NeoNexus is a Metaverse project that has had the good luck of raising over 25,000 SOL during its time, but its founder suddenly pulled the wrong from under investors.
NeoNexus: What’s happening?
Imagine you invested in an up-and-coming Metaverse project with considerable traction and hype around it just to find out that the team behind the project no longer considers the project worth investing in due to price fluctuations.
If you’re a NeoNexus investor, you do not have to imagine this scenario because you are living through it. On Monday, 21, March 2022, Jack Shi, the founder of NeoNexus, shared a gut-wrenching tweet stating that the team was no longer continuing the project’s development.
@neonexus_world, the official Twitter account of the project, shared the following tweet on Monday, “It is with a heavy heart that we must inform you that we can no longer continue healthy development of the NEONEXUS project. We would like to hand over the project to our community or a community-selected party for takeover if that’s feasible / possible. I’m deeply sorry, Jack.”
The latest development from NeoNexus makes no sense to many investors and enthusiasts who invested time, money, and effort into the project, and these people are rightfully outraged at the current state of the project. The next few days will be exciting as they’ll shed more light on what’s happening behind the scenes in the NeoNexus team.
NeoNexus is a metaverse project featuring planned governance and utility coin, and since it launched, it has been able to sell more than 4,000 “property NFTs.” The NeoNexus project currently has over 13,000 members on its Discord channel, and prior to its announcement on Monday, the project planned to offer an additional 6,000 NFTs in the future.
According to estimates, NeoNexus was able to raise around 25,000 SOL, and at the time of the token mints, the price of SOL reached $150. This means that the project was worth over $3.75 million at its peak.
Shi shared the following on the project’s Discord server, “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.”
Should companies be able to get away with such actions?
It’s unusual and uncalled for when a project simply decides that they are no longer interested in undertaking a project because of market forces. Ideally, when you undertake a project, it should be out of conviction with a willingness to weather the storm, but it doesn’t seem like the NeoNexus team got the memo.
NeoNexus and Unlock DeFi may not realize this, but actions such as this only hurt the industry because it allows naysayers and skeptics to attack the Web3 community with their preconceived biases. It feels like this team was only in it for the money; they garnered enough money and fame only to pull the rug from under investors.