Blockverse, a Minecraft-inspired NFT game, evaporates with over a million dollars from NFT enthusiasts and investors.
Blockverse Rug Pull
When the Blockverse game was being teased, the entire NFT world had high hopes for this project, and it was this excitement that helped Blockverse sell 10,000 NFTs within eight minutes. Unfortunately, it seems like this Minecraft-inspired NFT game was another in a long list of NFT scams.
At launch, Blockverse priced their NFTs at 0.05 ETH (approximately $127) each, and amazingly, they sold out all 10,000 NFTs that were available. If only excited NFT enthusiasts and investors knew that they were only investing in a “scam,” as two days later, the team behind Blockverse pulled a “rug pull” on their investors.
In the crypto world, a Rug pull is a term that refers to when a blockchain-based project suddenly becomes nonexistent, making away with invested funds. Unfortunately, in the Crypto world, Rug pulls are constant occurrences, and it’s estimated that in 2021 alone, over 3,300 crypto-related projects pulled rugs under their investors, stealing over $7 Billion in the process.
Rug pulls are the Crypto version of modern-day scams where scammers promise customers a product they do not own or a product that doesn’t exist to make away with their money.
The Blockverse Game
Shortly after its launch, the team behind the project deleted its entire digital footprint. Everything, including its Discord server, website, game servers, and a lot more, went missing from the internet. The Blockverse game was expected to work because possession of one of the 10,000 NFTs grants a player access to the game when it launches, and the fact that these NFTs are digital tokens meant that they could be traded between accounts.
The Blockverse game seems like a project with a lot of potential for success, and it was being marketed as a play-to-earn Minecraft server with access reserved for only token holders. In a world where seasoned game developers struggle to sell tens of video game-related NFTs, Blockverse expertly marketed and sold out 10,000 NFTs within eight minutes of launching.
When you piss off an entire community, you can be sure that they’ll go above and beyond to track you down. Blockverse’ community members successfully tracked down a Cloudware IP and a Coinbase address with direct links to Blockverse’s founders.
Three days later, Blockverse’s founders resurfaced on Twitter, where they tried to apologize and explain their actions. They explained that their project was legitimate, but after complaints regarding exorbitant “gas fees” and lack of token utility, they feared for their safety and impulsively deleted their discord server and most other platforms. @blockverse_NFT shared the following on Twitter on January 28th, “A statement from the Blockverse Team Read: https://tl.gd/n_1srump6”