Blockverse is the latest NFT project to rug pull, raising questions on the authenticity of projects by anonymous developers. The project reportedly sold out in under eight minutes, generating 500 ETH. Unfortunately, the developers disappeared with the money, closing both the project’s website and Discord server.
“The project sold out yesterday in less than 8 minutes (500 ETH) and had 792 ETH in secondary sales,” tweeted NFT Ethics. “Discord & website closed and the anon devs are gone. Do we need a federated entity that approves all NFT projects and its doxxed founders?”
All about Blockverse NFT
The Blockverse NFT project was an Ethereum-based play-to-earn PVP game. Its major selling point? To enable P2E on Minecraft, an open world sandbox game. As opposed to Minecraft, Blockverse characters are NFTs that players could use to fight others. The game offered a total of 10,000 characters with unique skins. It also claimed to have a utility token called $DIAMONDS.
All these factors attracted several people to the project. In fact, according to OpenSea, 4,200 users own the NFTs in the collection. Besides, it has generated 793 ETH (or around $1.9 million) in trading volume on the platform. Unfortunately, Blockverse NFT was nothing but a rug pull.
Cases of rug pulls are rising in the NFT industry. From Bored Cat Club to fake Metamask tokens, many rug pulls have left holders with tokens that likely have no future. The incidents have led the NFT community to distrust projects by anonymous developers—something extremely common in the NFT world.
Many crypto influencers have also asked community members to stop investing in projects by anonymous developers. Ultimately, it all comes down to this golden rule: if you are planning to invest in any project, make sure to do your own research.