In what seems to be comically true, rapper Soulja Boy is setting new records in the web3 & NFT world – just not like how we would like. Soulja Boy has now successfully been the first rapper to rug three consecutive NFT projects. Let’s take a look at how he has cranked that rug from under unsuspecting fans!
Soulja Boy: NFT Rug Expert?
Late last month, the SEC charged Soulja Boy for promoting cryptocurrencies. To clarify, he was being illegally paid to do so without disclosure. The SEC lawsuit also saw other high profile celebrities charged with the crime. The two crypto currencies are Tronix (TRX) and BitTorrent (BTT).
Just weeks after, the rapper released a collection of Limited Edition 3D NFTs. However, despite obvious warning signs, his previous run-in with the law did not prevent the NFTs from selling out in a few hours. The 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 member-only advantages. According to OpenSea, the collection had a total volume of 69 ETH (~$130226.46).
However, crypto-detective ZachXBT noticed that the collection blatantly ripped off the Ferrari logo with its artwork. Shortly after this, the collection was delisted from OpenSea. Not to anyone’s surprise, there is still a derivative knockoff version of the project up on Opensea. Just a day after this, Soulja Boy – the man, the myth, the legend, drops yet another NFT project – “Soulja Boy Pixel Art”.
The project is still up on OpenSea and features the rappers face in a stylized, pixelated aesthetic over different backgrounds. This project has collected 36 ETH until now, for a total 1,398 digital items with just 251 unique owners on Opensea. The project is also 100% listed.
Web3 Twitter Explodes
Obviously, web3 Twitter has had a field day with this one. The memes and the drama surrounding the drops are, some would argue, better than the drop itself. Web3 Twitter has also christened the rapper with 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 on Opensea and return to do a re-drop. Legend.
But all of the humor aside, there are serious questions being raised about the ethics in web3 surrounding projects like these. People are still buying into NFT projects by founders who rug their community.
This project is more of a statement in web3 in the sense of provoking real questions about founders and collectors. Should banned founders be allowed on platforms like Opensea and allowed to sell their NFTs even though it was a proven rug/illegal shill?
Only time will tell as regulations around the space increase. But one thing is clear, it is still the wild wild west in web3.