Since the beginning of 2021, the non-fungible token market has grown rapidly and received widespread attention among institutions, users, and enterprises. However, this emerging NFT industry has also seen some controversies that cannot be ignored. This article will delve into why some NFT investors choose to sell NFTs despite the recent recovery in the NFT market.
In a Jan. 30 blog post, Lamboland, an NFT investor and head of growth at gaming studio World Largest, questioned some NFT investors who have been selling their non-fungible tokens in recent months despite some volatility in the NFT market in recent weeks.
The dark side of NFT:
Why the biggest whales are blaming web3 gaming projects
(1/13)
pic.twitter.com/dh71DUBQKO
– Lamboland (@LambolandNFT)
January 30, 2024
1. AOFverse NFT Series
Earlier this week, non-fungible token influencer and investor Dingaling shared his experience selling all 143 of his AOFverse NFTs at a loss of $140,000. This was the first time Dingaling had sold off his NFT collection and posted about it on X (formerly Twitter). So, what exactly happened?
Sold 143 @AOFverse founding team keys, with a total loss of around 60 ETH after the latest update
I usually just let the NFTs in my wallet go to zero, but a team that disrespects the community like this shouldn't exist in Web3. Why release a series of NFTs?
Good luck
– dingaling (@dingalingts)
January 29, 2024
Last week, the AOFverse NFT team announced details of the $AFG token, causing the reserve price to plummet. The announcement left many investors unhappy because they could only get 1% of the supply and could not unlock any tokens during the TGE (Token Generation Event). In addition, contrary to the expectations of many investors, it would take more than 20 months for all tokens to be unlocked.
2. Valhalla NFT Series
Valhalla, an anime non-fungible token project that aims to bring together gamers from around the world to build a community, has also left investors with no choice but to dump their NFTs. Valhalla recently launched a keyboard that NFT holders can buy, which has upset many investors.
In 2022, Valhalla raised $15 million from Pantera Capital, Comcast Ventures, and other well-known investors, promising to create a Twitch competitor. In addition, the NFT project raised $5.4 million by selling NFTs. However, according to the community, they have not provided anything of value to the community in the past 18 months.
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