Evolved Apes was a popular NFT project whose first drop of NFTs sold out within ten minutes. But, it is also a Rugpull NFT project. Let's see what happened.
What was Evolved Apes NFT?
Evolved Apes is a collection of 10,000 NFTs hosted on Open Sea. Some of the NFTs were sold in the initial drop, and the developer promised a blockchain fighting game using them that has not materialized.
How Did it Rugpull?
In October 2021, a week after the initial drop, Evil Ape rug pulled the project. In a series of transactions, they withdraw 798 ETH that was ear-marked for project-related expenses, such as paying the artist, marketing, developing the promised fighting game, etc.
As part of the rug pull, Evil Ape also took down the project's official website and Twitter account. However, the NFTs are still listed on OpenSea with Evil Ape receiving a 4% commission on each new sale of the tokens.
What was Evolved Apes NFT? How Did it Rugpull? - Hopefully, this article can help you to get some knowledge.
