vehicle, and accessory tokens planned for the future. The project currently has over 13,000 members in its Discord channel.
NeoNexus To Be Delivered to the Community’s Hands for Development
In a post on the project’s Discord, Shi wrote that the market conditions were to blame for the team halting development, with the project’s funds used to pay wages, tech infrastructure, business fees, and taxes.
“It has been incredibly difficult trying to grow and continue our project in this ecosystem and market conditions where the price of SOL has dropped so much and the activity, volume, and interest in the entirety of the Solana NFT space has decreased.”
Market conditions over the past few months have been choppy, with the price of SOL falling over 50% in 3 months according to data from CoinGecko. It hit a 90 day high of just over $200 in late December and since has steadily fallen to trade around the $80 mark.
Shi added that over 20 staff members of the parent company, Unlock Defi, had been laid off as of the end of March, and asked if a community takeover was possible.
Many commenters have accused the project of committing a “slow-rug”, building up the project only to exit, and take the funds months later.
Pseudonymous crypto scam researcher and writer, “zachxbt”, shared screenshots of tweets Shi made in November, showing the founder sitting in a supercar and boasting of riding in a Lamborghini. Zachxbt used these images to question how the project could raise millions only to run out of funds in a few months.
The latest news on crypto today tells us that different NFT project have made an attempt to advertise their own offerings when responding to the NeoNexus tweet in an attempt to relieve the losses. Some investors may have shouldered due to the announcement. Many offered whitelists for upcoming mints to those who responded with “NEONEXUS” on their respective Discord channels. During the time of writing, both of the websites of Unlock DeFi and NeoNexus went offline.
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