$7.29 Million in Gross sales, But an Empty Treasury?

Elephantine Penguins, an 8,888-share NFT sequence of incandescent and sexy penguins, is running on empty – no longer no longer up to in accordance to 9x9x9, a infamous NFT collector and core contributor of Birth DAO. (9x9x9 is heavily invested in Elephantine Penguins and claims to appreciate spent 600 ETH, now about $2.28 million, within the venture.)

The venture came under heavy scrutiny the day earlier than this day after 9x9x9 posted a tweet thread outlining their journey negotiating with the Elephantine Penguin team for equity within the corporate. In response to 9x9x9, he/she had reached out as soon as sooner than to aquire equity within the Elephantine Penguins company however rejected the deal when the team requested him/her to make investments at a 20,000 ETH valuation. Regardless of no longer coming to an settlement, 9x9x9 helped make stronger other Elephantine Penguin projects, like Lil Pudgys.

With that background in suggestions, the founders of Elephantine Penguins reached out to him/her on January 4th to expect if he/she was peaceable fervent about buying the corporate.

Right here’s where the account will get appealing… 9x9x9 says that the Elephantine Penguin founders appreciate already split the full ETH from its outdated Penguin gross sales amongst their team of 4 and are asking him/her to aquire an empty company. Wrote 9x9x9, “Then I realized all ETH has been split, the corporate they’re looking to promote appreciate 0 ETH/USD in it and even [if] they did 2 fundraising with NFT and promise of games/constructing, it’s all empty. They would possibly perchance well well make investments a pair of of the royalty support to rent some mods? tbh idk what’s their belief?” 9x9x9 went on to submit this screenshot:

9x9x9 went on to show camouflage that he would no longer snatch this form of deal. “So this company with 0 ETH inside, lift a debt of two fundraising and boat tons of promise to the neighborhood/investors… They are looking to inch away with ETH they raised and promote the sinking ship for one other 888ETH…  I will no longer able to aquire some company that raised 2 rounds of funding illegally set aside of their very possess pocket and peaceable are looking to promote an empty shell for millions …”

The undeniable truth that the Elephantine Penguins treasury is empty is comely. Between the fashioned mint, the 3% royalty from secondary NFT gross sales, and its currently dropped Lil Elephantine sequence, the Elephantine Penguins team earned spherical 2,140 ETH, or  $7.29 million in staunch six months.

For now, Elephantine Penguins appears to be like to be training a resolution. On Twitter, the team wrote, “We’ve been speaking with the team about the most appealing formula to lunge ahead. We’re currently within the center of finalizing principal information that we’d be asserting. We now appreciate a groundbreaking update rising. Huddle up and care for tuned.” Moreover, they unfolded a neighborhood vote on whether or no longer one in every of its co-founders, who goes by Cole, should stay with the team. (Cole has arrive under scrutiny within the past.)

Because the twenty second-largest NFT venture of all time, with $145 million in trading volume in accordance to CryptoSlam, how the Elephantine Penguins team and neighborhood tackle this drama would possibly perchance well well well put a precedent.