The team behind NeoNexus, an NFT project on Solana, will no longer continue the "healthy development" of the project as its founder Jack Shi said in a tweet that the team would like to "hand over the project to our community, or a community-selected party."

As per reports, Shi didn't explain the reason behind the move but wrote in a post on Discord that it has been "incredibly difficult" for the team to grow and continue work on the project "in this ecosystem." He continued:

... and market conditions where the price of SOL has dropped so much and the activity, volume, and interest in the entirety of the Solana NFT space has decreased.

He added that the team tried to raise funding to keep the company and project alive, but it "has been difficult to fill the round and we did not want to dig the company and project into a deeper hole."

However, it doesn't seem that the crypto community trusts Shi's words as some demanded from him to refund the project's investors with all the profits the team behind the project made.

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According to estimates, NeoNexus raised approximately 25,000 SOL at launch valued as of press time ~$2.2 million. As SOL's price pumped to above the $150 mark, the project may have made from $3.5 to $4.5 million.

Shi says NeoNexus spent the proceeds towards paying "fair wages" to 20+ staff members. currently, the team is left with no "sufficient funds" to continue the development of the project.