- 4 days ago
Popular Solana NFT project Iconics turned out to be a scam as the creator disappeared with the money, leaving only random emojis.
The story behind ICONICS
Iconics, a once-popular NFT project on the Solana network, turned out not to be as amazing as it once seemed.
The project intended to produce 8,000 NFTs, each in the form of a high-quality randomized 3D Bust. Similar to other NFT collectible collection projects, each bust intended to have a range of attributes. The attributes would be randomized with some attributes being rarer than others, thus giving each NFT some value.
The project’s launch date was September 30, where the project intended to sell 2,000 of the NFTs. The price of the NFTs was 0.5 SOL or roughly $65. This was available to only those who has early access through a presale.
To very little surprise, the 2,000 presales NFTs sold out rather quickly. The new hopeful NFT owners waited on bated breath for their newest purchase. But what they got was not what they expected.
Rather than receiving a high-quality 3D image, they thought they were getting, investors got something else. They all received an NFT that featured collections of random emojis, in an act that is known as a rug-pull.
Since the minting of the bogus NFTs, it seems that the projects Discord channel’s general chat became disabled. Additionally, it seems that the Iconics Twitter account is also no longer active as well.
As of now, it looks as though around 1,000 Solana worth, at the time, to be about $138,000 is in the air with the creator. According to reporting from theblockcrypto.com, blockchain data shows the funds are already spread across several accounts.
The Scam Aftermath
One supposed investor who goes by the Twitter handle @FreeCartel, noted that the project looked good, at first glance. Although, they also noted that there were some signs that it might not have been what it claimed to be.
@FreeCartel also went on to point out in further detail the signs that a project might be a scam. This is a good resource for others when researching projects.
This is not the first NFT fraud on Solana’s networks. Earlier in September, another project, AstroSols, pulled off a very similar con. There, the buyers of the NFTs received question marks with “waiting on metadata” that never came.
On the positive end of things, a few other projects in the Solan NFT community are offering free airdrops to victims of the recent scam. Anti Social Robots Club, SGF, Skyline, Waifu DAO Solana, and others are among the philanthropic projects. This outpouring of hope from the community in the NFT space shows that while some might be out to grift and con people, for the most part, the NFT community is strong.