The Minecraft NFT- Was it a scam or not?

    Blocked out from the Blockverse?

    Play-to-earn games enjoy a lot of popularity because they enable users to earn money while playing certain games. It came as no surprise when some creators tried to sell their NFT project as a play-to-earn platform, and after selling tons of NFT Tokens, stocking massive amounts of money, the creators decided to… disappear.

    This is called the rug pull scam in NFTs and happened with a project linked to Minecraft.

    On 23rd January, an NFT project called “Blockverse” was launched; it had 10,000 NFTs that enabled the owners access to a Minecraft server. It is now reported that ‘Blockverse’ was an unofficial project for Minecraft.

    How things escalated.

    Minecraft is a brand that is loved by many, and this was proved when the entire collection comprising ten thousand NFTs was sold within 8 minutes; their cost was kept at 0.05 Ethereum for minting. The estimated earnings were The blockchain Ethereum NFT gave exclusive rights to a private Minecraft server to the owners.

    But this is where the trouble began. Shortly after the sales, the official Discord server of Blockverse was shut down. Soon, Blockverse’s website and the game server were also down.

    As expected, the people behind the whole thing could not be contacted for days. When the victims reached the influencers who had promoted the games, they got to know that the creators paid the influencers with their money- not the company’s.

    This led everyone to believe that the whole thing was a classic case of rug pull scam in NFTs.

    How the victims came together.

    After various attempts to get hold of the creators, a person made a Discord group for all the victims and officially started to hunt down the ‘scammers.’

    After tracking down various project leads, a message from one of the developers came to the Discord group. The developer, named Kashx, narrated an entirely different story behind Blockverse’s disappearance.

    What developer Kashx had to say-

    He apologized for the sudden disappearance in a lengthy explanatory tweet and explained that the Blockvers team cracked under pressure. He mentioned that the team worked hard for the project and never intended to rug.

    He stated that there was too much negativity due to the launch. The team faced questions on high gas fees, the server’s capacity, which could not manage so many people at once, and the lack of utility of $DIAMONDS. He further claimed that things went out of hand when people started sending death threats, harassing the team, and blaming them constantly.

    He reasoned that the team blocked everyone out to tackle everything and was disappointed that the community jumped to false accusations since their project was completely legal and not a scam.

    Reactions and lessons to learn.

    While people are still obviously displeased and think that the entire thing was a scam, there is not much that can be done at this point. Non-fungible tokens are risky assets to invest in and are subject to various fluctuations in the market.

    Proper research and inspection are always needed before investing, even more so when investing in NFTs. This case, in my opinion, is a perfect example of things going wrong with people who trusted blindly.

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