Satirical Chinese NFT project sells out as investors brush aside developers’ warning that they’ll ‘take the money and run’
- Buyers snapped up the entire collection of cartoon profile sketches sold by the ‘Domestically made conscience’ NFT project on Wednesday
- Secondary trading volume of these digital assets on the OpenSea NFT marketplace surpassed 200 ether, or about US$537,000, in just a few hours on the same day
The project, named “Domestically made conscience”, on Wednesday started selling a collection of 1,000 roughly sketched cartoon profile images. The project described these NFTs as “specifically prepared for Chinese people”, while confidently assuring that the Chinese team behind the project will not scam their fellow countrymen, according to its website.
“If you don’t have the money but really like the collection, we suggest that you right click and download the pictures,” the project’s website said. “Please don’t borrow money or sell your house to participate.”
Despite the apparent risks involved in an NFT project whose developers suggested that they will “take the money and run”, online buyers snapped up all the digital assets that went on sale within an hour on Wednesday. Each NFT was priced at 0.01 ether, or roughly US$27.
It is a result that has fast-tracked the goals of the “Domestically made conscience” NFT project. Before the sale, the project said on its website that all of its NFT images, each of which was set up as a JPEG file, are expected to be sold within this first quarter. The team behind it also suggested that they are likely to leave the business in the fourth quarter.
The team behind the NFT project could not be reached for comment.
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Since NFTs have become mainstream around the world, many people have been snapping up various digital artworks and cartoon avatars for millions of dollars.
The sold-out sales event of the “Domestically made conscience” NFT project showed that the market is still booming and that there are plenty of investors who want to dabble in these digital assets.
Two Chinese engineers are behind the project, according to its website. It said the project was launched in response to various poorly built domestic NFT projects, including the recent Ali & His Friends project based on a well known cartoon character in China. Various technical flaws plagued the recent public NFT sale of Ali & His Friends, which was widely mocked across China’s social media.
Edison Chen’s NFT project scrambles to appease disgruntled buyers
Not every NFT developer can be as brutally honest as the team behind the “Domestically made conscience” NFT project, who put this message on their website: “It’s very likely that you will lose money with this project, don’t buy if you’re scared of losses. If you do lose money, please don’t call the police, thanks.”