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

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The British fashion retailer Boohoo launched an exciting NFT project earlier this year. With enormous potential and plans to empower women and help balance the scales in a male-dominated industry, ‘The Boohooverse’ was hailed as a massive moment for fashion NFTs. Less than a year later, Boohoo has gone entirely silent about their NFT projects, with no Twitter activity since September and a Discord that has not communicated for over four months. So, is this the end of ‘The Boohooverse,’ and if so, is it a rug pull? 

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

What is Boohoo?

Boohoo is a giant in the British fashion retail industry. Created in 2006, it has managed to navigate the evolution of clothing sales from physical stores to online marketplaces. Now, it is a significant player in the online retail industry, with a revenue of over £1 billion in 2021. Boohoo also owns BoohooMAN and other clothing stores, such as PrettyLittleThing. 

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Boohoo enters the NFT space!

After a successful BoohooMAN debut NFT collection in December 2021, Boohoo launched ‘The Boohooverse’ – an NFT educational platform.

A message on the front page of ‘The Boohooverse’ page reads, “We’re on a journey into a new era, and we’d like to take you with us! Our exclusive NFT collection takes away overpriced mints and exorbitant gas fees, providing an affordable and simple to-claim drop, allowing everyone to start their NFT ownership journey.”

Notably, the first NFT collection by Boohoo was entirely free and part of a two-phase introduction to NFTs for the company. However, the second collection in May – a huge 30,000 NFTs – was priced at $30 each. Boohoo also claimed that utility was a vital feature of this NFT collection. It promised that NFT holders would receive access to

  • Future celebrity metaverse projects
  • A gated Discord community
  • Boohooverse events

The Boohoo NFT collection launch was hugely successful. With a focus on NFT education, empowering women, and providing a spotlight for new artists, this was a big moment for NFTs.

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

What happened to The Boohooverse?

The Boohoo NFT social media channels were active throughout the summer, but in recent months, there has been a noticeable decline in posts on both Twitter and Discord.

One Twitter user, @LeJasp_, queried this yesterday. They stated, “Is anyone else appalled by the RUG PULL that is @boohooverse by billion-dollar fashion brand @boohoo? They have vanished, no activity in Discord for over four months. Their Twitter is still active with the link to mint so that they can thieve more money. Do you own one?”

Many people in the comments also agreed with @LeJasp_ and suggested this is just another rug pull by a big company. There has been zero activity on the Boohooverse Twitter account since September 5th.

The Discord also appears to have been abandoned. The only recent message by the team behind it, is a bot post. This message explains that Boohoo is ‘currently working on the promised utilities.’ It is still being determined when or if these utilities will ever be released.

Boohoo NFT holders left in the dark

With zero updates from the company and little social media output, it is hard to say what will happen next. However, one thing is clear. Once again, the NFT holders are left in the dark.

If Boohoo has abandoned its NFT fashion metaverse strategy, it won’t be the first web2 company to rethink its position on web3 technology. In recent months Boohoo shares have declined rapidly and are down 76% in 2022. This may be one of the reasons why there is little focus on its NFT project.

However, without communication, it will leave those who have purchased Boohooverse NFTs wondering what to do next.

 


All investment/financial opinions expressed by NFTevening.com are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investment.



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