What can an NFT for a Venezuelan comedy club teach the community about accountability in the NFT space?
The community never knew for sure how the funds were spent on the project’s roadmap or how much was taken by Cardozo and the Roa brothers, making the case for a possible soft rug-pull.
In November, CMC holders and community members also noted a lack of transparency surrounding the usage of funds.the project’s funds on the blockchain. The public record revealed that 411.9 ETH — valued at over $1.18 million using ETH’s average price between November 2021 and June 2022 — had been extracted from the project and swapped using different cryptocurrency exchanges.
The lack of a community wallet came as a shock for some CMC NFT holders, whose investments’ floor price isCardoso confirmed the community findings to Cointelegraph, stating that the Monster NFTs were solely “a membership for a club which includes a roadmap with benefits.” on a Twitter Space that the founders improvised a lot, which combined with a notable lack of transparency and unsustainable strategies to keep up with the roadmap.In today’s NFT industry, legal protections for users still remain unclear. As the Web3 space relies heavily on communities to create their own rules, users often get involved in projects with a lot of promise but little obligation to their participants.
According to Maria Londoño, a lawyer and co-founder of the NFT project Disrupt3rs, this ambiguity is what led to serious miscommunication between the founders and the community. After the social media storm, Comedy Monsters Club continues to be active, offering events and workshops to their holders.
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