Key Takeaways
- UFC star Conor McGregor publicly criticized former rival Khabib Nurmagomedov for launching NFTs featuring digital “papakhas,” suggesting the use of cultural heritage was a “scam.”
- On-chain sleuth ZachXBT quickly shut down McGregor’s criticism, pointing out that McGregor himself had attempted to launch his own celebrity memecoin, REAL, in April, which ultimately failed to gain traction.
- McGregor’s REAL token failed to meet its target launch goal, resulting in the refunding of raised funds to participants.
McGregor’s NFT Criticism Backfires
The rivalry between former UFC champions Conor McGregor and Khabib Nurmagomedov has moved from the octagon to the blockchain, with McGregor initiating a public spat over digital assets.
McGregor took to X in a now-deleted post to criticize Nurmagomedov for launching an NFT drop featuring digital “papakhas“—the traditional hat worn in Nurmagomedov’s native Dagestan. McGregor provocatively suggested that Nurmagomedov was using his “late father’s name, as well as Dagestan’s culture, to scam his fans” with a “fire sell” of NFTs.
McGregor’s attempt to position himself as a voice against crypto exploitation was immediately challenged by ZachXBT, a prominent on-chain sleuth known for exposing fraudulent projects.
ZachXBT delivered a precise and pointed retort, using McGregor’s own words against him: “There is just no way good guy McGregor used his reputation, as well as Irish culture, to scam his fans and fire sell a bunch of digital tokens online and then delete all of the posts after they were sold, leaving his fans robbed of their money?”
The Failed Launch of the REAL Memecoin
McGregor’s REAL token launch was designed to mitigate common crypto pitfalls, using a sealed-bid auction mechanism intended to prevent sniping and manipulation by automated trading bots. The launch also promised staking rewards for holders. Despite these mechanisms and McGregor’s significant celebrity backing, the project ultimately failed to capture the necessary enthusiasm, managing to raise only 39% of its target launch goal.
Following the unsuccessful launch, McGregor confirmed that the funds that were raised were refunded to all participants. The failure was attributed to a confluence of factors, including a broad downturn in the crypto market and what analysts have since termed a memecoin bear market.
The incident serves as a cautionary tale: even massive celebrity influence is often insufficient to overcome poor market timing and the inherent volatility of the highly speculative memecoin sector.
Memecoins Have Fallen from Grace
While memecoins were one of the hottest and best-performing narratives in 2024, their parabolic run ended abruptly. The downturn was accelerated by several high-profile launches that were either immediate failures or quickly characterized as rug pulls, including projects endorsed by political figures like Donald Trump and Javier Milei.
The entire memecoin market capitalization recently plummeted to its lowest level on record in 2025, shedding up to $5 billion in a single day, according to CoinMarketCap data. This broad collapse in speculative appetite suggests that celebrity endorsement alone is no longer a shield against market dynamics.
Final Thoughts
Conor McGregor’s attempt to call out a rival for a questionable NFT launch was effectively silenced by ZachXBT’s reference to his own failed memecoin venture. The exchange vividly demonstrates the hypocrisy and high risks that characterize the celebrity-endorsed corner of the crypto market, especially now that the sector is experiencing a severe bear market correction.
Frequently Asked Questions
What crypto project did Conor McGregor try to launch?
He attempted to launch a celebrity memecoin called REAL in April.
Why was the REAL token launch considered a failure?
It failed to raise its target launch goal, capturing only 39% of the intended funds.
What happened to the funds raised for the REAL token?
McGregor confirmed that the funds raised during the failed launch were refunded to all participants.
