NELK boys accused of “NFT Scam” comparable to Cryptozoo scandal

The NELK Boys have been called out by YouTuber Spencer Cornelia for an alleged “NFT scam” involving the group’s Nelk Metacard NFT.

NFTs were all the rage several years ago, with influencer group NELK Boys promoting their NFT Metacard as “one of the biggest brands in Web3”.

Following the release of the Nelk Metacard NFT in January 2022, the company earned over $23 million in revenue and sold out in less than ten minutes. The company also promised “way more NFTs” after the Metacard’s initial launch.

Fans purchased the “Full Send” Metacard NFT with promises of full access to the influencer supergroup’s activities in the real world, as well as the Metaverse. The company also planned to launch further business ventures, such as “Lounges, Gyms, Festivals, Casinos, Restaurants, and more.”

The Full Send Metacard NFT also promised users that users would get access to additional products in the form of “Apparel, Virtual Stores, Virtual Festivals, Metaverse Casinos, and Recording Artists.”.

Almost two years on from the launch of NELK’s Full Send Metacard NFT, YouTuber Spencer Cornelia has released a video claiming that the NFT venture from the influencer group is an “NFT Scam.” In the video itself, Cornelia speculates that NELK were “merely cosplaying as venture capitalists.”

Spencer Cornelia calls out NELK

“There has been no signs of any gyms,” commented Cornelia in the video, where he further sets up a precedent for why fans should be wary of “unbelievable” raffles conducted by NELK which are speculated to be staged.

Holders of the NELK Metaverse Full Send NFT messaged Cordelia, with promises that the NFT-holders would see some value out of owning one of the digital tokens. However, the promised rewards are seemingly nowhere in sight, with NELK offering its NFT holders a 50% off code for the brand’s supplements.

However, Full Send Metacard NFT holders were able to access an event where Snoop Dogg was playing. But, given that the majority of users were outside of Los Angeles. One holder stated: “Yeah unless you live near the event it is not worth going. Especially when 50% of the time no one from NELK is there. (Steve, Kyle, salim, etc)”.

Nelk claims to have given away over $250,000 worth of merchandise to NFT holders, with additional benefits such as being invited to sporting events, as well as hiring from Metacard holders. But, Cornelia posits that the returns expected from the $23 million of revenue generated by the purchasers of the NFT have not yet materialized.

Claims for equity in parts of the business have also been held up, which could be due to legal reasons, as legislations around NFTs and Crypto begin to materialize. The NFT’s value has decreased by around 75%, according to OpenSea. Given that over 7000 holders of the NFT are “out there, some becoming irate that they have not seen any return from their initial NFT “investment”.

Speculation surrounding what NELK has done with the $23 million in revenue earned from the project is rife, as experts reveal that 95% of the digital collectibles are worthless. Cordelia ends the video by claiming that the NELK Boys Full Send Metacard NFT might be comparable to Logan Paul’s CryptoZoo scandal, claiming that the actions by the NELK boys are “potentially illegal”.