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A Solana-based NFT program called NeoNexus’ founder has mentioned that the group has exited from developing the respective project, putting blame over the prices of SOL (Solana) as the cause behind the decision to abandon the project. Jack Shi, the founder, turned toward the formal NeoNexus account, sharing a Twitter post on 21st March that they were no longer involved in the project’s healthy development.

He added that the respective project would be delivered to the community for its further development. The community will then select the desired party to take over it If there is a possibility. According to the estimates, more than 25,000 SOLs were collected by the project for the NFT mints (nearly $2.2M).  As the prices of SOL have been raising to approximately $150 at the time of minting, The estimated amount that might have been gathered by the project is estimated to be between $3.5 and $4.5 million.

NeoNexus accounts to be a metaverse project containing both the governance tokens as well as a planned utility. More than 4,000 property NFTs have been sold by it. And the further 6,000 property NFTs as well as those related to vehicles, characters, and accessories-based tokens are planned by it to be offered in the future. At present, up to 13,000 participants are involved in the Discord channel of the project.

In a post presented on the channel, it was noted by Shi That the environment of the market is to be blamed for the closure of the project’s development as the funds of the projects are being used to pay wages, taxes, business fees, and tech infrastructure.

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The founder also mentioned that a considerable difficulty has been experienced by them when they attempted to improve and keep on running the project in the present market conditions when SOL has been dropping to a great extent along with a decrease in interest, volume, and activities performed on the NFT space of Solana. During some of the recent months, market conditions have been turbulent and SOL’s price fell to more than 50% during 3 months, as per the data shared by CoinGecko.

In the last days of December, It touched its 90-day high position at nearly $200 and after that, it has gradually lowered to trade at almost $80 point. Several people have accused that a gradual rug pulling has been carried out in the project.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.