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Does Boohoo Just Pull The Rug on NFT Project, The Boohooverse?
British fashion retailer Boohoo launched an exciting NFT project earlier this year. With huge potential and plans to empower women and help balance the scales in a male-dominated industry, ‘The Boohooverse’ was hailed as a huge moment for fashion NFTs. Less than a year later, Boohoo has gone completely silent on their NFT projects, with no Twitter activity since September and a Discord that hasn’t communicated in over four months. So, is this the end of “The Boohooverse,” and if so, is it a blanket sweep?
What is Boohoo?
Boohoo is a giant in the British fashion industry. It was established in 2006 and has managed to navigate the development of clothing sales from physical stores to online marketplaces. Now it is a significant player in the online shopping industry, with a turnover of over £1 billion by 2021. Boohoo also owns BoohooMAN and other clothing stores, such as PrettyLittleThing.
Boohoo enters the NFT space!
Following a successful BoohooMAN debut NFT collection in December 2021, Boohoo launched ‘The Boohooverse’ – a NFT educational platform.
A message on the front page of ‘The Boohooverse’ page reads: “We’re on a journey into a new era, and we’d love to take you with us! Our exclusive NFT collection takes away overpriced mints and exorbitant gas fees, and provides an affordable and easy to claim drop so everyone can start their NFT ownership journey.”
Notably, the first NFT collection by Boohoo was completely free and part of a two-phase introduction to NFTs for the company. However, the second collection in May – a whopping 30,000 NFTs – was priced at $30 each. Boohoo also claimed that utility was an important feature of this NFT collection. It promised that NFT holders would gain access to
- Future celebrity metaverse projects
- A gated Discord community
- Boohooverse Events
The launch of the Boohoo NFT collection was hugely successful. With a focus on NFT education, women empowerment and a spotlight for emerging artists, this was a big moment for NFTers.
What happened to The Boohooverse?
Boohoo NFT social media channels were active throughout the summer, but in recent months there has been a noticeable drop in posts on both Twitter and Discord.
A Twitter user, @LeJasp_, asked this yesterday. They stated, “Anyone else horrified by the RUG PULL that is @boohooverse by the billion dollar fashion brand @boohoo? They have disappeared, no activity in Discord for over four months. Their twitter is still active with the link to mint so they can steal more money. Do you own one?”
Many in the comments also agreed with @LeJasp_ and suggested that this is just another blanket move by a large company. There has been zero activity on the Boohooverse Twitter account since September 5th.
Discord also seems to have been abandoned. The only new message from the team behind it is a bot post. This message explains that Boohoo is currently working on the promised tools.’ It is still being determined when or if these tools will ever be released.
Boohoo NFT holders left in the dark
With zero updates from the company and little output on social media, it’s hard to say what will happen next. However, one thing is clear. Once again, NFT holders are in the dark.
If Boohoo has abandoned its NFT fashion metaverse strategy, it won’t be the first web2 company to reassess its position in web3 technology. In recent months, Boohoo shares have fallen rapidly and are down 76% in 2022. This may be one of the reasons why there is little focus on the NFT project.
But without communication, it will leave those who have purchased Boohooverse NFTs wondering what to do next.
