FungoLabs’ crypto NFT auction flopped.
The official refunds totaled $84,150. They wouldn’t sell unless participation was high enough, and refused to cut the supply, trying to tough it out. More than 30,000 whitelist applications, over 12,000 participants in the X campaign, and more than 3,000 launchpad applications—the hype was real. But the people actually willing to put money in? That was all there was.
This drove home one thing: likes, reposts, and whitelist spots don’t translate into on-chain sales. In a bear market, vanity metrics are even less useful.
Later, they changed their tune: free claims, mint fees refunded, and zero mints by the team. In other words, they turned an auction that couldn’t sell into a community airdrop. Refunding the money was the decent thing to do, but stop treating engagement as product validation.
#NFT
The official refunds totaled $84,150. They wouldn’t sell unless participation was high enough, and refused to cut the supply, trying to tough it out. More than 30,000 whitelist applications, over 12,000 participants in the X campaign, and more than 3,000 launchpad applications—the hype was real. But the people actually willing to put money in? That was all there was.
This drove home one thing: likes, reposts, and whitelist spots don’t translate into on-chain sales. In a bear market, vanity metrics are even less useful.
Later, they changed their tune: free claims, mint fees refunded, and zero mints by the team. In other words, they turned an auction that couldn’t sell into a community airdrop. Refunding the money was the decent thing to do, but stop treating engagement as product validation.
#NFT