Friendsies NFT collection rug pulls, deactivates Twitter
Approximately $5 million was raised from the initial sale of the NFTs in 2022, prompted by many of the industry's biggest influencers
Popular NFT collection Friendsies tweeted Feb. 15 that it would pause its development, citing “challenging” market conditions as the primary reason for its hiatus.
“We had the best intentions to create a genuine digital companion for the future,” the company tweeted. “However, the market’s volatility and difficulties have made it increasingly challenging to advance this project in a manner that meets our standards.”
According to the Friendsies website, the initiative aimed to mint 10,000 whimsical avatars. It teamed up with auction house Christie’s in March 2022 to sell nine early-access mint passes to the collection on the secondary marketplace OpenSea, which allowed avid collectors to mint the rarest Friendsies.
Following the collection’s tweet, some users who inquired about the announcement found themselves blocked on Twitter. Shortly after, Friendsies deleted its account on the social media platform.
In response to the @Zachxbt tweet @ArkhamInterl replied: “btw when these guys say “market volatility” they really mean “we bagheld ETH down 70% and then sold the bottom” and linked to the following transaction history:
Twitter users also pointed fingers at Farokh, the host of Web3 program Rug Radio, and generative artist Jen Stark, who both reportedly promoted the collection on Twitter during its early stages, influencers at one point associated with the NFT.
Notable NFT influencers, including Farokh, the host of Rug Radio, were accused of being early supporters of the project and reportedly earned millions of dollars from its initial sale.