Sunmi Under Fire For Allegedly Abandoning NFT Project She Actively Promoted

Singer is Sunmi is facing the heat for allegedly abandoning an NFT project she promoted.

In February 2022, Sunmi, her agency FSN, and Hands Studio lauched the “Sunmiya Club” profile picture NFT. The project featured digital illustrations inspired by Sunmi. It offered special services to NFT holders to boost the investment value of these assets. The project promised that investors will receive benefits such as fan meetings, exclusive parties, and profit-sharing opportunities.

Sunmi actively promoted this project, even making YouTube appearances in video alongside MetaKongz CEO Lee Doo Hee to talk about her venture into the NFT space. The project successfully sold out.

But in the latter half of 2022, the crypto market saw a crash, leading to Sunmi’s NFTs taking a nosedive in value. They went from millions of won per unit to mere thousands.

Recently, an investor who claims to have put in over ₩50.0 million KRW (about $34,800 USD) into Sunmi’s NFTs, told the media that “nobody is taking responsibility” of the aftermath despite the project never materializing. Criticism has started pouring in for Sunmi as well, with critics accusing her of inaction after the NFTs sold out. Since she was heavily involved in promoting them, some investors have accused Sunmi of a “rug pull.” The term refers to the practice of luring investors with unrealistic claims before abruptly withdrawing funds and abandoning projects.

Though the issuing company has responded by claiming that they had fulfilled all the milestones promised to the investors, the criticism is only getting stronger. But with no regulatory framework or preventive measures in place, as per a blockchain industry insider, it would be difficult to hold celebrities accountable while they promote NFTs.