NFT EveningNFT Evening

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    NFTs on Facebook: The Time Has Finally Come!

    July 1, 2022

    What is Doxxing? Why You Should Know What It Means To Be Doxxed

    July 1, 2022

    Doodles 2: Everything About The New Doodles NFT Collection

    July 1, 2022
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • Home
    • NFT
    • Crypto Art
    • Collectibles
    • Blockchain games
    • Interviews
    • Guides
    • NFT Calendar
    • NFT Conferences
    NFT EveningNFT Evening
    Collectibles

    How The Cereal Club NFT Mint Became A Total Disaster

    By TheoFebruary 17, 2022Updated:February 21, 20224 Mins Read
    Share
    Twitter WhatsApp Reddit Email Facebook LinkedIn

    The Cereal Club NFT collection’s public mint was a total disaster! The team paused the minting and explained on Twitter that they are just “fixing a site fetch issue.” However, the community didn’t buy the explanation and accused the project of pausing the auction to manipulate the OpenSea floor price and induce more FOMO.

    The Cereal Club NFT is a collection of cereal-inspired digital artwork. In terms of vibe and look, the most straightforward description is that it looks like Doodles NFTs with a cereal bowl as its head. The team really wanted to be playful because the cereal bowl pays homage to a simpler time in our lives as kids enjoying the comfort food while watching cartoons.

    Cereal Club Collection Public Mint Disaster
    Shock, frustration and dismay —  these are the emotions of the community after the public mint day disaster! Credit: Twitter (@ashrobin.eth)

    The Cereal Club NFT Public Mint

    With over 143,000 followers on Twitter, the Cereal Club NFT collection is undoubtedly one of the most hyped projects in the space. Unfortunately, the public minting didn’t live up to the expectations of the NFT community. In contrast to its fun and playful vibe, the minting turned out to be another NFT space horror story leaving trusting NFT collectors disappointed.

    The team announced that they would do a Dutch-style auction starting at 1 ETH. This style considers all bids before arriving at a ceiling price. Then, it gradually drops at specific time intervals. By practice, high-demand NFTs start at 1 ETH and lower 0.1 ETH every 10 minutes until people start buying the NFTs.

    This is where the auction took an ugly turn! The community started to FUD on Discord. In effect, the team changed the price to 0.5 ETH, a big dive from the original price range. Then, the floor began to drop drastically. The team responded by pausing the auction and lowering the price to 0.35 ETH. This move raised many questions, mainly why there were issues on the mint when the smart contract was supposedly locked out.

    Cereal Club Pausing the Public Mint
    The team “tried” to address the situation by lowering the mint price. Credit: Twitter (@cerealclubnft)

    As of press time, the floor price on OpenSea is just 0.198 ETH or $595 — a far cry from the community’s expectation. The leading sentiment is that the team is just waiting for floor price to rise in the hopes of people minting at a higher price. There are also speculations that they are fake-buying NFTs in order to drive up the floor price.

    On top of this frustrating situation, the project is allegedly on a banning spree on Discord. Early supporters are dismayed that the team is treating those who propped the projects for weeks this way!

    Let’s Talk About the Red Flags

    Days before the public mint, NFT thought leaders started pointing out the red flags about the project. NFT Ethics, a Twitter account aiming to deliver legitimacy and scrutiny of NFT collections, tagged the project as an NFT scam!

    According to the thread, the team behind the project is associated with another controversial project, Squiggles. NFT Ethics also pointed out that the extremely high mint price of 0.5 ETH would, at worst, net the team $11 Million. So the team can pocket a huge sum on primary sales alone.

    Furthermore, the team is completely anonymous, so in case of a rug pull or scam, no one would be accountable. NFT Ethics also called out the project for not having a real roadmap. They also claimed support from Venture Capital and Fortune 500 Companies with zero evidence.

    Tune in to the project’s Twitter page for fresh updates!


    Are you tired of missing important NFT drops?

    Check out our NFT Calendar!

    Receive the biggest NFT news of the day & recommendations in our Daily newsletter. 

    • All of our news is being sent daily on Telegram
    • We summarize the biggest news daily on Twitter & Instagram 
    • Learn with video tutorials and subscribe to our Youtube Channel 

     


    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.

    Cereal Club NFT Minting Disaster NFT Rug Pull NFT Scam
    Share. Facebook Twitter Pinterest LinkedIn Email Reddit WhatsApp
    Theo
    • LinkedIn

    Theo is NFTevening co-founder. He has been in the digital marketing & Media industry for the past 7 years and is involved in several big publishing companies - Reaching 35Millions users monthly across 20 different countries. He is a nostalgic gamer, a Witcher-fan and a huge NFT-enthusiast !

    More great NFT Evening content:

    Doodles 2: Everything About The New Doodles NFT Collection

    July 1, 2022 Collectibles

    CyberBrokers NFT: Everything To Know

    June 27, 2022 Collectibles

    Nickydooodles.eth Loses 17 Eth And All NFTs Including Doodles

    June 27, 2022 NFT

    Solana-Based Chainers Announces Whitelist Ahead of NFT Launch

    June 27, 2022 Collectibles
    Latests NFT News

    NFTs on Facebook: The Time Has Finally Come!

    July 1, 2022

    What is Doxxing? Why You Should Know What It Means To Be Doxxed

    July 1, 2022

    Doodles 2: Everything About The New Doodles NFT Collection

    July 1, 2022

    Coca-Cola Pride Collection: NFTs For LGBTQIA+ Organization OUT

    June 30, 2022



    • Follow @NFTevening


    By signing up, you agree to the our terms and our Privacy Policy agreement

    NFT evening is the biggest website for NFT news. We are dedicated to supporting mainstream NFT adoption by making content fun & accessible. Learn about NFT collectibles, NFT art and the best blockchain games that even let you earn free crypto! Whether you want to invest in NFTs, create NFTs or simply collect them, NFTevening is the first stop for all the NFT news you need!

    Facebook Twitter Instagram YouTube
    Article Categories
    • Blockchain games
    • Collectibles
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • NFT
    • Sponsored Content
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Collaboration and Press Releases
    • Job Opportunities
    • About Us
    • Contact Us
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.