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Lil Uzi-backed NFT project by Solana titled ”Eternal Beings” faces several accusations of a rug pull. He deleted every tweet mentioning the project. The event marks another crypto project backed by a celebrity to run into trouble.
Eternal Beings Accused of Pulling the Rug
Solana launched Eternal Beings on Tuesday. The project is a collection of 11,111 generative alien avatars with a similar fashion sense to the rapper. Lil Uzi Vert, who previously promoted the project on Twitter, deleted all posts related to the projects after the NFTs sold out. The rapper seems to have distanced himself from the project.
Holders of the projects are wondering if they will deliver on their promise with the rapper pulling out. They promised that Eternal Being would involve an exclusive live performance with access to the backstage. The floor price of the project has dropped sharply. It is currently below the 2.5 SOL mint price.
Some of the 43,000 members of the NFT project suggest that the rappers’ tweets were a quickly paid promotion. Others are questioning whether his actions could implicate him in U.S securities laws. In one tweet, he commented, saying that the floor price of the project would easily reach 6 SOL. That could come out as a price guarantee by the SEC. However, it depends on how involved Lil Uzi was with the project.
Moderators in the project are assuring the members that the rapper is still 100% involved in the project.
Not The First Time for Solana
The Luna Yield protocol, decentralized finance based on Solana, went offline after its launch. The event was allegedly the first rug pull on Solana. The Luna Yield project carried sales on SolPAD then pulled out without prior notice.
An anonymous source informed CoinDesk that the Luna Yield team took assets amounting to USD 6.7 million. The source said that they couldn’t retrieve the funds. Solana as a network has seen experienced gains with the increased traction in the NFT space.
Most projects have sprouted and are gaining popularity among users on the project. Many celebrities have embraced the NFT craze to engage with their fans. Doja Cat recently launched her first NFT collection on OneOf. The platform enables musicians to engage with their fans on Tezos.