Sunmi's NFT (non-fungible token) issued with KOSDAQ listed companies embroiled in controversy

In the early days of issuance, Sunmi and the management actively promoted and sold out, but as the market cooled rapidly, the provision of major benefits

KOSDAQ-listed companies and singer Sunmi's NFT (non-fungible token) 발행 issue has become embroiled in controversy. It was reported that Sunmi and the management actively promoted and sold out the NFT in the early days of 발행 issue, but as the market cooled rapidly, the provision of major benefits was stopped, causing huge losses to investors.

According to the Kyunghyang Shinmun on the 24th, Sunmi, her agency and listed companies jointly issued the NFT "Sunmiya Club," a "digital certificate" that proves ownership of images and others using blockchain technology in February 2022.

Digital illustrations based on Sunmi's motif were created as NFTs and designed to increase the investment value of products by providing exclusive services to NFT holders. In addition to invitations to special fan meetings and parties, it is a structure that returns some of the profits to holders or provides benefits in collaboration with various brands by releasing exclusive sound sources.

At that time, Sunmi and the issuer actively promoted the issue, and all 9,300 issued to investors were sold out, raising billions of won at the market price at the time.

However, the problem arose in the second half of 2022 when virtual assets plunged in the aftermath of the Terra/Luna crisis and the collapse of the U.S. virtual asset exchange FTX. The price of virtual assets used to trade Sunmi NFTs has plummeted, hundreds of thousands of each. The value of NFTs, which had reached millions of won, has recently fallen below 50,000 won.

As the market froze, Sunmi's NFT-related activities were not properly carried out from 2023. Complaints have erupted as investors have lost money due to the fact that major benefits such as "the release of music with top artists" listed on the roadmap were virtually suspended.

A, who invested more than 50 million won in Sunmi NFTs, told Kyunghyang Shinmun, "The issuer also asked me to believe it, so I waited, but the business did not work properly," adding, "It doesn't make sense that no one is responsible."

On the other hand, the issuer explained, "All roadmaps announced at the start of the project have been implemented and have continued to operate," adding, "NFT financing has been used for operating funds and new platform development and investment launched last year."

[LEE DIGYEOM, reporter of "Star Today"]