Why did NeoNexus Founder pull back from the popular NFT project? -

NeoNexus founder Jack Shi on the official Twitter account announced that he would no longer be part of the project.

NeoNexus is a popular NFT project based on the Solana blockchain network. The team behind the NFT project stated that it would no longer be developing the project, and for that reason, they blamed the price drop on Solana’s SOL token.

The founder of the project, Jack Shi, taking on NeoNexus’s official Twitter account, tweeted on 21st merch that the development no longer seems to be healthy to continue. He added that they would pass on the project to the community for further development.

According to the estimates, the project has raised about 25,000 SOL tokens for its NFT mints priced for more than $2.2 million. When the price of the SOL token reached upto $150 at the time of minting of tokens, the NFT project might have estimated the value around $3.5 to $4.5 million.

The metaverse project, NeoNexus, featured both a governance coin and a utility token. It had sold more than 4,000 property NFTs. With the projects, they had plans to offer other 6,000 property NFTs and other than that, several characters, accessories, and vehicle tokens were also planned for the future. At present, there are more than 13,000 members on the project’s Discord channel.

In a Discord channel of the project post, Jack wrote about the market conditions were to blame that the team is halting development as the funds were used to pay wages to staff, tech infrastructure, taxes, business fees and other expenses. She said that it had been very difficult for them to try to grow and continue the project in the ecosystem and such market conditions where the SOL prices dropped so much. Other than this, the activity, interest and volume in the Solana NFT space have also decreased significantly.

For the past few months, market conditions have been continuously fluctuating, during which SOL token price has dropped more than half in just three months. In late December, the price hit a 90 day high and fell steadily to trading around the mark of $80. Jack also said that more than 20 staff members of the company behind the project Unlock Defi had been suspended till March-end and asked if the community could take over the project.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing