Welcome to The Rug Doctor!
The Rug Doctor Series
This is something I've been thinking about doing for a while now. I love to write about all aspects of cryptocurrency and NFTs. The good, the bad, and the ugly. It's important that all of it gets highlighted because if you haven't noticed, this space is like the wild west. I currently do a series called "Crypto Noobs" where I show you how to do different stuff with cryptocurrency and a series called "What is an NFT?" where I highlight use cases for NFT technology. I recently created an index of those 2 series so I invite you to check that out - I called it Learn Crypto Stuff.
I will be adding this series to it as well. The Rug Doctor is going to feature all the latest NFT and crypto rug pulls. I think it's important that this information gets shared so that people can make educated decisions when considering investing in different projects. The goal is not to give the space a negative sentiment, the goal is simply to highlight some things to look at when making investments. Also to laugh at the shit people come up with.
So anyway - this is the first of The Rug Doctor series. I hope you enjoy.
Fury of the Fur Rug Pull
Fury of the Fur was your typical collection of 1/1 unique randomly generated PFP(profile pic) NFTs. These 3D models were supposed to be teddy bears that were going to be used in a card game and metaverse. Minting FOTF NFT would supposedly grant you access to holder rewards called FuryRewards and airdrops. Of course there was a Discord server that you would get access to as well. This would also grant you access to the metaverse and upcoming game. They even promised physical toys!
Sounds pretty good, right? For only 0.05 ETH you could get your very own FurtTed NFT that even got you access to an exclusive merch store! How cool! LOL I really get tired of reading the same shit from different NFT rug pulls. They all sound exactly the same to me at this point. After a number of (paid) partnerships and Twitter giveaways, the first mint flopped with only 2800 of the over 9000 NFTs being minted.
What do you do when your NFT scam flops after all the money and time you put into hyping it? Well of course you make even more promises, promote more, and try to drum up hype again. Then you do a relaunch. Apparently this project flopped so hard that the creators decided that they couldn't take the stress of trying to steal people's money anymore.
Generally speaking, these types of projects don't hold any sort of value. The generative avatar model is so played out at this point that it's really hard for anyone to make money with them (aside from the rug pullers). Every now and then you get one that holds a little value or even explodes in value, but they're very few and far between. Unfortunately, you can't really tell if NFT projects are going to succeed or not. When I look to invest, I typically find NFTs that are actually being used for something and not just making a bunch of empty promises
About 18 hours ago, the founder tweeted this image and disabled replies. I actually started laughing when reading this. The founder "takes full responsibility" but then blames the failure of the project on inflation and the Ukraine war. He goes on to explain how hard this has been for them to get all this free money, and even puts blame on OpenSea for some of the failure. This shit is classic.
He even talked of how much of a toll this project has taken on him and his family. He will be "taking some time away to learn how to sleep again". Will he? It sounds like he's going to be sleeping just fine with his $300,000.
"We didn't deliver on any of our promises, but at least you guys have this cool community now lol". That's basically what I just read. He wishes everyone well and then disappears from the internet. How touching.
This is the kind of thing that really needs to be exposed and talked about so more people don't get scammed. If you see people hyping a PFP project on Twitter, odds are that you're going to lose money. If you think you're going to get rich flipping a JPEG, you're probably going to lose money. Unless you get lucky. Like win the lottery lucky.
Don't be sheep. Pay attention. Stay safe out there.
Thanks for reading! Much love.
Links 'n Shit
| Play to Earn | Read emails, Earn Crypto | Get free crypto every day | Get a WAX wallet |
|---|---|---|---|
| Gods Unchained | ListNerds | PipeFlare | WAX.io |
| Splinterlands | GoodDollar | ||
| Rising Star | FoldApp |
