Floyd Mayweather (a retired boxer) will initiate a unique NFT (non-fungible token) project called Mayweverse, offering crypto enthusiasts a series of nearly 5,000 NFTs to be minted in return for 0.3 ETH (Ethereum) over each.
After the declaration, nonetheless, several consumers started raising apprehensions, particularly because of the arguably controversial history of Mayweather in the sector of NFTs. Zachbxt (an on-chain detective) on CryptoTwitter, suggested that anyone would be annoyed to invest in the respective project because of a lot of NFT-related rug pulls that the boxer has been accused of being engaged in.
The failed promos and projects of Mayweather
Formerly, the boxer had in advance launched many NFT projects considered by several consumers as gradual rug pulls. The initial was Floyds Worlds NFT issued in August previous year. The series of up to 11.11 tokens got traded for 0.15 Ether over each NFT, and the developers made more than 1,000 ETH out of minting.
Mayweather was additionally included among the prominent advocates of Bored Bunny NFTs which proved to be a huge rug pull and the consumers who purchased it lost up to $20M. in addition to NFTs, the history of Mayweather is arguably checkered dealing with advocating for crypto projects. For instance, he was among many renowned personalities who were involved in promoting a comparatively anonymous token named EthereumMax in the previous year, while putting on boxing shorts.
Other celebrities like Paul Pierce and Kim Kardashian also advocated for the token assisting in the inflation thereof to an all-time high value in advance of plummeting. The above-mentioned individuals, as well as the developers of EthereumMax, are at present undergoing a class-action legal case with the accusations of participating in a pump-and-dump project.
Mayweather’s former track record
Mayweather additionally obtained almost $100,000 to promote the initial coin offering of Centra Tech in 2017 and got accused along with DJ Khaled on the behalf of the SEC (Securities and Exchange Commission) of the United States. At that time, the offering of the project was purchased in 113,934 Ether (nearly $25M). Because of his contribution, Mayweather was sued by the SEC to reveal that compensation. He later chose to settle the lawsuit by recompensing up to $600,000 as well as admitting not to promote the securities for the next three years.