Momoguro announced a children's TV series yesterday.
The title should be "Rug Story".
Here's the whole Momoguro debacle in one post:
1) The NFT project started with a lot of buzz words and half-truths: "Award-winning studio". "Disney-backed".
2) A game from a top gaming team was promised ("worked on Minecraft, Pokemon and League of Legends" and more).
3) Holders were promised a "global IP".
4) Mint raised millions of USD: 8,888 NFTs at 0.22 ETH each. 5) Floor price rose to 0.9 ETH based upon hype the team created. 6) Team delayed the game again and again.
When the pressure got too high they released a "game" that hardly deserves the name (no real gameplay).
Alledgedly not even built by the "award-winning" in-house team but a third party studio that received around 100 ETH for it.
7) Big promises were made in the Discord that they are working on a global IP with "big partner pushes" and with lots of YouTube and Tiktok content.
8) After nothing happens, holders get suspicious and ask for AMAs with the team behind Momoguro, Baobab, the "award-winning studio", but only get excuses.
9) Team is MIA and people start to distance themselves directly or indirectly from Momoguro. 10) The team is too incompetent or too lazy to extend the Discord invite domain, causing new holders to join a scam Discord and have their assets drained.
During all this, Momoguro's floor price drops to 0.01 ETH, making it one of the worst performing mints of 2023 (-96% from mint price, -99% from ATH).
The Momoguro X account is a ghost town outside of by-weekly meaningless posts, mostly consisting of meaningless text and an odd picture.
No sight of the "global IP" push that was promised.
All of this gives the impression of a classic "soft rug", where just the minimum is done to be at least halfway protected against possible lawsuits.
Yesterday's announcement of a "childrens TV series" should probably also be seen in this light.
The announcement actually says the following - I kid you not:
"The franchise has already captured the hearts of a global audience."
Well, maybe. But certainly not the hearts of the Web3 community.
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