In recent months, NFTs (non-fungible tokens) have become increasingly popular with many celebrities promoting their own NFTs. Now, many fans who invested in digital tokens promoted by their favorite stars are financially “crippled.” One investor believes that celebrities “took their payouts and moved on while everybody who scraped by to invest in their futures got robbed.”
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Tyler invested $12,000 into the NFTs, which are just a series of images of rabbits similar to the popular Bored Ape Yacht Club that grew in popularity as NFTs became more prominent in the crypto space, based on Mayweather’s endorsement of the project.

The Bored Bunny NFTs are now worth much less than the $12,000 Tyler paid. “This basically financially crippled me,” said Tyler. The 35-year-old property manager is now struggling to pay for basic necessities like gas and groceries.
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But this is an ongoing pattern in the crypto space, especially with NFTs. The practice is referred to as a “rug pull” in which new NFT projects are promoted with high-profile endorsements that sell a large number of NFTs that promptly lose most of their value.