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One of the co-founders behind the controversial @NFT Instagram account is back at it again, looking for investors to pump millions into his latest crypto venture.

A year ago, the @NFT Instagram account was accused of charging $100,000 for paid posts — ads it published without disclosure — and falsely listing investor Mark Cuban as one of the co-founders. It was also accused of promoting several fraud and “rug pull” NFT projects. Now, one of its co-founders, Aaron Avruskin, has resurfaced with a new crypto business idea: a browser-based mobile crypto gambling game featuring rapper Lil Baby called “Rollies.”

“Before JPEGs and Shitcoins, and a world removed from the bright lights and high roller lifestyle of Las Vegas – three dice, a patch of concrete and a group of individuals bound by their desire for more combined to produce a game that shaped Hip-Hop culture, it says on Rollie’s pitch deck, which has been seen off Decrypt.

According to the 18-page deck, “Lil Baby’s Rollies” is currently seeking $6 million in seed funding and has been in development since January 2022. The @NFT Instagram account was banned in February 2022, but the associated @NFT Twitter account was already banned last January.

The Rollies deck consists mostly of graffiti-style fonts, images of dice, and a big helping of Lil Baby’s likeness. The presentation promises a “free” Lil Baby NFT drop of between 50,000-100,000 NFTs, a Rollies crypto mobile gambling game, and a roadmap focused on sponsored tournaments and subsequent NFT drops.

According to the deck, the project is employing artists Distorted– which has worked with the likes of Reebok, Redbull and Adidas – to design art for the project and says it has enlisted gambling game developer Aquimo to create the core product for the Rollies game. Aquimo has not yet responded Decryptits request for comment.

Rollies also claims to have secured Doodles, Pudgy Penguins and Sappy Seals, and six other projects that partner NFT collections. Such “partners” will promote the Rollies brand, receive spots on the endorsement list, participate in Twitter and Discord conversations, and have “some access” to Rollies’ live events, per deck.

Representatives for Doodles and Sappy Seals did not immediately respond Decryptits request for comment. Pudgy Penguins CEO only responded with question marks via DM.

In the second and third quarters of 2023, Rollies plans to “deploy subsequent funding” to launch a native token, which is currently unnamed. No tokenomics or further details were provided about the token’s viability or distribution. It also wants to raise an additional $10-20 million in funding at that time.

The third “phase” of Rollies consists of the launch of Lil Baby’s “Cultural Fund”, which is supposed to help “black and brown” entrepreneurs with “culturally savvy business sense and plans”.

The deck claims that within two years Rollies could make $16 million in “wearables and forging” drops (probably NFTs), $9 million in “sponsorship sales” and $5 million in “secondary sales” (royalties from NFT trading). Rollies’ seed funding round plans to offer investors a joint stock offering, a move a venture capital consultant told Decrypt was highly unusual for a seed round.

“Common shares are usually offered later, in a Series B,” the consultant said Decrypt.

Ordinary shares are also typically reserved for employees and entrepreneurs, while preference shares sold to investors.

But just like a game of dice, investing in seed-round projects can also be a high-risk game for potential investors. In startup seed rounds, there is usually little or no finished product for investors to consider, and many initial seed investments are made because investors trust the founder’s ability to deliver what has been promised.

A crypto VC firm told Decrypt in a direct message that VCs usually examine a number of factors, including the background of the founding team, as well as consider what kind of “problem” the project solves before investing. The partner said that unreasonable assessment questions, a lack of understanding of users’ “pain points” and a team with little experience are red flags that could cause concern.

“The team is the most important component in the early stage,” said the partner, who would speak only on condition of anonymity. Decrypt.

As for Lil Baby’s involvement in the project, it’s unclear to what extent he’ll actually participate, but the rapper likes NFTs. He has tweeted about them in the past and has collected PFP NFTs including a pink Bored Ape with baby bonnet, which he later mutated.

“While celebrities and rappers have damaged the room with countless cash and carpet covers, Lil Baby has done Web3 the right way,” says the team behind Rollies in their pitch deck.

A source familiar with Lil Baby’s NFT plans confirmed Decrypt that the rapper has been working on a separate NFT project for at least six months — but it is unclear whether the project in question is Avruskin’s Rollies project or something else entirely.

Representatives for Lil Baby have yet to respond Decryptits request for comment.