Is the NeoNexus project a Rug Pull? The project has no longer run since now

Is the NeoNexus project a Rug Pull? The project has no longer run since now

NeoNexus, a Solana-based NFT project, has announced that the team would no longer be developing the project, claiming a decline in Solana (SOL) prices as the reason for the decision.

The Solana NFT protocol NeoNexus said that the project was stopped, the team was disbanded, and it wanted to hand over the project to the community. The metaverse NFT initiative gained between $2 and $4 million through its NFT mints, which raised 25,000 SOL.

NeoNexus is a Metaverse project, featuring both a planned utility and governance coin, it had sold over 4,000 “property NFTs”, with the project planning to offer a further 6,000 property NFTs, and character, vehicle, and accessory tokens planned for the future. The project currently has over 13,000 members in its Discord channel.

“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 wrote in the project’s Discord.

He wrote that the team had run out of money and that the “entire staff” of over. 20 individuals will be let off by the end of the month.

*Updated: On April 22, the team Metaversol informed Coincu that Metaversol team “has assumed development responsibilities and a community merge of NeoNexus, hiring many of their dedicated staff, and transitioning to our stable and capable team that was already heading their metaverse integration.”

Here are the official Metaversol channels that you can check out right now:

Website: https://metaversol.com
Discord: https://discord.gg/metaversol
Twitter: https://twitter.com/MxMetaversol

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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