Nightmare for Bored Cat Club NFT holders as the NFT Collectible has officially rugpulled! As of press time, the floor price plummeted to 0.004 ETH versus the average price two days ago, November 24, of 0.03 ETH.
The issue started when the artist and cartoonist behind the project, Z3nB0y, announced that all the remaining Founder’s Edition would be up for sale. Community moderator and Discord channel owner @weirdjackNFT was against this idea, citing that the Founder’s Edition is for community rewards.
From that point forward, things became ugly. The two engaged in a very public and vocal argument on the Discord Channel, hurling endless accusations against each other. On one side, @weirdjackNFT is convinced that Z3nB0y is just after the money and completely disregards the roadmap. Meanwhile, Z3nB0y is claiming that @weirdjackNFT is manipulating the prices together with his other whale friends.
As of press time, @weirdjackNFT has removed the Discord Channel on the OpenSea page of the Bored Cat Club. He went as far as calling it “unofficial.” Meanwhile, Z3nB0y is rallying the community to save the project.
What’s Next: Bored Cat Club NFTs after the Rugpull
Unfortunately, rug pulls are prevalent in the NFT space. So the question now is how can you avoid investing in one? Of course, nothing’s for sure in the NFT space but you can definitely watch out for the red flags. For example, if the team is completely anon, then there’s no way to validate their credentials and identity. Moreover, you also need to watch out for quality. For example, are the artworks hand-drawn or programmatically generated? Did the artists spend time on the details? Lastly, you need to check the roadmap. What future plans are there for the NFT holders?