RIP some NFT
A Post Mortem Op-Ed of lost Solana Projects Part 1 by Ryisan C.
Nov. 4, 2021
Lately, a lot of projects have come into our lives with the promise of bringing us to the promised land of wealth and prosperity. NFT projects come, build up hype, then the creators disappear with our hard-earned coin to either build up the community or fund another project. There are of course projects that become dead on arrival or at least a few days later. These projects are what are known as “rug-pulls” and they are as feared in the crypto world as cancer is in real life. Today we are here to pay our respects to the memory of our wallets that have been the victim of such projects and explain how this can be avoided in the future. Today we will look at three projects, one which is dead, one which will probably die, and one that is hanging on valiantly for dear life.
Let us pay our respects to all of the fallen wallets of Kangaroo Fight Club, SolFighters, and Shkary Sharks. Let us hold these projects in our memory and continue to strive for a better safer market that will indeed respect the buyer and the community built upon the promises made. May we all bask in the light of happiness, prosperity, and growth from here on out.
Kangaroo Fight Club
From the initial impression of the crew of the project, things seemed very positive. There was a promised fighting game and a play-to-win mechanic that was teased with the project. Upon speaking to their marketing leader with the screen name “KangBang” it was relayed to me that the team had very altruistic ideas when it came to their project. Like most of their community, I believed that they would follow through.
As time went by and questions were raised it was obvious that the developers were not as friendly and altruistic as first portrayed, with the leader of the group under the pseudonym “Kangaroo Jack NFT ” becoming more belligerent towards any questioning. The minting process did not go as smoothly as they thought it would and not every Kangaroo was sold.
The writing of course was on the wall for this project and instead of being the heroes that their community needed, they chose to dishonorably run with the money they made. The community wanted questions, wanted to be able to know that the developers would keep their word and work on building the community no matter what. Instead, what the community received was a rug pull steeped in malice as with one final act the developers renamed the community “RUGGED ROOS” and left all of the buyers high and dry.
Luckily like they have done with multiple other rugged projects, the leaders of The Sanctuary- a project whose main goal is to help communities that have been rugged, decided to aid the members of the rugged community. The future looks a bit brighter for their project than it did before but it is no longer a valued project nor does it have a game involved. From a project that promised to do so much to help people to a project that ended up hurting people, it is made clear once again that greed is the enemy of today’s DeFi world. Kangaroo Fight Club died a dishonorable death and left so many feeling the pain from that loss.
Another project that was reported on was SolFighters. I loved the artwork and the ideas that were given in terms of a fighting game. This project was planned to be concluded with a Play-to-earn fighting game in the vein of Street Fighter and Tekken. The very thought of this type of game brought nostalgia to our game players in the office. There were many ideas bounced around the office like the thought of the potential for the fighters to make money in events such as EVO even if they lost, or to rent out the fighter to a professional player to play in tournaments. Many of our writers bought into the project obtaining at least 3 of the avatars, with one was enough to snag two ultra-rare SolFighter NFT.
Alas, not all went well with this project either. With lackluster marketing, terrible communication, and what seems to be a lack of understanding of the roadmap, the project that had 10,000 Fighters was only able to successfully mint a little more than 1000 in the first week. The team decided to halt minting and lower the price for the next week. Those that paid the initial price were given a free NFT for each one purchased. Another decision was to burn the rest of the 10,000 after the second mint phase was done. As the second phase came through the developers were only able to sell 1000 more at the discounted price. The rest of the fighters were then burned in an effort to create value amongst the rest of the holders. The team had failed to sell more than 20% of the project and thus the dreams of a fighting game were dashed as well.
The best thing to do during this type of situation would be to console the adopters. To assure the buyers that everything is under control and to keep the lines of communication open. When the community is built and the people that believed in your project are there, the absolute worse thing to do would be to ignore the community and let FUD and dismay settle in. The latter, unfortunately, is what the main developer “FalconPunch” has decided to do. The community is nowhere near as lively as it once was. Instead of theories of how the fighting game can be implemented or how each character looked more powerful than the last, there are now calls for refunds, claims of the project being a rug, and even worse a floor 95% below mint.
At the time of this writing, I am still holding out hope for FalconPunch to come out of the darkness and bring his community to the light. I myself being a holder of a few fighters am hoping for a miracle as well but as of now there has not been any type of communique made to the community at all, FalconPunch has not replied to me in more than a week, and as of now, many are losing out hope. There are those terrible moments when we know someone we love is doomed to live with assistance and it’s time to decide to pull the plug or not.
With all the doom and gloom of projects being rugged or on their deathbed it is also good to see a project pull itself out of the trouble that it is in. As of the writing of this article owning a Shkary Shark is just owning a piece of art. As stated by one of the main developers having a shark in your wallet at this moment has no intrinsic value.
The project was met with many issues from various scam accounts claiming to be the minting page to the actual minting failing itself. Whitelisted buyers were not able to mint or did not receive their sharks, the royalty idea was not honored the way they initially promised where 80% went to the holders and 20 to the “treasure chest” they built. Instead, they claimed regulatory issues and stated that 100% would go into the chest instead, many felt slighted by this and all of the other issues involved with the project altogether. It did not help that the metadata was also scrambled and the rarity tool was nowhere to be seen.
looking at the numbers for the server and the number of shark holders does not paint a very good picture at all either. For all intents and purposes, one would want to count this project out but instead of looking in the discord server, there is still a lot of optimism, hope, and genuine happiness to be found. Most of the server is still very positive with holders buying from the floor to build up their project and the basic mood still being one of hope and positivity.
How did this happen? What was it that changed with this project that the other two projects in this article could not do? Two words: humility and honesty. The designers of Shkary Sharks owned up to their faults and mistakes and kept everything transparent with their community. They did not give up, they did not run, they did not close off the lines of communication, instead, they buckled down and faced the issues at hand. They are offering a free burn of the first sharks now known as Gen 0 for an updated improved metadata Gen 1 which will then be eligible to be changed for Gen 2 and entrance into their DAO. They have not faltered in their continuance of fixing the issues that were laid before them and because of that they have become worthy of their community’s loyatly.
The community is ready for the DAO as only those that are involved in the DAO and hold the token of the Shark DAO will be able to partake in royalties. That being said the royalties are still communal and not individual. All of this shows a group of developers that are serious about their project and want to see it succeed. This may have been a project that could have died a horrible death but instead, it is slowly building itself back from the ashes, one would think a phoenix shark NFT would be appropriate.
See with new Sight
Loss is never easy, we live knowing it is inevitable, we fear it, we learn to accept it, and in the end, things move on, they continue forward towards a new day -towards progress. In our days of darkness and loss it is good to remember the words of Donda West “Even if you are not ready for the day, it cannot always be night”, let us look forward to more projects with a positive view and an optimistic heart.
Disclaimer: this is an opinion piece and does not reflect nor represent the views of Solanews. Projects mentioned in this article may thrive or phase out. This article is not meant as investment advice. You buy any NFT at your own risk, make sure to do your own research before buying any NFT.
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