One of the greatest problems with NFTs is the prevalence of rug pulls. For those unfamiliar a rug pull, in the sense of NFTs is when a project founder cuts all lines of communication. Typically they do this by deleting the Twitter and/or Discord. But sometimes they do this by simply stopping communication.
Such was the case with Renga Ape Club. The original founder decided they were done and stopped any and all communications. Thankfully, they transferred ownership of the contract and everything else over to the community. But that begs the question, can a NFT collection come back from a rug.
Raymond Anthony thinks so which is why he has taken over RAC. He believes that in time, with enough persistence, a rugged project can come back and will. To this end he has devoted countless hours trying to revive Renga Ape Club. And while some may say there has been no success, Raymond says its a matter of timing. He never expected it to blow up during the current bear market.
Another project, Y00ts Anchor Club, formerly Y00ts Yacht Club attempts to do the same thing. While Renga Ape Club was transferred all of the assets including control of the contract, Y00ts Anchor Club wasn’t so lucky. The thief who rugged them didn’t provide all of that to the team. Nevertheless they fight on and are holding a consistent floor, albeit far lower than their peal.
So the question is, can a rugged project recover? Only time will tell but a good indication would be to watch Renga Ape Club and Y00ts Yacht Club. Perhaps when the bull market comes back they will be viewed as consistent examples. Or perhaps they will go to dust. Only time will tell, however both projects seem to have found a good community and/or good new founder so if anyone can do it they can.