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# Don’t Buy MEME: The Rug Pull
- URL: https://dexplain.com/dont-buy-meme-the-rug-pull/
- Published: 2020-11-23T21:05:00.000Z
- Updated: 2021-12-02T21:05:38.000Z
- Description: Don’t Buy MEME: The Rug Pull. This project will auction 12 identical NFTs. Programmable art, one contains an entire BTC, do you unlock it?
- Author: wizardfromspace
- Tags: defi, Crypto Art, Non-fungible Tokens, Meme Token, Collectibles, Ethereum

The DeFi project [MEME](https://dexplain.com/tag/meme-token) is offering a lucky bidder a 1-in-12 chance of earning a [Wrapped Bitcoin](https://dexplain.com/bitgo-will-bring-wrapped-btc-and-eth-to-tron-defi/). Via an auction investors can bid on 12 identical non-fungible-tokens (NFTs), but here’s the catch: it’s [programmable crypto art](https://dexplain.com/what-is-async-art-programmable-crypto-art/). And one of those NFTs, just one of them, holds an entire BTC.

## The Rug Pull Auction

This is a collaboration project between [Robin Schmidt](https://twitter.com/DirSchmidt?ref=dexplain.com) from The DeFiant, [Simon Wan](https://twitter.com/iamsimonwan?ref=dexplain.com) (Artist), and the NFT farming project [MEME](https://dexplain.com/what-is-meme-token-nfts-farming-guide/). The artwork itself is a hand-drawn piece, and there are only 12 of them. Meaning the crypto art itself will be a rare collectible. It starts as a swirling neon splashed image, something out of a psychedelic trip. Then the swirls briefly show Simon Wan’s painting of film director Alfred Hitchcock holding a magnifying glass. If a holder chooses to unlock the [NFT](https://dexplain.com/tag/non-fungible-tokens), then all the neon swirls will reveal the Hitchcock painting in full. And also reveal on the website, for everyone to see, if your NFT contained the WBTC.

![](https://dexplain.com/content/images/2021/12/rug-bomb-dozen.webp)

However, the real interest is what will happen after the auction. Will the holders conspire together and try to raise the value of the *secret* together? Or will they open up the [crypto art](https://dexplain.com/tag/crypto-art) to see if it contains the WBTC? What about if Bitcoin is worth $100k – could you still contain the secret? Of course, by unlocking the NFT, you run the risk of rug-pulling yourself.

![](https://dexplain.com/content/images/2021/12/rekt-rug-pull.webp)

Because once someone unlocks their NFT and finds that Bitcoin, the theory is the other NFTs will crash in value. Hence the name: *Rug Pull*. Which is the scam tactic where projects *secretly* mint more tokens to dump on their [Uniswap](https://dexplain.com/tag/uniswap) market, rendering the token worthless. Essentially, this auction can be looked at as a game of chance.

The NFT sector continues to [grow at parabolic speed](https://dexplain.com/what-is-rarible-solving-the-pains-of-digital-art-with-nfts/), with collectors breaking [new sales records](https://dexplain.com/superrare-has-earned-artists-over-2m-since-launch/) on what seems to be a weekly basis for digital art and collectibles. We are not sure if this latest initiative from MEME will set a new record, but it is going to be exciting to watch. Especially, the value of said NFTs once the game begins!