Ethereum

Floyd Mayweather launches new NFT project despite shady past in crypto space

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On April 13, retired skilled boxer Floyd Mayweather will launch a brand new non-fungible token (NFT) challenge, dubbed Mayweverse, that may supply crypto fans a set of 5,000 NFTs that may be minted for 0.3 Ethereum (ETH) every. 

Following the announcement, nonetheless, many person started elevating considerations, primarily as a consequence of Mayweather’s arguably controversial monitor file within the NFT sector. A pseudonymous on-chain detective, referred to as “Zachbxt” on CryptoTwitter, opined that it might be irrational for anybody to put money into the challenge given the variety of NFT rug pulls the boxer has allegedly been concerned in.

Mayweather’s failed initiatives and promos

Hitherto, the boxer had already launched a number of NFT initiatives that many customers thought of sluggish rug pulls. The primary one was Floyds World NFT launched in August 2021. The gathering of 11,111 tokens was bought at 0.15 ETH per NFT, with the builders making over 1,000 ETH from the minting.

Mayweather was additionally among the many main promoters of Bored Bunny NFTs which turned out to be an enormous rug pull as customers who purchased into the challenge misplaced over $20 million.

Other than NFTs, Mayweather has an arguably checkered historical past of selling crypto initiatives basically. For instance, he was one in all a number of celebrities who promoted a comparatively unknown token EthereumMax in 2021, sporting boxing shorts with its title throughout his exhibition match with Logan Paul.

Different celebrities reminiscent of Kim Kardashian and Paul Pierce additionally promoted the token, serving to inflate its all-time excessive worth earlier than crashing. The aforementioned three, together with EthereumMax builders themselves, at the moment are dealing with a class-action lawsuit with allegations of being concerned in a pump and dump scheme.

Mayweather additionally acquired $100,000 for selling Centra Tech’s preliminary coin providing in 2017, for which he was later charged alongside DJ Khaled by the U.S. Securities and Change Fee (SEC). Again then, the challenge’s providing introduced in 113,934 ETH, value roughly  $25 million on the time.

As a result of his involvement, the SEC sued Mayweather for failing to reveal that compensation, and he later opted to settle the case by paying over $600,000 and agreeing to not promote any securities for 3 years.

As soon as bitten, twice shy

Given Mayweather’s monitor file of involvement in alleged rug pulls and pump and dump schemes, many have referred to as for regulators to guard retail traders by going after him.

However the boxer claims that Mayweverse is a reputable challenge this time round. In a direct message to Zachbxt, Mayweather requested for the latter’s vital submit to be eliminated and claimed that he’s “within the NFT area to remain.”

Notably, Mayweather additionally promised that his new challenge “will likely be adopted by a Metaverse,” but it surely stays to be seen whether or not this leopard can change its spots.

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