Eternal Beings, an NFT project backed by rapper Lil Uzi Vert, has been accused of “pulling the rug” from purchasers. After the NFTs sold out, Lil Uzi deleted all tweets about the initiative.
Eternal Beings Charged with Rug Pulling
Another celebrity-backed cryptocurrency scheme has hit a snag. On Solana Tuesday, Eternal Beings, a collection of 11,111 generative alien avatars with a dress sense akin to popular rapper Lil Uzi Vert, debuted. Lil Uzi, who had previously championed the initiative to his 8.5 million Twitter followers, deleted his posts after the NFTs sold out, thereby distancing himself from the endeavor.
Following Lil Uzi’s departure, the Eternal Beings floor price plummeted, and it is now much below the 2.5 SOL mint price. Others have speculated that Lil Uzi’s tweets were nothing more than a fast paid promotion, despite moderators in the group’s Discord assuring users that he is still “100% part of the project.”
Holders are also asking if the project would still deliver on its roadmap promise of an exclusive live performance with backstage access now that Lil Uzi has removed himself from Eternal Beings.
Onlookers have questioned whether his tweets could put him in violation of US securities regulations, in addition to sparking fear on the Eternal Beings Discord server, which has 43,000 members. In one deleted tweet, he stated that the Eternal Beings floor price will “easily” surpass 6 SOL.
Depending on Lil Uzi’s involvement with the project, such a statement might be construed as a price guarantee, making the NFTs securities in the eyes of the SEC. As NFTs have become more popular, many celebrities have begun to use them as a new way to interact with their fans. Doja Cat, a rap celebrity, released her first collection of NFTs earlier this month through OneOf, a dedicated platform for musicians to communicate with fans on Tezos.
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