In what seems to be comically true, rapper Soulja Boy is setting new records in the web3 and NFT world, but not in the way we’d like. Soulja Boy has now successfully been the first rapper to do three consecutive NFT projects. Let’s take a look at how he has pulled that rug out from under unsuspecting fans!
Soulja Boy: NFT Rug Expert?
Late last month, the SEC charged Soulja Boy with promoting cryptocurrencies. To clarify, they were illegally paying him to do it without disclosing it. The SEC’s lawsuit also saw other high-profile celebrities charged with the crime. The two crypto currencies are Tronix (TRX) and BitTorrent (BTT).
Just a few weeks later, the rapper released a limited-edition 3D NFT collection. Despite the obvious warning signs, however, his previous run-in with the law didn’t stop NFTs from selling out in a few hours. Sold Out Soulja Boy 3D NFTs are 500 digital items on the Ethereum blockchain.
They promise to provide exclusive unlocks for the upcoming Soulja Boy 3D Meta video game and exclusive benefits for members. According to OpenSea, the collection had a total volume of 69 ETH (~$130226.46).
However, crypto sleuth ZachXBT noticed that the collection was blatantly ripping off the Ferrari logo with its artwork. Shortly after this, the collection was delisted from OpenSea. To no one’s surprise, there is still a copycat version derived from the project at Opensea. Just one day after this, Soulja Boy, the man, the myth, the legend, releases another NFT project: “Soulja Boy Pixel Art”.
The project is still on OpenSea and features the rappers’ faces in a stylized, pixelated aesthetic on different backgrounds. This project has raised 36 ETH so far, for a total of 1,398 digital items with only 251 unique owners on Opensea. The project is also 100% quoted.
Web3 Twitter explodes
Obviously web3 Twitter has had a field day with this one. Some would say that the memes and drama surrounding the blobs are better than the blob itself. Web3 Twitter has also given the rapper a new “full name”, changing Soulja Boy Tell Em to Soulja Boy Rug Em! This also makes Soulja Boy the first rapper to be banned from Opensea and he is back to recast. Legend.
But aside from the humor, serious questions about the ethics in web3 are raised around projects like these. People are still buying NFT projects from founders who encourage their community.
This project is more of a statement on web3 in the sense of provoking real questions about founders and collectors. Should founders being banned from platforms like Opensea be allowed to sell their NFTs even though it was a proven rug/smuggler?
Only time will tell as regulations around the space increase. But one thing is clear, it’s still the wild wild west on web3.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any type of investment.
