Another day, another crypto/NFT scam.
Blockverse, a well hyped NFT project that sold out in minutes has rug pulled. This basically means the developers have shut down the project and ran off with the money collected.
The Blockverse NFT project was supposed to be an Ethereum-based Player versus Player (PvP) game, whose biggest selling point was bringing Play 2 Earn (P2E) on Minecraft.
The players in the game were NFT characters who could fight others and who had unique skins. A total of 10,000 of them were on sale.
With Minecraft already incredibly popular, Blockverse found early fans, and when the collection launched on OpenSea, it sold out in just 8 minutes. 4200 people bought the NFTs.
Blockverse itself made 500 ETH ($1.3 million) from the sale, with the NFTs generating a total of 793 ETH in secondary sales.
After the anonymous developers at Blockverse made their money, they went dark on all channels, shutting down their website and discord. Their Twitter account is still live, but there has been no activity since January 24.
Meanwhile following the news, the floor price for the Blockverse NFTs has plummeted to less than 0.001 ETH.
This is not the first rug pull case, and certainly will not be the last. The best way to avoid being a victim is by conducting due diligence, and avoiding projects with anonymous developers.