The Collapse of Lacoste’s NFT Project: Accusations of Fraud
When Lacoste launched its NFT project, the market was already on a downward trend, making it a challenging time for any new initiative in the NFT space. Despite attempts to revitalize the project, Lacoste eventually announced the closure of the UNDW3 NFT collections, sparking accusations of fraud and scam within the community.
The UNDW3 Collection: A NFT Venture Gone Wrong
- Lacoste’s UNDW3 collection, consisting of over 11,000 NFTs across two series, saw a sharp decline in trading volumes on OpenSea.
- Initial trading volumes of 2,300 ETH per week dropped drastically to a mere 0.03 ETH, indicating a loss of market interest in the project.
- The company’s promise of exclusive access to brand events for NFT holders was reneged upon as the project came to an abrupt end.
Allegations of Fraud Surrounding Lacoste’s NFT Project
- Despite assurances of continued development and new use cases for the NFTs, Lacoste eventually closed the project, leaving many holders feeling defrauded.
- The company’s website, undw3.lacoste.com, is currently offline, further fueling suspicions of fraudulent activities.
- A Twitter user accused Lacoste of a “Soft Rug” scheme, alleging that the company had rugpulled around 1,000 ETH from investors.
The Fraud Debate: Legal Gray Area
- While no criminal complaints have been filed against Lacoste, some community members argue that the company’s actions should be considered fraudulent.
- The discrepancy between market expectations and actual performance of the NFTs has raised concerns about the ethicality of Lacoste’s project.
- The absence of legal obligations to increase the market value of the NFTs further complicates the assessment of fraud in this case.
Community Investigations and Speculations
- While no official authority is currently investigating Lacoste’s NFT project, the community has taken it upon themselves to scrutinize the situation.
- Community investigations are limited by the availability of public information, and the lack of authority intervention adds to the uncertainty surrounding the project.
- Speculations suggest that Lacoste may have knowingly sold depreciating assets to investors, leading to substantial losses for NFT holders.
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