As the crypto-industry expands at a rapid-pace, Defi and NFT provide equal competition for cryptocurrencies to expand at a rapid-pace. The NFT market is growing at an exponential rate, with one new NFT being introduced every week.
Since there are enormous NFT collectibles on the market, it’s a little confusing, and most people are unaware of the person behind the firm. Investors are finding it difficult to trust, and NFT collectors have had a difficult week as the women-centric firm admitted to lying.
Fame Lady Squad (FLS) is an Ethereum-based NFT collection that debuted in July and bills itself as the “first female avatar project of all time,” according to its Twitter profile. Besides, the website states “It is a group of 8888 one-of-a-kind Lady NFTs that live on the Ethereum-blockchain. Each Lady is unmistakably different from others.”
The Non-fungible Token (NFT) has hit differently in popularity and has reached new heights in NFT sales. Taking advantage of the adoption of NFT, many attempts to commit fraud. Furthermore, Twitter allegations were increasingly pointing to false information provided by project developers.
FLS Explanation
According to the tweet from Max Rand on August 11, it is confessed that he is the developer behind Fame Lady Squad. He mentions that he is sorry and was too afraid to confess because of threats.
guys, i confess. i am the dev of the projects
— Max Rand (@realMaxRand) August 10, 2021
sorry for the lie, i was too afraid to say this because of lot threats in my side, my stupidity and not understanding US market culture rules
but seeing these messages in dm keep me alive. i've made a mistake. i'll change. THREAD⬇️ pic.twitter.com/32kOilNx5t
Moreover, Fame Lady Squad has tweeted from its official Twitter account with further explanation. The Twitter post states that FLS was created by the male team but it is not a scam or fraud.
Furthermore, collectors who purchased NFTs from Lady-Fame-Squad are feeling dumped as they thought they were investing in a registered-project. Prices for FLS NFTs fell yesterday on OpenSea as collectors tried to sell their NFTs in a panic. They were concerned about declining demand in the face of a supposedly infeasible path forward in the project.