Ethereum NFT Project Sends DECENTRALIZED to Satoshi, Token Plunges 25%

Rune 2, an Ethereum-based NFT project created by CyberKongz, has announced that it is fully decentralizing its DECENTRALIZED project. The team sent Rune 2 to Satoshi Nakamoto’s wallet and stated they would withdraw from the project, causing a 25% drop in DECENTRALIZED value.

DECENTRALIZED: A Tribute to Bitcoin’s Ethos

DECENTRALIZED, launched with the intent of representing the decentralized culture and ethos of Bitcoin, was launched on April 20, 2024, coinciding with the day of fourth Bitcoin halving. It was etched using the Runes Protocol, which was also introduced on the halving. 

The project started as a Pre-Rune Ordinals collection called “Prometheans,” created by the CyberKongz team. This collection had a supply of 21,000 and was airdropped to hand-selected Ordinals communities (85% of the supply) as well as existing CyberKongz holders (the remaining 15% of the supply).

In a final statement posted on X on Friday, the team revealed that etching Rune 2 and executing the project cost them over $1 million. However, they emphasized that this was a strategic choice aimed at creating a “symbol of provenance and cultural value” within the blockchain ecosystem, not a move driven by financial gain. 

“We spent over $1,000,000 on DECENTRALIZED and asked for nothing in return,” the team stated in their release.

Market Reaction and Immediate Impact

Following the announcement, the market responded sharply. DECENTRALIZED, the native token associated with the project, experienced a 25% decline in value within 24 hours. As of the press time, the token trades at $0.00002262, marking a 4.86% decline in the last 24 hours. 

This significant drop reflects investors’ concerns over the sudden withdrawal of the project’s core team and the uncertainties surrounding its future.