Thursday, September 21, 2023

NeoNexus Founder Won’t Continue to Work On The Metaverse Project

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The NeoNexus founder stated that the team won’t continue developing the project which was a metaverse NFT, blaming the drop in Solana prices for the decision as we can see more today in our latest blockchain news.

The estimates show that the metaverse project raised 25,000 SOL with NFT mints and earned between $2 to $4 million. The NeoNexus founder stated that the team won’t be developing the proejct because of the drop In SOL prices. The project’s founder Jack Shi took it to Twitter to say that he will no longer continue the healthy development of the proejct and they will hand it over to the community to develop.

The estimates show that the project raised 25,000 SOL for the NFT mints which at today’s prices will be worth $2.2 million. With the SOL prices climbing to $150 at the same time as the token mints, the project could have made an estimated $3.5 to $4.5 million. NeoNexus is a Metaverse project which features a planned utility and governance coins and sold 4000 property NFTs with the project offering another 6000 property NFTs and accessory tokens planned for the future with the project having over 13,000 members in the Discord channel.

Shi wrote that the market conditions are to blame for the team halting development with the funds used to pay wages and tech infrastrcuture, taxes, and business fees:

“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.”

The market conditions over the past months were quite choppy with the price of SOL falling over 50% in 3 months as per the data from CoinGEcko and it hit a 90-day high of over $200 in December 2021 but then fell to its $80 mark. Shi added that over 20 staff members of the parent company Unlock Defi, were laid off as asked for a community takeover. Many commenters accused the project of committing a slow rug and built the project to exit and take funds months later.

The crypto scam researcher and writer “ZAchxbt” posted some screenshots of Shi showing the founder sitting in a supercar and even riding a Lamborghini. He used the images to question how the project was able to raise millions and then run out of money months later. The websites for Unlock DeFi and NeoNexus are both offline as of the time of writing.

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