The Friends team refuted “rug pull” claims after pausing the NFT project’s development. They cited market challenges as the reason for halting all future digital goods. However, the team’s actions fueled speculation that they had defrauded investors of $5 million when they deleted their Twitter account and made their project developer account private 40 minutes later.
Since then, the team behind Friendsies has reinstated the project’s Twitter account and denied abandoning it. However, the founders’ account remains private. They admitted that they may not have handled the announcement in the best way possible, adding that they only intended to pause social engagement until further notice.
The Friends team posted on Twitter saying they received a lot of hate and threats and that their website and Twitter were attacked. They apologized for any lack of communication and confirmed they weren’t giving up on the project.
NFT & Friendlies: A Closer Look
In March 2022, the team behind Friendsies launched an Ethereum-based NFT collection that offered 10,000 custom-built digital companions. The team’s goal was to offer virtual assets for use in the metaverse, real-life experiences, and art installations. They also planned to launch a “Tomogatchi-like” play-to-earn game in the future.
Currently, there are 3,323 owners of Friendsies NFTs, and the collection has a floor price of 0.012 Ether (approximately $20). According to data from OpenSea, the collection’s trading volume is 3,775 ETH.
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The project’s initial announcement of the pause cited challenges and volatility in the market as reasons for the team’s decision. However, the team’s subsequent statements have refuted allegations of rug pull and abandonment.
In conclusion, Friends has faced challenges in its development, which the team attributes to market volatility. While the team admits that they could have communicated better, they remain committed to the project’s success and deny allegations of abandoning the project.
This article conveys general information, and the opinions expressed should not be considered personal advice for any individual or specific security or investment product.