NeoNexus Cease Operations in Community-Dubbed ‘Slow Rug’

Wed, 23 Mar 2022 10:36:53 +0000

Neonexus Metaverse Ceases Operations

Dubbed as the latest ‘slow rug pull,’ the founders of NeoNexus metaverse have abruptly pulled the plug on their multi-million dollar project. According to the project’s founder, Jack Shi, the drop in the price of the platform’s adopted crypto, SOL, is the fundamental reasoning behind the team’s exit. 

To announce the unfortunate news, Shi took to the official NeoNexus Twitter account, where he regretfully informed the project’s community that the team can ‘no longer continue healthy development of the NEONEXUS project,’ and that he would like to ‘hand over the project to our community, or a community-selected party for takeover if that’s feasible/possible’.

In addition, Shi made an announcement to the 13,000-member NeoNexus Discord server, to explain the reasoning behind the team’s exit: “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”.

Shi added that over 20 staff members of the project’s parent company, Unlock Defi, will be laid off at the end of March.

Many commentators in the space have since accused the project of committing a slow rug, as the team’s exit comes in wake of multiple NFT mints which would’ve generated somewhere in the region of $2-4 million (25,000 SOL). Of course, the ambiguity in estimated generated funds refers to the fluctuating SOL prices in which Shi has used as the reasoning behind the ceasing of the project’s development.

Although the story will fundamentally be remembered as one which showcases the frequently discussed risk that resides within the NFT and crypto space, the passionate community that inhabits the space, has once again, banded together to try and relieve the losses in which many investors may have shouldered due to the announcement.

This has been showed through various NFT projects advertising their support to such unfortunate community members, where offerings such as whitelist spots for those who responded with ‘NEONEXUS’ in their Discord channels have been made.

Follow for updates on the project’s fate >> Neonexus Twitter

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