Solana User Finds NFT Portfolio 85% Down After Multiple Rugs

The past few years have been a rollercoaster ride for both the NFT and crypto markets, affecting investors and innovations alike. While the crypto space continues to strive amid the prolonged bear market, the same cannot be said for the non-fungible token market.

A member of the crypto community on X (formally Twitter) has revealed the extent of their NFT losses in a recent tweet.

Just found my old ledger and checked $SOL NFT portfolio

Every single NFT in that wallet rugged hard lol

Be careful what you hold long term because most NFT projects are rucking rugs 🚨 pic.twitter.com/Nv9MFIUvry

— Anglio (@CryptoAnglio) September 17, 2023

According to the tweet above, the user accumulated Solana-based NFTs in a Ledger wallet around the time of a bull market. However, the wallet was lost for some time. After recently regaining access to the wallet, the user discovered that the majority of the NFTs in that particular wallet were rugged.

The user, with the name – CryptoAnglio – added that the total wallet was “worth 100k in a bull market.”

Possibly a Rug Pull?

Rug pull is a type of crypto scam that occurs when a project is hyped for the purpose of attracting investors, only for the malicious creators to suddenly disappear with the funds, leaving investors with a worthless asset.

CryptoAnglio believes that the reason for the funds’ losses was the rug pull of the several NFT projects. They then advised other investors to be mindful of the NFTs they hold for the long term.

Although the Solana NFT space has been experiencing periods of downturns since the FTX downfall last year, the community has been able to navigate the market. Following the exodus of leading NFT projects like DeGods and y00ts, the blockchain’s NFT ecosystem has seen decent metrics.

For example, an analysis revealed in July that the Solana network accounted for only 1.6% of wash or fake trades. This is minimal when compared with Ethereum’s 60% wash trades and Bitcoin’s 34% wash trades.

Meanwhile, current metrics show that the Solana NFT ecosystem is thriving. According to the blockchain explorer Solscan, the network’s NFT market that has been traded in the last 24 hours is 43,712.97 SOL, representing a 45.33% increase. The active wallet addresses of users also show a 4.24% increase.