Balloonsville goes pop – NFT marketplace Magic Eden promises changes after another rugpull
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A popular Solana NFT marketplace says it will stop launching projects from anonymous teams after yet another rugpull over the weekend.
Magic Eden marketplace also said it would allocate funds to “derug” the Balloonsville NFT project after the team bailed on the hyped project on Sunday shortly after its mint, in which they made 5,000 SOL (US$590,000).
The team deleted its Twitter account but not before taunting buyers, screenshots circulating on social media show.
Balloonsville’s last tweets before the account was deleted pic.twitter.com/aZezBnCaE2
— 414 Wallows Gate (@mxzla) February 6, 2022
“All it took was a couple of paid actors, and boom, we did it again,” one tweet read, suggesting that the team was perhaps responsible for previous rugpulls.
“y’all really believe anything nowadays.”
I will not sell (lol) or burn my BALLOONSVILLE to reminds me to be more careful next time and not ignoring the red flags. Namaste 🙏🏼 pic.twitter.com/sqWv0Qa0Jf
— hooman (@hooman_degods) February 6, 2022
Magic Eden tweeted that it would refund users who sold their Balloons below the 1 SOL (US$118) mint price, but not people who bought after the mint and then sold at a loss.
5/ There are people who bought into the project on secondaries and sold at a loss. It is a slippery slope to refund trading losses, doing this will lead to market manipulation. Therefore, we will not refund secondaries traders for their losses unfortunately.
— Magic Eden 🪄 Solana’s Leading NFT Marketplace (@MagicEden_NFT) February 7, 2022
The price had climbed as high as 4.3 SOL over the weekend, then plummeted to around 0.1 SOL after the rugpull, social media posts indicate.
But then the floor price for Balloonsville 2.0 was back up to 3.1 SOL on Monday afternoon, after the “de-rugging” announcement.
Magic Eden said it would also stop dealing with anonymous teams following the rugging, something that was already in the words previously.
“If any Launchpad project does not want to dox and provide their IDs, we’re not launching them,” Magic Eden said.