Milady Maker, an NFT project that gained initial prominence for its unique and stylized artwork, is currently embroiled in multiple controversies that raise serious questions about its future. Launched in 2021 by Charlotte Fang, who recently revealed his true identity as Krishna Okhandiar, Milady Maker garnered attention with its collection of 10,000 “neochibi” style profile NFTs. The project received a significant boost when Elon Musk, the CEO of Tesla, endorsed it in January 2023, causing the collection’s floor price to skyrocket.
A Wave of Ethical Allegations
Unfortunately, the surge in popularity was followed by a series of ethical allegations against Okhandiar, casting a shadow over Milady Maker’s potential. Okhandiar took the matter to the US District Court for the District of Nevada, filing a lawsuit against three independent contractors: Maxwell Roux, John Duff, and Henry Smith. According to Okhandiar, they had conspired to seize the intellectual property, funds, and social media accounts belonging to Remilia Corporation, Milady Maker’s parent company, with the aim of extorting equity from him.
In response, a countersuit was filed in the Court of Chancery for the State of Delaware on September 22. Roux, Duff, Smith, and another contributor, Bruno Nispel, have declared themselves co-founders, further complicating the already intricate legal landscape. This web of legal disputes has had a significant impact on market sentiment, resulting in a drastic 39% drop in Milady Maker’s floor prices in the second half of September alone, reaching around $3,460 or 2 Ether according to DeFiLlama statistics.
An Uncertain Future
The future of Milady Maker hangs in the balance as these legal battles and public disputes unfold. Investors and fans are left in anticipation, wondering what lies ahead as they await court decisions and the resolution of internal issues. The ongoing turmoil not only has decreased the project’s market value but has also raised concerns about the project’s leadership and who truly holds the reins.
What was once a promising NFT collection has found itself mired in controversy and now faces an uncertain future. Milady Maker’s unique artwork and the endorsement from Elon Musk initially propelled it to great heights. However, the subsequent ethical allegations and legal battles have caused a significant downturn in market sentiment and left investors and fans questioning the project’s fate. As the project navigates through these challenges, only time will tell what lies ahead for Milady Maker.