Yesterday, the 888 NFT project was trending on Twitter due to its exorbitant prices, with some even accusing it of being a cash grab.
If you’re unfamiliar with the whole story, keep reading as we cover every aspect of it one by one.
What is the 888 inner circle project anyway?
Recently, Gala Games collaborated with Grammy-nominated music composer, BT to release a special NFT collection called “The Orbs” comprising 3000 NFTs. The collection will release today, i.e., on February 14th.
However, 888 Orbs are reserved for members of the 888 Inner Circle NFT project.
Basically, the 888 inner circle is a collection of 88,888 NFTs. 2455 Orbs will go on sale in a Dutch auction starting at 11.11 ETH over a 48 hour period and ending at 8.88 ETH. Moreover, the community is enraged by the outrageous prices. While the project is selling an NFT for 62 million dollars, it is still not granting any commercial license to use the audio NFTs. Many members are labelling the creators “greedy,” while a select few, including Paris Hilton, are praising the project.
What are the various allegations?
The crypto Twitter is allegedly calling the project a cash grab.
In a series of threads, @lurvli1 discussed red flags associated with the project. Firstly, he talked about how the creator has overpromised and under-delivered his previous project “The New World”.
Secondly, two of the core leaders of the past project abruptly left without stating anything. Furthermore, @lurvli1 addressed how the promised partnership with Cool Cats never happened. Not only this but the poor organization led to the closing of their original discord server and creating a new one altogether.
After, the “The New World” project, the creator of 888 Inner Circle announced another collection, “We are Eternals”. However, since November, no one has heard anything about this project from the creators.
Apart from the above-detailed analysis, @NFTethics shared a couple of screenshots where Crypto888crypto was ‘shilling’ low Market Cap (MC) altcoins. Subsequently, he signed up artists for his “The New World” website, and some of them have reportedly invested. It was to be built on the flare network, but the website has not even been live yet.
Lastly, @NFTethics also shared some tweets where @crypto888crypto was allegedly harassing women.
Besides, the people who are asking simple questions on the ‘888 Inner Circle’ discord server are getting banned from the channel.
Let’s take a look at the supporters’ side.
Despite the heated debate against the 888 project, some still see it as a great NFT collection. @Blindfreddie_ wrote how Gala has a good reputation and the other claims are just trying to tarnish the brand.
He further adds “The price of the Dutch auction was agreed upon. And set by both BT and Gala. Since the realm partnership between Gala. The IC, 888 has given the IC members a unique opportunity to burn 3 genesis NFTs for a piece of BT’s collection.”
Acknowledging the claims against the project, @crypto888crypto had a discussion about the project with Gala Games and shared a link to the interview. Although he didn’t address the various accusations completely.
Regardless of what both sides of the community have to say, the project has made enthusiasts nervous before investing so much.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
