The NFT phenomenon has been sweeping the globe, with netizens interested in acquiring innovative and exciting blockchain-based digital art platforms exploring various access points. One such platform is the Bored Bunny NFT, which has recently attracted significant online participation. This article looks at the background of the Bored Bunny NFT Rug Pull, from its origins to its current status.
Everyone is crazy about NFTs
NFTs have become the talk of the town, with people questioning why everyone is so mad about them. NFTs are unique digital assets allowing users to authenticate their ownership over digital art or other collectibles. They are gaining popularity due to their potential to enable artists to monetize their work and to provide cryptocurrency investors with new opportunities for trading.
The primary reason behind the current frenzy around NFTs is that they offer something new and innovative regarding asset ownership and trading. As they exist solely on blockchain technology, they provide more security than traditional forms of asset ownership and eliminate any associated middleman fees. Furthermore, they can be used to create unique digital collectibles, such as artwork or music, which may not have been available in a tangible form.
What is Bored Bunny NFT?
Bored Bunny NFT is one of the revolutionary Ethereum-based blockchain projects to launch. This project was rumored to have celebrity and influencer partnerships. David Dobrik, Umar Kamani, Floyd Mayweather, and John Terry were mentioned. Notable individuals in the realm of online influencers. It consists of 4,999 Non-Fungible Tokens (NFT) on the Ethereum blockchain.
The idea behind this NFT is to create a unique digital asset that can appreciate in value as collectors and enthusiasts trade it. The tokens represent one-of-a-kind works of art, with their scarcity and buyer demand dictating their varying levels of rarity and value. When acquired, token owners will have full ownership rights, including the ability to transfer or sell it in the future.
Identifying Shady Practices in Bored Bunny NFT
Whitelisting Process
The Whitelisting Process is troubling, as many people have reported that the raffle winner keeps changing, with many winners being announced. This has caused confusion and raised questions about how legitimate this process is. It’s important to understand why these practices are happening and if they benefit anyone involved or take advantage of users who may not be aware of what’s happening.
The primary concern is that this NFT project exploits users by constantly changing the winners. This could mean that almost all entries are getting whitelisted, which makes the raffles useless. As a result, many users can mint the NFT on presale. So imagine what will happen during the public sale and launch day.
The website was a copy
One of the first red flags came when people realized Bored Bunny NFT was a copy of another popular NFT inspired by HAPEBEAST. With most features and design elements identical, it became increasingly apparent that something suspicious was taking place.
Additionally, many users noted that their Discord server appeared to grow exponentially and was run by bots. Although Bored Bunny denied any wrongdoing, these two points were enough to raise alarms among potential investors and customers alike.
Celebrity and Influencer news that caused FOMO
This particular investment opportunity was heavily promoted on OpenSea. Mayweather, the World’s Number 1 Boxer, and famous Youtuber David Dobrikon are partnered with this, creating an atmosphere of fear of missing out (FOMO) among potential buyers who felt they had to jump on it right away or risk losing out. However, many believe the promoters needed to adequately explain the risks associated with investing in Bored Bunny NFTs and the implications for investors who fail to protect their assets.
There are serious concerns about how these promotions are conducted and whether those involved use them to profit from unsuspecting people.
One moderator has revealed the full extent of the scam
Through the words of Pukimon, a moderator who had joined the Discord management team, it became clear that the core team was deliberately ignoring valid inquiries posed to them. Pukimon expressed dissatisfaction with the situation in a detailed Twitter thread, revealing that the questions were, at most, what any potential investor would ask.
The founder of the project, Jeff, remained shrouded in mystery even after the minting process and trading volume reached a staggering 6000 ETH on OpenSea. Pukimon had been promised a video introducing the team, but that promise was never fulfilled. As Pukimon pointed out, the founder was only visible through numbers, and when the time came to mint, every chat channel on the Discord server was abruptly closed and has not been reopened since. Check his tweet below:
19/12/21
— Pukimon (@Pukimonnnn) January 5, 2022
Every project should value their Community as their no.1 priority
My personal principal –
1) Team should be doxxed – provides assurance
2) Team should be transparent – filter out any possible red flags
3) Onboard the right members – valuable, aligned ethos & vision pic.twitter.com/veHLkAHeHJ
Another project to go down the drain
Another failed endeavor has been abandoned. In one of his tweets, a moderator revealed that the NFT Bored Bunny was a scam. Since then, the founder of Bored Bunny has vanished, leaving the community in need of direction regarding what will occur next.
Many investors feel duped and cheated out of their hard-earned money after learning of Bored Bunny’s fraudulent activities. Consequently, a number of these investors are seeking legal recourse against those responsible for this malicious act. This begs the question: who is accountable for this incident? Sadly, locating the founder, who is currently missing in action, is the only way to obtain an answer.
Final words
The Bored Bunny NFT scam has exposed a severe issue with the lack of awareness and oversight in the NFT space. It’s disheartening to know that people have lost money due to scams like this. It is our responsibility as members of this growing community to do our part in raising awareness and helping each other stay safe. We must be vigilant and exercise caution when investing in these digital assets.