NFT buffoonery continued throughout 2022.
Somehow, though, it keeps on happening. Money goes in, and for a variety of reasons—criminality, incompetence, the fact that NFTs are inherently valueless digital ephemera no different than theBlockverse goes bust
Blockburst, an unofficial play-to-earn Minecraft game sells out its initial NFT offering, then splits The year started off with a bang, although it was really more of a poof: In February, Blockverse, an unofficial play-to-earn Minecraft NFT game, disappeared with, just a couple days after selling out its initial offering of 10,000 NFTs in under eight minutes. Blockverse founders surfaced a few days later to proclaim that all was well, everything was fine, and there was nothing to worry about, but of course there was plenty to worry about.
Blockverse's million-dollar rug pull would look like chump change just a month later, when an Axie Infinity techno-botch enabled hackers to make off with more thanin cryptocurrency. It's complicated, but the short analogy version is that after an NFT giveaway promotion, somebody forgot to change access permissions, and shortly thereafter, a shitload of money went out the door.
It was a screwup, not a rug pull, but the net result was the same: A lot of people lost a lot of money because some unscrupulous d-bag decided he wanted it. The US government eventually pointed the finger at; some of the stolen funds were reimbursed and Axie Infinity eventually returned to action, but the token price now sits well below where it was prior to the heist.