Founders Have Controversial Ties to Failed Kosetto NFT Project
Date: 2023-08-22 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Information on social media platform X (formerly Twitter) suggests that Friend.tech founders 0xRacerAlt and Shrimppepe are connected to the failed NFT project Kosetto.
NFT Kosetto
Kosetto is a tradable NFT wearable project launched last December on Ethereum. The project, which consisted of 1,689 titles, generated significant buzz as users flooded social media with posts about it. However, after it introduced a Chrome extension for its NFTs in January, the project went silent in February, promising "something big is coming."
OpenSea data shows that the minimum price of the collection is currently 0.01 ETH, around $17. The last sale of NFTs took place in February, with a total sale of just 5 ETH.
At the time of posting, the Kosetto website was down, displaying a 402 error.
Describing the sudden demise of the project, Justin Kalland, Vice President of Innovation at Horizen Labs Ventures, said:
“The whole thing just disappeared, the last update was in January when the Chrome extension was available. No messages or warnings to users."
On X, several members of the crypto community noted that the struggling NFT project was linked to the founders of Friend.tech.
Calland noted that a search of the 0xRacerAlt tweet shows that they removed several references to the NFT project and that the Friend.tech founder held an official position on Kosetto Discord.
“The most compelling evidence is the reuse of the Kosetto domain for the FT API. Initial use of this website can be verified through Profile X, Chrome Web Store, Discord, and other sources.
Friend.Tech collecting community interest
Friend.Tech has generated a lot of interest from the crypto community since its launch on August 10th. The decentralized social platform allows individuals to issue shares, providing access to exclusive content and chat groups.
Yearn Finance developer Banteg tweeted that over 100,000 people have accessed the platform since its launch.
This resulted in high transaction fees. DeFiLlama data shows that it has earned $42.24 million in fees in the last 1 hour, trailing only liquid staking protocol Lido (LDO) and Ethereum (ETH). Over the past seven days, the platform has received nearly $3 million in commissions.
The protocol said over the weekend that it would give away 100 million points to users over a six-month beta testing period. The platform also revealed that venture capital firm Paradigm has invested an undisclosed amount in "creating tools for new social interactions online."
