NeoNexus is a Metaverse project, featuring both a planned utility and governance coin.
It sold over 4,000 “property NFTs”.
The project planning to offer a further 6,000 property NFTs, and character, vehicle, and accessory tokens planned for the future.
And the project currently has over 13,000 members in its Discord channel.
The project estimates raised 25,000 SOL at its NFT mints, earning between $2 to $4 million.
But the founder of NeoNexus, a Solana-based NFT project, has stated the team is no longer developing the project.
The project’s founder, Jack Shi, tweeting on the Twitter account for NeoNexus.
It was no longer continuing the “healthy development” of the project. Adding they would like to hand it over for the community to develop.
Estimates suggest that the project raised around 25,000 SOL for its NFT mints.
Which at today’s prices would be worth $2.2 million.
With SOL prices climbing to over $150 around the time of the token mints, the project may have made an estimated $3.5 to $4.5 million.
In a post on the project’s Discord, Shi wrote that the market conditions were to blame for the team halting development.
With the project’s funds used to pay wages, tech infrastructure, business fees, and taxes.
“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.”
Market conditions over the past few months have been choppy, with the price of SOL falling over 50% in 3 months.
It hit a 90 day high of just over $200 in late December. Since has steadily fallen to trade around the $80 mark.
As cited from cointelegraph;
Shi added that over 20 staff members of the parent company, Unlock Defi, had been laid off as of the end of March, and asked if a community takeover was possible.
Many commenters have accused the project of committing a “slow-rug”, building up the project only to exit, and take the funds months later.
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