Edison Chen’s NFT Project scrambles to appease disgruntled buyers, Digital News


A non-fungible token project launched by Hong Kong actor Edison Chen has thrown sales into chaos, with buyers complaining of missed deliveries hours after paying for digital assets.

The project, named Red NVLPE and made up of 8,888 NFTs across eight collections, opened for presale on Tuesday (February 15) to select members, followed by a public sale at noon on Wednesday.

On Discord, a popular group messaging platform among NFT communities, shoppers said they waited until 12 p.m. but had yet to receive their purchases.

Such occurrences are rare in the NFT world, where buyers at a public sale – more commonly known as public currency – typically receive their purchases almost instantly after payment. Public currencies are typically conducted using smart contracts, programs that run on a blockchain and automatically transfer NFTs to buyers.

Red NVLPE, however, appears to have taken a different approach by manually transferring NFTs to buyers’ wallets.

“After hitting the website, your NFTs will be minted to the 2426C OS account and transferred to you,” wrote a group chat moderator on Red NVLPE’s Discord channel in response to buyer inquiries, referring to Chen’s name. web3 platform. “It might take 10 minutes, it might take an hour [or] four hours, but don’t worry, the NFT will be sent to you!”

Sweet — a New York-based NFT solutions provider who worked on Red NVLPE — and a project representative did not immediately respond to a request for comment.

NFTs, representing data whose ownership and uniqueness is verified on a blockchain, have caught the world’s attention since last year, when people started buying cartoon avatars and artwork. digital art for millions of dollars.

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Many celebrities, including those from Asia, have jumped on the bandwagon to cash in on their huge followings, with some publicly endorsing NFT projects and others launching their own.

Last month, two NFT projects linked to Chen and Taiwanese pop star Jay Chou briefly rose to the top of the 24-hour sales chart on OpenSea, the world’s most popular NFT market.

Chen’s new NFT project has attracted more than 44,440 members to his Discord channel, but initial sales seemed weaker than some people expected. Data from OpenSea showed that average prices for most collections have fallen since they hit the market.

While some buyers were still waiting to receive their purchased NFTs, others reported receiving more NFTs than they purchased.

“As some of you may know, last night a small number of lucky accounts were accidentally dumped on a free NFT,” another project moderator said on Discord on Wednesday, citing an “internal glitch” in the process. strike that was “quickly resolved”. .

The project also announced in Discord on Tuesday night that it had fixed an issue called “mint limitations,” without specifying what that means.

This article was first published in South China Morning Post.

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