Singer Sunmi's NFT (Non-Fungible Token) issued in collaboration with a KOSDAQ-listed company has become controversial. Initially, Sunmi and the company actively promoted it, leading to a complete sell-out, but as the market cooled rapidly, the provision of major benefits was halted, causing investors to incur significant losses.
According to Kyunghyang Shinmun, Sunmi, her agency, and the listed company issued the NFT "Sunmiya Club" in February 2022, which serves as a "digital certificate" proving ownership of images and other assets using blockchain technology.
Digital illustrations inspired by Sunmi were created as NFTs, designed to enhance the investment value of the product by providing exclusive services to NFT holders. This included invitations to special fan meetings and parties, as well as releasing exclusive audio tracks and returning a portion of the profits to holders or collaborating with various brands to offer benefits.
At that time, with active promotion from Sunmi and the issuing company, the total issuance amount for investors (9,300 units) was completely sold out, raising hundreds of millions of won at the then market price.
However, issues arose in the second half of 2022 due to the Terra-Luna incident and the bankruptcy of the U.S. cryptocurrency exchange FTX, which caused a crash in virtual assets. The price of the virtual asset used to trade Sunmi's NFT plummeted, and the value of NFTs that were worth hundreds of thousands to millions of won recently fell below 50,000 won.
As the market froze, Sunmi's NFT-related activities were not properly carried out from 2023 onwards. Major benefits listed in the roadmap, such as "releasing music with top artists," were effectively halted, leading to complaints from investors who suffered losses.
Mr. A, who invested over 50 million won in Sunmi's NFT, told Kyunghyang Shinmun, "The issuing company asked us to trust them and wait, but the business has not been properly executed," adding, "It doesn't make sense that no one is taking responsibility."
On the other hand, the issuing company stated, "We have fulfilled all the items announced in the roadmap at the start of the project and have continued operations," explaining, "The funds raised from the NFT have been used for operational costs and the development and investment of a new platform launched last year."
[Lee Da-kyum, Star Today Reporter]
