Promising something to the Web3 community, having them buy in, only to take that something away?

That's a bold move. The Web3 community doesn't forget that easily.

(They've been hurt one too many times before).

But that's exactly what the PROOF Collective has just done.

You might know PROOF from their massively popular NFT collection, Moonbirds.

They'd planned their 'PROOF of Conference' event for May, and people had bought tickets, accommodation and flights.

However, according to Monday's announcement, they had 'considerably less interest than anticipated' and decided to cancel.

PROOF has said they'll refund any tickets, hotel and/or flight cancellation fees, but for many would-be attendees - that ain't cutting it.

Since the news broke, Twitter has been on fire with Moonbirds holders saying things like:

“Yeah I'm out just looking for a reasonable exit on my bird.”

Or: “Don’t accept your sorry…too many missteps!”

And: “This can’t be real.”

While no one knows exactly which direction the market will go (and clearly the PROOF team didn't expect this), let's not forget that this industry is built on trust.

(Which is much harder to gain, than to lose!)