Mfers NFT Prices Slump After Creator Pulls A Satoshi Nakamoto

Prices of popular NFT collection Mfers plummeted after the founder “Sartoshi” announced their retirement and handed the collection to the community.

The floor price of the collection slumped 27% in the last 24 hours to 1.8 ETH, while trading volumes jumped over 700%.

Sartoshi announced their retirement in a blog post. They also transferred the collection’s smart contract to the Mfers community, entitling holders to the largest share of royalties from sales.

Mfers consists of 10,021 tokens on the Ethereum blockchain, each featuring unique, hand-drawn artwork created by Sartoshi. Mfers registered its most valuable sale, at 5.785ETH, earlier this year.

The collection holds a total market capitalization of over $65 million, according to data from NFTGo.

Mfers community entitled to 50% of royalties

Mfers creator royalty will be changed so that the unofficial multi-sig wallet, which represents the community pool, receives 50% of royalties from the collection.

Sartoshi will still be entitled to 25% of royalties, while the remaining development team will receive the remainder.

mfers can do with the funds whatever mfers want.

-Sartoshi

The creator has separately sent funds for an upcoming party that is scheduled for 21 June 2022 at NFT NYC. It is still unclear what their real identity is, given that they have revealed scant details on the matter.

“End of Sartoshi”

Along with the transfer of the contract the to community, Sartoshi announced their retirement and deleted their social media.

They launched minting of their final artwork on Friday, and said that pre-existing NFT giveaways will not be affected.

Sartoshi had recently created cover artworks for a music NFT, which are part of the ongoing giveaway.

Their “retirement” and exit from the project is supposed to be a parallel to Satoshi Nakamoto, the pseudonym used by the creator of Bitcoin.

Nakamoto never revealed their identity, and stepped away from Bitcoin by mid-2010, never to be heard from again.

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Tanvi Singh

Tanvi is a journalism graduate from Delhi university. She has a keen interest in finance. As a newbie in the journalism world, Tanvi is learning and exploring the field. She plans to be an anchor in the upcoming years. In her free time, you can find her exploring nature & grooving in music and books. She can be reached at [email protected]

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