A group of approximately 770 individuals collectively spent nearly €1.5 million (~$1.66 million) on NFTs of teddy bears that were advertised to make buyers “co-producers” of an animated film featuring Kev Adams, called Plush. The film was supposed to feature French comedians, such as Kev Adams, as voice actors, with Bella Thorne and Amaury Nolasco listed as “US voices” on the project website.
Kev Adams Plush: What Is It & Why Is It An NFT Scam?
The Plush NFT project promised buyers credits in the film, script voting rights, and an 80% profit split. One promotional video claims that buyers would make six to seven times their investment in 24 months. This makes it a return much greater than that offered by traditional banks.
The Plush project was allegedly backed by a Dubai-based company named “Illuminart”. This word played on confusion with the France-based Universal Studios subsidiary “Illumination” to bolster its credibility. The project was marketed with titles from Illumination such as The Lorax, Minions, and Despicable Me. Moreover, there were even projected box office profits suggesting Plush buyers could expect a 516% return on their investment.
However, French investigative newspaper Mediapart reports that the project has since gone silent. The Plush NFTs are no longer being sold on the project website. Moreover, the Twitter account isn’t active since September 2022. Furthermore, Illuminart’s business license has also expired since then.
This scandal represents a disappointing development for the approximately 770 NFT investors. These people were promised the chance to become co-producers of the movie and profit greatly from their investments. However, this serves as a stark reminder that investors should exercise caution. It is also a case to do thorough research before investing in any cryptocurrency or NFT projects. NFTEvening follows the story as it develops.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
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