Solana User Discovers NFT Portfolio Plummeted by 85% Following Numerous Rug Pulls
The NFT and crypto markets have had a tumultuous ride in recent years, impacting both investors and innovations. While the crypto space has managed to thrive despite a prolonged bear market, the same cannot be said for the non-fungible token market.
A member of the crypto community on X (formerly Twitter) recently shared the extent of their NFT losses in a tweet. According to the tweet, the user had accumulated Solana-based NFTs in a Ledger wallet during a bull market. However, the wallet was lost for a period of time. Upon regaining access to the wallet, the user discovered that the majority of the NFTs in that particular wallet were fraudulent.
The user, who goes by the name CryptoAnglio, revealed that the total value of the wallet was “worth 100k in a bull market.”
It is suspected that the reason for the losses was due to a rug pull, which is a type of crypto scam where a project is hyped to attract investors, only for the creators to disappear with the funds, leaving investors with worthless assets. CryptoAnglio believes that several NFT projects were rug pulled, resulting in the loss of their funds. They advised other investors to be cautious about the NFTs they hold for the long term.
Despite the downturns in the Solana NFT space since the downfall of FTX last year, the community has managed to navigate the market. Following the departure of leading NFT projects like DeGods and y00ts, the blockchain’s NFT ecosystem has shown promising metrics.
For instance, an analysis conducted in July revealed that the Solana network accounted for only 1.6% of wash or fake trades, which is significantly lower than Ethereum’s 60% and Bitcoin’s 34% wash trades.
Currently, the Solana NFT ecosystem is thriving. According to the blockchain explorer Solscan, the network’s NFT market has experienced a 45.33% increase in trading volume in the last 24 hours, with 43,712.97 SOL traded. Additionally, there has been a 4.24% increase in active wallet addresses.
Tags: NFTs, Solana
