Bad bad move
@XterioGames
One step forward with positive tokenomics for nft holders (rarity seemed to be rewarded ) and about 100 steps back with the execution of it.
Snapshot for token take 3 days ago and just announced a couple hours ago.
I call this the old “Farm and Fuck” nft holders strategy: Team and insiders get to offload NFTs into the speculative liquidity, the nft holders (new and old) get left with a deflated bag.
Win for insiders
L for everyone else
The result now:
- absolute outrage by new buyers who grabbed xterio related eco nfts for token drop turned into bag holding investors as the floors crater 50 to 70 percent
- the real long term nft holders now watch their nft value crater 70 percent
- TGE likely to crash hard given the outrage and like my angry nft holders rage dumping into the market maker
With your entire existence in web3 is mostly founded and funded by the hyped NFT mints tied to your brand (@OverworldPlay etc), this is a beyond stupid move by Xterio.
@withvana pulled the exact same move with the insiders/team following the same farm n fuck NFT holders playbook. L for LOSEVANA at least squeezed out a Binance listing though that didn’t save the rekt NFT holders who came in for a trade
Why is this so hard in web3 to do right by your long term supporters who back you?
Now you hit your TGE with a wave of toxicity and angry bag holders and a rekt reputation.
How to do a nft token snapshot right:
1) Announce a snapshot ahead so the market can act accordingly
Or
2) Take snapshot, announce it right away
That’s it! It’s not rocket science, which must mean project teams are either fucking stupid or trying to intensionally fuck their holders
Thanks for playing all of you Xterio asset holders and supporters, but we don’t give a fuck about you apparently. I have no assets here but I feel the deep scream of pain collectively let out by all those @OverworldPlay bag holders who had conviction and believe in the team, and end up at the slaughterhouse
What an L for web3 gaming here
XTER announced today, the 31st, that they took snapshots of their NFTs on the 28th.
Anyone who traded in the last three days gets nothing🤡absolute shitshow.
Feel sorry for anyone who got exploited after a year of extractive farming, where everything seemed aimed at inflating metrics with zero product substance—just an exit play.
I don’t even want to waste time fudding whatever they’ve done over the past year.
For anyone involved, it’s crystal clear, and the market will speak soon.
Zero is programmed.