Top-ranked pornstar model on Pornhub Lana Rhoades launches an NFT project and once the sale doesn’t go to plan, allegedly rug pulls on the community. Now, this cannot be called a scam because the project’s community paid for NFTs and got them. Still, since the collection didn’t sell out as the founder and community expected, the latter party turned against Lana Rhoades, who in simple terms started to freak out and went as far as deleting her Twitter account.
Let’s see what really happened with Lana Rhoades’ Cryptosis project and the reasons behind the community’s panic that moves people to sell low.
Investing in NFTs right and CryptoSis
We always call our readers to do the research before getting into NFT collections. Our piece on how NFT values are formed can be a good starting point in understanding what NFT projects to invest in. And Lana’s CryptoSis NFT project serves as proof that we have our grounds covered.
Cryptosis NFT project was deemed to be a success. After all, how can something pumped through Lana’s 16.8m Instagram account and 1.5m Twitter account not pan out? Include the fact that porn is the most searched term online, and you are in the gold. Turns out, sometimes it is just not enough regardless of how big your following is.
The project wraps itself around cartoon-style drawings of Lana Rhoades, packed in a collection of 6,069 NFTs. According to early adopters, the original collection was larger than 6,069 pieces but was cut down when the sales halted in pace. Right now, Opensea NFT marketplace shows that there are currently 3,200 Lana Rhoades NFT holders and the traded volume is at 217ETH. The floor price floats around the 0.018ETH level and it is this that sparked the community’s outrage. We also know that Lana has deleted her Twitter account and said that collected funds will go towards IT team remuneration.
Lana Rhoades NFT Opensea stats at glance:
Holders – 3,200
Traded volume – 217ETH
Floor price – 0.018ETH
Buy now – 148 NFTs
Has offers – 12 NFTs
On auction – 1 NFT
Why Lana Rhoades’ NFT is not an overnight success
At the start, things looked bright. The most renowned pornstar releases a series of NFTs and this must be a hit, right? Not necessarily. As with 90% of other NFT projects, the focus is on the pictures, otherwise called art. Supposendly, when the roadmap is limited to the collection only, all bets are on these NFTs to hold their value and improve on it. And this is a very dangerous path.
It is intricate all due to the fact that it makes the collection rely solely on demand. Now, in today’s world, popularity seems to be no secret key to NFT stardom, and hence, demand is questionable. If only Lana Rhoades and the team behind CryptoSis worked out the future of the project, things may have played out differently. Again, these are assumptions, as NFTs are in most cases unpredictable in their development.
As we consistently state, utility lies at the heart of NFT industry’s success. And CryptoSis website talks about such utility. Only difference is that CryptoSis utility is limited and includes the following:
-One lucky minter will win an all inclusive trip to South Africa and meet Lana Rhoades.
-Meet & Greets with future Crypto Sis Leaders (Lana is committed to making Crypto Sis much bigger than her and many mainstream notable female figures will continue to join this community)
-Exclusive Merch Line.
The website also mentions the sacred metaverse word, but it lies in the realm of partnering with existing metaverses. Now, this is a good call, because developing a metaverse from a ground up is a hard call. So wise decisions were made too.
Crypto Sis NFT and Lana Rhoades
At the time of writing, there is no way of knowing whether the pornstar’s project will pick up in demand or dive lower in floor price. A wise move for Lana right now would be to return to the helm of the ship and start steering towards real partnerships, and high utility prospects that may fuel further demand.
The project still has a good chance of making it big, given the popularity of its founder, so let’s keep a close eye on it. For now though, the community is panicking and continues to sell below the levels at which they entered the collection. This goes to show that NFT is a tough market to conquer and not every project is the next BAYC. At the same time, Bored Ape Yacht Club also experienced hacks and issues. The first Adidas collection had hiccups and Hermes unknowingly entered the NFT market. Projects that survive the turmoil are the real winners, so let’s hope that CryptoSis won’t be an exception and will reach its heights too.