There has been news that approximately 25,000 SOL were raised by the project of the metaverse, at the NFT mints and have incurred an earning of $4 million. NeoNexus, a Solana-based project, has released a statement from their founder, clearing that the project is no longer being developed by the team due to a drop in the price of SOL.
NeoNexus Popular Metaverse Project Was Dropped Due To Market Condition
Jack Shi, the founder of the project tweeted from the official Twitter account of NeoNexus at 2 o clock in the morning that the healthy development of the project has been stopped and instead they would give the project to the community so that they can take the development further.
The price of SOL is rising and has become around $150 at the time of the token mints and thus the project of NeoNexus made a profit of $4.5 million. The metaverse project of NeoNexus has both a governance coin and a utility that has been planned. The project has already sold approximately 4000 property NFTs and was planning to sell accessory and vehicle tokens, 6000 characters, and NFT properties in the upcoming days.
There are more than 13000 members in the Discord channel of this project. In the words of Shi, the condition of the market is the reason for such a decision and the funds of the project were used to pay business fees, tech infrastructure, taxes, and wages of employees.
As per CoinGecko, the condition of the market is choppy for a while now as the price of SOL has dropped by 50% in just three months. Shi also added that considering the current condition, 20 employees of Unlock Defi were discharged of their duties and the project was offered to community members. There were several commentators that accused NeoNexus of committing a stow-rug, where the project was built just to exit from it.