Did Boohoo Just Pull The Rug on NFT Project, The Boohooverse?


The British style retailer Boohoo launched an thrilling NFT mission earlier this yr. With monumental potential and plans to empower girls and assist steadiness the scales in a male-dominated business, ‘The Boohooverse’ was hailed as a large second for style NFTs. Lower than a yr later, Boohoo has gone solely silent about their NFT initiatives, with no Twitter exercise since September and a Discord that has not communicated for over 4 months. So, is that this the tip of ‘The Boohooverse,’ and in that case, is it a rug pull? 

Boohooverse Access Card NFT
The Twitter NFT Neighborhood is accusing Boohoo of a rugpull. Credit score: Boohoo

What’s Boohoo?

Boohoo is a big within the British style retail business. Created in 2006, it has managed to navigate the evolution of clothes gross sales from bodily shops to on-line marketplaces. Now, it’s a important participant within the on-line retail business, with a income of over £1 billion in 2021. Boohoo additionally owns BoohooMAN and different outfitters, corresponding to PrettyLittleThing. 

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Boohoo enters the NFT house!

After a profitable BoohooMAN debut NFT assortment in December 2021, Boohoo launched ‘The Boohooverse’ – an NFT instructional platform.

A message on the entrance web page of ‘The Boohooverse’ web page reads, “We’re on a journey into a brand new period, and we’d wish to take you with us! Our unique NFT assortment takes away overpriced mints and exorbitant fuel charges, offering an inexpensive and easy to-claim drop, permitting everybody to start out their NFT possession journey.”

Notably, the primary NFT assortment by Boohoo was solely free and a part of a two-phase introduction to NFTs for the corporate. Nonetheless, the second assortment in Could – an enormous 30,000 NFTs – was priced at $30 every. Boohoo additionally claimed that utility was a significant characteristic of this NFT assortment. It promised that NFT holders would obtain entry to

  • Future movie star metaverse initiatives
  • A gated Discord group
  • Boohooverse occasions

The Boohoo NFT assortment launch was vastly profitable. With a deal with NFT schooling, empowering girls, and offering a highlight for brand spanking new artists, this was an enormous second for NFTs.

Boohoo is aiming to make the NFT space more inclusive
Boohoo ‘goals’ to make the NFT house extra inclusive with its ‘Boohooverse.’

What occurred to The Boohooverse?

The Boohoo NFT social media channels had been energetic all through the summer season, however in latest months, there was a noticeable decline in posts on each Twitter and Discord.

One Twitter person, @LeJasp_, queried this yesterday. They acknowledged, “Is anybody else appalled by the RUG PULL that’s @boohooverse by billion-dollar style model @boohoo? They’ve vanished, no exercise in Discord for over 4 months. Their Twitter remains to be energetic with the hyperlink to mint in order that they’ll thieve extra money. Do you personal one?”

Many individuals within the feedback additionally agreed with @LeJasp_ and instructed that is simply one other rug pull by an enormous firm. There was zero exercise on the Boohooverse Twitter account since September fifth.

The Discord additionally seems to have been deserted. The one latest message by the group behind it, is a bot submit. This message explains that Boohoo is ‘presently engaged on the promised utilities.’ It’s nonetheless being decided when or if these utilities will ever be launched.

Boohoo NFT holders left in the dead of night

With zero updates from the corporate and little social media output, it’s exhausting to say what is going to occur subsequent. Nonetheless, one factor is obvious. As soon as once more, the NFT holders are left in the dead of night.

If Boohoo has deserted its NFT fashion metaverse technique, it received’t be the primary web2 firm to rethink its place on web3 know-how. In latest months Boohoo shares have declined quickly and are down 76% in 2022. This can be one of many the reason why there’s little deal with its NFT mission.

Nonetheless, with out communication, it is going to depart those that have bought Boohooverse NFTs questioning what to do subsequent.


All funding/monetary opinions expressed by NFTevening.com aren’t suggestions.

This text is instructional materials.

As all the time, make your personal analysis prior to creating any form of funding.

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