All investment / financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any kind of investment.
Kuma Boss NFT Mint: Here’s what went wrong
A recent free NFT project called Kuma Boss had to take to Twitter after some embarrassing coin day errors. The project was not only about smart contract issues, but also a cunning project developer.
What is the Kuma Boss NFT collection?
Kuma Boss NFT is a collection of 5555 pixelated bears (Kuma is Japanese for “bear”). Basically, these generative NFTs fit into a broader doctrine centered around Kuma Bosses, who each oversee their own shadowy organization. In addition, buyers were able to embark on Kuma Boss NFTs on July 13 for just the price of gas. Perhaps not surprisingly, the collection was sold out.
Obviously, Kuma Boss seemed to be taking advantage of the current hype around free NFT coins. As many will know, free NFT coins have increased in popularity under the current bear market. Not to mention the runaway success of Goblintown. Interestingly, Kuma Boss went a slightly different route than many popular free coins lately. That is, it actually has a web site as well as lore.
Smart contract issues affected the Kuma Boss NFT coin
The Kuma Boss team took to Twitter shortly after their performance a thread outlines everything that went wrong. And the first problem was the problem with Kuma Boss’ smart contract.
In short, the team launched the smart contract on OpenSea wrong. The team had marked the contract as “testingggg”. As a tweet from the thread explained,
“this was the name of the test network collection and we had renamed the collection to testnets.opensea.io to “KumaBoss” and updated all relevant details. We assumed that this would continue when we launched our contract on the main network, we were wrong. “
Unfortunately, the team’s response only opened a door to more problems.
“When we launched, we saw the name of Opensea and our brains went into a state of panic, so we thought the best course of action was to put the coin on pause and send out a tweet that we will launch a new contract and all that affected will be air dropped a free NFT.
We quickly realized that the mistake in this was that those who bought secondary would be left without compensation, so we deleted the tweet. ”
The team eventually consulted with an experienced developer who advised them to keep the contract and update the details on OpenSea. But because of the tweet, there were miners who sold their NFTs and thought that there would be a new contract, and thus end up with nothing.
The team’s developer tries rare NFTs from the team award
As if the smart contract loss was not bad enough, the Kuma Boss NFT team says that there is “so much RD&D”. This came when community members began to accuse the team of buying all the 1/1s in the collection.
As it turns out, the Kuma Boss NFT developer actually sold a 1/1 of the 200 NFTs that Kuma Boss held back for his team. Kuma Boss claims that the team drew one of the three 1/1s in the collection “out of pure luck”. In addition, it revoked the developer’s access to the OpenSea collection before the developer could download more NFTs.
All in all, this coin was a terrible look for Kuma Boss, something it acknowledges in its Twitter thread. To that end, the thread ends effectively and promises to regain trust in society.
So will it be able to regain that trust? To be fair, maybe it was a series of honest mistakes that the team claimed. On the other hand, Kuma Boss NFT may not have had much room to maneuver to begin with. After all, there are some other potential red flags around the project.
First, it has an anonymous team. Not to mention that the Twitter account became active in June 2022, but it has 200,000 followers. To be precise, it is usually a sign of a large number of false followers.
