It is common for crypto and Web3 projects to meet an early demise. Many builders underestimate the time and effort required to create and sustain an ecosystem, especially when there is seemingly no user growth. MEE6 is the latest project to wind down the development of its Web3 initiative, but it will not be the last.
The MEE6 project is one of the hundreds of NFT projects that aims to bridge the gap between Web2 and Web3. Although those efforts are viable, very few deliver on initial promises. In addition, many projects are abandoned halfway through or earlier because there isn’t sufficient interest in this technology today.
Although the MEE6 project had a lot of initial success, the project will wind down. It is a Web3 community-oriented NFT project that suffered some setbacks along the way. However, its team decided to call it quits earlier this week and will “no longer allocate dedicated resources to the Web3 initiative of MEE6”.
Image source
In essence, anyone who invested in the project or its NFTs now sits on a worthless bag. That includes the MEE6 Genesis Pass – with over 231 ETH in total trading volume – and MEE6 Avatars, which barely generated 6 ETH in trades. That latter collection already confirmed the project was dead in the water.
Despite the second NFT collection setback, the MEE6 team built various Web3 plugins. They delivered on that promise as Genesis Pass holders could access statistics, a gas tracker, and more. While none of these tools are groundbreaking, they were part of the initial “promise” investors fell for.
These plugins will receive ongoing upkeep, but no future projects will be added. However, the team indicates they “may reconsider if the crypto market improves“. That seems to indicate the decision to stop allocating resources is finance-driven rather than “low engagement”. Projects can be successful without generating its creators a ton of money, yet that seemingly isn’t sufficient in crypto circles.
Following the Discord announcement, the MEE6 team deleted all server channels except for the announcement. However, no one can join the server as the invite link is no longer available.
It is worth noting the MEE6 project suffered from a security incident in 2022. Dozens of Discord servers were hacked through their MEE6 bot, forcing the team to announce a “reimbursement process”. However, they never reimbursed anyone, despite total losses surpassing six figures.
Furthermore, the initial project launch and promises were a tad confusing. NFT holders and minters would receive a dedicated “holder” role on Discord, which seems a bit weird. In addition, the MEE6 Premium benefit (one or ten lifetime premium per Genesis Pass) never made sense to anyone. There was also no MEE6 Pro Subscription nor a future token airdrop as initially promised.
The “soft rug” by the team puts a final nail in the coffin for this particular Web3 project. This venture will have no future, even if crypto market conditions improve. However, that doesn’t mean the team won’t return with a new project and more big promises they may not necessarily deliver on. If they use an influencer or OnlyFans model to promote their project, you might want to stay away, though.
For a project that raised $3 million under a year ago, supporters expected much more. That includes finishing the full roadmap and not taking months to take features that would normally take a few weeks to put together.
The post MEE6 Is The Latest Web3 Project To Soft Rug Investors appeared first on CryptoMode.
