Inspired by the Bored Ape Yatch Club (BAYC) collection, the NFT Bored Bunny made a remarkable entry on the NFT market on January 05. They managed to drain nearly 2,000 ETH in the early hours of the day before something terrible happened. Indeed, the project promoters seized all the funds invested in the NFTs before disappearing from the radar.
Muted project’s Discord channel
Shortly after announcing the disappearance of the promoters of Bored Bunny, the floor price of NFTs in the collection fell to 90.59 ETH. There followed a grumbling within the project community on Discord. The manager of the Channel Discord has also allowed himself to criticize the founders of Bored Bunny for abusing the trust of investors and his. He also posted a message indicating that he was leaving his post out of dissatisfaction.
His writings were quickly removed from the Canal by the promoters before the latter itself was muted. To conquer the public, the Bored Bunny collection did not only build on the success of the NFT BAYC. She took advantage of the image of boxer Floyd Mayweather to carry out her advertising campaign on social media. Several videos showcasing the Bored Bunny as the next NFT to buy have thus made the turn of Tik Tok and YouTube.
Bored Ape Yatch Club victim of its success
While it is true that scams are on the increase in the NFT market, this case is attracting the attention of the community because of the connection with BAYC. The collection that has just dethroned the CryptoPunks is the target of several diversions or counterfeits on the market. Two projects have been illustrated recently by offering NFTs which are nothing more than mirror versions of the Bored Ape Yatch Club avatars.
Called PAYC and PHAYC, the collections aim to be parodies of BAYC aimed at protesting the current development of the NFT industry. Like Bored Bunny, they managed to glean some ETH from NFT enthusiasts before being targeted by marketplaces. OpenSea, Rarible and Mintable have thus banned them from their respective platforms for violating the copyrights of Yuga Labs.
Like DeFi before it, the NFT market has been a success which is now mixed with the proliferation of cases of scams. As the flagship NFT collection of the moment, Bored Ape Yatch Club is indirectly associated with them. NFT’s marketplaces will have to quickly put in place a mechanism to prevent these scams from damaging the image of this flourishing industry.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 in some crypto only increased my enthusiasm. I therefore resolved to study and understand blockchain and its many uses and to relay information relating to this ecosystem with my pen.