Quick take:
- WGM Interfaces could potentially have been one of the best NFT projects last year.
- The founders could have generated approximately $5 million if they proceeded as planned to minting.
- They changed their mind pre-mint citing a loss of passion for the project.
WGM Interfaces was a promising NFT project that was never minted. All this is because the creators lost passion for the project. Launched in late 2021, the project was one of the most hyped at the time, with the collection’s official Twitter account reaching 150,000 followers by February.
According to web3 researcher WaleSwoosh, the project could have comfortably earned the founders a cool $5 million had it gone to mint as planned.
Comparing the project with others like Hape Prime that were minted around the same time, the founders put the breaks at a time when the NFT market was booming. The planned supply was 10,000 but the founders chose to reserve 404, leaving 9596 on offer for minting. “At a mint price of 0.2 ETH, which was normal at the time, the primary sale alone will bring in more than $5M USD,” WaleSwoosh wrote in a Twitter thread.
Explaining the decision not to proceed with minting via a Medium post, Interfaces wrote: “Anybody who has followed our journey since the beginning will have hopefully seen the genuine energy, passion, and integrity that we’ve put into forming a community and creating artwork that resonates with you all.”
“Unfortunately, it’s spiralled into something that’s so far away from the initial vision we had and where we wanted the project to be, that we’re no longer comfortable that it’s something we want to pursue.”
That sounds like one of the most responsible NFT creators that have ever been. Having the honesty and courage to pull out of a project just before a big payday is not something you associate with several projects in the industry.
The rug pull basket is filled to the brim, with a relatively fewer number of projects remaining faithful to their communities. One popular LinkedIn post that did not provide a reliable source claims that ‘just 5%’ of NFT projects are successful.
Interestingly, Interfaces also attributed the decision to discontinue their project to the hype and speculation in the industry NFT industry at the time. “While the finish line was almost in sight, in the past few months the speculation and hype have truly taken all of the enjoyment out of what we’ve been trying to do.” To some, this would have been a perfect time to mint.
In summary, this goes to show that while the NFT industry continues to be plagued by rug pulls, there are those who are courageous enough to admit when they are no longer looking to be in the game for long, and those that are honest enough to walk away without swindling millions from the community.
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