Another day, another rug pull in the crypto world – or at least that’s what it seems with the recent price plunge of Eternal Beings, computer-generated NFT avatars that were promoted by American rapper Lil Uzi Vert.
What Happened?
Eternal Beings is an NFT project built atop Solana (SOL), consisting of 11,111 alien avatars with a similar appearance to Uzi – as in his clothes, hair and tattoos.
The rapper promoted the project to his Twitter followers with guaranteed price moonings and hype. The avatars were launched on the Solanart marketplace on September 28, but after the NFTs sold out at a mint price of 2.5 SOL, Lil Uzi deleted all of his posts related to the project, causing the floor price to dip and hover below 1.60 SOL.
Was Uzi Behind the Project?
It’s unknown if Uzi was behind Eternal Beings or if he was just being paid to promote the project to his followers. Moderators in the project’s Discord tried to calm their users by reassuring them Uzi was still part of the project. Yet that didn’t go so well as moderators started blocking several users who contradicted them.
What the crypto community and Eternal Beings’ more than 45,000 members believe is that this was another hyped-up rug pull. But another question arises: will the US Securities and Exchange Commission intervene if the regulatory body determines Uzi’s tweets to be the promotion of an investment product? The deleted tweets can be found on internet archive WayBack Machine:
If this was a rug, it would make it Solana’s second rug pull by far. In August, Crypto News Australia reported how Luna Yield, a cross-chain yield aggregator built on the Solana blockchain, stole nearly US$10 million from liquidity pools.
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