Dwight Howard's NFT Collection Falls Flat, Accused Of Alleged 'Rug Pull' By On-Chain Investigator
Portfolio Pulse from Murtuza Merchant
NBA star Dwight Howard's NFT collection 'Ballers by Dwight Howard' has been accused of being a 'rugpull' by blockchain investigator ZachXBT. The collection, which offered 3,000 NFTs on the Avalanche network at 2 AVAX each, only sold 10% after launch. Efforts to redesign the NFTs, incentivize buyers, and reduce supply to 1,500 did not significantly improve sales, with only 15% minted and the floor price falling below mint price. Ava Labs distanced themselves from the project. Meanwhile, Peckshield reported a 27.78% decrease in crypto losses from cybercrimes in 2023, with $674.9 million recovered from hacks.
January 31, 2024 | 6:41 pm
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POSITIVE IMPACT
Peckshield's report on the decrease in cryptocurrency losses and successful recovery of funds, including collaboration with Tether (USDT), may positively influence USDT's trust among investors.
The successful recovery of funds in collaboration with Tether as reported by Peckshield may reinforce the perception of security and reliability around USDT, which could have a positive impact on its short-term valuation.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Dwight Howard's NFT collection, priced in AVAX, performed poorly with allegations of a 'rugpull', potentially affecting AVAX's reputation and investor sentiment.
The association of AVAX with a failed NFT project and 'rugpull' allegations could lead to negative sentiment among investors, potentially affecting the short-term price direction of AVAX negatively.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70