But he’s taken to social media to explain that he’s simply too busy with basketball to put time into the project. Like the term suggestions - yanking a rug out from under something - it means an NFT scam in which a project is created and sold to the public, and the backers then abscond with the money while shutting everything down. Enough of these situations occur that they’ve taken on a name: rug pulls. Situations like this and the litany of crypto and NFT swindles fuel likely government step-in at some point. The crypto universe of decentralized finance that resists government and institutional controls and oversight, however, is a bit of a wild west. In the real world, if you promise something, take money for it, and don’t deliver, you’re liable. If Fox and his NFT partners are sued, that could shift the response. There could be additional make-good efforts and even a return of everyone’s money. It doesn’t look like it so far, but Fox has promised users who bought certain numbers of his NFTs and autographed jersey – which apparently is valued at around $100. That means buyers spent about $1.5 million on SwipaTheFox NFTs. 15 launch, one Ethereum was worth about $3,100, per The Action Network, which translated into roughly $250 to mint one of Fox’s NFTs. 085 ETH – that’s the Ethereum cryptocurrency. Fox’s NFTs were reportedly minted (created on the blockchain by users who wanted one) for. This requires a bit of cocktail napkin math because cryptocurrencies are prone to volatility issues. He has talked repeatedly about his love for video games and comics, and debuted plans for his own manga last season, also titled after his nickname, Swipa The Fox. He averaged 25.2 points and 7.2 assists last season and is averaging 21.7 points and 5.1 assists this season. It is the highest-profile NFT project to go bust in NBA circles.įox signed a max extension in Sacramento in 2020 and has become the face of that franchise. We weren’t happy with the execution & demand on my time and attention during the NBA season. I delegated certain aspects to the launch of the NFT in an attempt to partner with professionals. I want to address an NFT project we launched recently. He also said that he plans to continue with his NFTs in the future. Fox later tweeted that the project was “ill-timed” and that it took too large a burden on him during the course of the current NBA season. It had promised to create a metaverse for fans of Fox, scholarships to the University of Kentucky, where he went to school for one year, and other goodies.
The project disappeared without any warning - it had more than 100,000 followers in its Discord channel - and scrubbed its social media. Fox’s NFT project, called SwipaTheFox, mostly disappeared Wednesday after having pulled in roughly $1.5 million after it was announced in December.
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