According to Kyunghyang, Sunmi, his agency, Fsn and Hands Studio launched the “Sunmiya Club” project PFP NFT (Profile Picture NFT) in February 2022.
NFT Venture and promises investors
The project presented digital illustrations modeled after Sunmi. He offered exclusive services to NFT holders to improve the investment value of activities. The project promised investors such as invitations to fans’ meetings, exclusive parties and profit sharing opportunities.
Sunmi and the broadcasters actively promoted the project, leading to a successful Saletto. He also appeared in YouTube videos together with the CEO of Metakongz Lee Doo-Hee, documenting his business in the Metaverse and NFT space.
Market crash and growing criticism
However, in the second half of 2022, the collapse of the earth-long and the failure of the exchange of cryptocurrencies US FTX triggered a collapse of the market. As a result, Sunmi’s NFT have collapsed in value. Once it is worth millions of victories per unit, now they exchange tens of thousands of thousands.
The critics have targeted Sunmi, accusing it of inaction following the NFT Saleut despite his strong involvement in his promotion. Some investors have accused her of a “traction of rugs”. In this fraudulent scheme, the creators of projects attract investors with exaggerated requests before abruptly withdrawing the funds and abandoning the project.
Investor A, who claims to have put over $ 50 million ($ 37,500) in Sunmi’s NFT, told Kyunghyang, “The broadcasters asked us to trust them, so we waited, but the project never materialized. It is unacceptable that no one assumes responsibility. “
In the meantime, the issuing company has defended himself, affirming, “We made all the milestones established in the original driver and we continued the operations. The funds raised by NFT sales have been used for operating costs and the development of a new platform launched last year. “
With little regulation surrounding the NFT projects, in particular those promoted by celebrities, experts warn a legal gray area. A Blockchain sector told Kyunghyang, “The problem is that many NFT projects are launched but left not managed, without regulatory framework or preventive measures in progress.”
