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August 24, 2023

Kosetto NFTs: From Hype to Hush - A Tale of Sudden Silence and Intriguing Connections

Crypto puzzles unveiled: failed NFT project, Kosetto, entwined with Friend.Tech founders

Imagine a world where digital wearables hold value and excitement. Last December, Kosetto, an NFT wearables project, set out on this intriguing journey within the Ethereum ecosystem. The project, comprising 1,689 unique items, generated a buzz that resonated across social media platforms. But like a sudden twist in a gripping narrative, the project's momentum waned in February, leaving users puzzled after teasing a mysterious "big thing."

Yet, behind the quietude lies a web of connections. OpenSea's data unveils that the collection's current floor price rests at 0.01 ETH, roughly $17. A mere 5 ETH represents the total sales volume, reflecting a stark contrast to the initial frenzy.

The plot thickens further as Kosetto's website displayed a stark "Error 402" at the time of writing, adding an air of enigma to the project's fate.

Describing the perplexing saga, Justin Kalland, Vice President of Innovation at Horizen Labs Ventures, voiced his observations, stating, "It simply vanished - no updates after the January Chrome extension release. Silence reigns, and users are left in the dark."

The intrigue deepens as whispers circulate about the project's affiliation with founders. Within the crypto community, hints point to a connection between the struggling NFT venture and the individuals behind Kalland's investigation brought to light the removal of links by 0xRacerAlt, alongside an official role held by a founder within Kosetto's Discord.

CryptoSlate, digging further into the mystery, confirmed this connection, revealing that 0xRacerAlt and Shrimppepe are active participants within Kosetto's Discord community. Furthermore, Friend.Tech's website subtly interlinks with Kosetto. However, as the puzzle pieces converge, the project's founders remain elusive, yet to address CryptoSlate's queries.

Meanwhile, amidst the silence of Kosetto, another story unfolds. Friend.Tech emerged as a beacon of community interest since its August launch. This decentralized social platform empowers personalities to issue shares, unlocking access to exclusive content, and chat groups. Banteg, a Yearn Finance developer, disclosed that over 100,000 individuals have entered this realm since its inception. Yet, this surge hasn't come without its own set of challenges.

Data from DeFiLlama shines a light on the platform's staggering transaction fees, amassing $1.42 million within 24 hours. This financial tale positions it just behind liquid staking protocol Lido (LDO) and Ethereum (ETH). Impressively, the platform garnered almost $3 million in fees over a week.

A riveting turn in the Friend.Tech narrative arrived over the weekend when the protocol announced the distribution of 100 million points during a six-month beta phase. Venture capital firm Paradigm added a dose of intrigue, investing an undisclosed sum to forge novel tools for online social interactions.

The cryptic silence surrounding Kosetto only deepens the connection to the vibrant narratives unfolding within the crypto landscape. With Friend.Tech continuing to capture curiosity, the dynamics of value and engagement remain at the heart of these enthralling stories.

Josefina Dipaolo
Josefina Dipaolo
Content Writer at TechNews180
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