Milady NFTs: Legal Battles and Market Impact

Milady Maker, an NFT project that initially gained prominence for its unique and stylized artwork, has been embroiled in multiple controversies that raise questions about its future.

Initially launched in 2021 by Charlotte Fang—who recently revealed his true identity as Krishna Okhandiar—Milady Maker gained traction with its 10,000 “neochibi” style profile NFTs. The project received a major endorsement from Tesla CEO Elon Musk in January 2023, propelling the collection’s floor price. Yet, this spike was followed by a wave of ethical allegations against Okhandiar.

A Litigious Atmosphere and Market Impact

Okhandiar has gone to the extent of filing a lawsuit in the US District Court for the District of Nevada. He accuses three independent contractors—Maxwell Roux, John Duff, and Henry Smith—of concocting a scheme to seize intellectual property, funds, and social media accounts owned by Remilia Corporation, Milady’s parent company.

According to Okhandiar, the objective was to extort him for equity in the company. In response, a countersuit was filed on September 22 in the Court of Chancery for the State of Delaware. Roux, Duff, Smith, and a fourth contributor, Bruno Nispel, have declared themselves co-founders, complicating the legal landscape even further.

This intricate web of legal disputes has led to a dramatic downturn in market sentiment. DeFiLlama statistics indicate a 39% drop in Milady Maker’s floor prices, hitting approximately $3,460 or 2 Ether, in the second half of September alone.

Conclusion

The future of Milady Maker is now up in the air due to ongoing legal battles and public disputes. As these issues continue to play out, it’s unclear what will happen to the project in the long run. Investors and fans are left wondering what’s next as they wait for court decisions and internal issues to be resolved. All this turmoil has not only dropped the project’s market value but also brought up questions about who is really in charge. In short, what was once a promising NFT collection now faces an uncertain future.