De'Aaron Fox Addresses 'Ill Timed' NFT Project Launch, Says Kings Will Be His Focus
Sacramento Kings guard De'Aaron Fox addressed the controversy surrounding the shuttering of his NFT project in a Twitter post Thursday.
"I want to address an NFT project we launched recently. The project launch was ill timed," Fox said. "I delegated certain aspects to the launch of the NFT in an attempt to partner with professionals. We weren't happy with the execution & demand on my time and attention during the NBA season.
"This project is about a brand that will continue to grow, but I have obligations that I must fulfill to the Sacramento Kings and their loyal fan base. They deserve all of my attention. As I stated previously, I look forward to doing this again the right way and adding value to my NFT holders. I’m excited to learn from the entire NFT community as well. The project will be updated at the conclusion of the NBA season."
Fox launched an NFT project in January that generated $1.5 million in cryptocurrency investment. The project, which failed to deliver on its launch promises, was essentially deleted from the internet Wednesday without notice. Fox posted in the NFT Discord that people who bought more than five NFTs would receive a signed jersey, but there was no word on whether people would receive refunds for their investment.
Crypto fraud, which has proved difficult to regulate and prosecute, skyrocketed in 2021 as more people began investing in the currency. Lana Rhoades, an adult film star, recently drew criticism for a situation similar to Fox, pulling her NFT project off the market after making $1.5 million.
Scammers also recently stole $1.7 million worth of NFTs from OpenSea customers.
While Fox seemingly plans on getting back into the NFT space when the Kings' season ends, the relative lack of answers from his side of things is unlikely to provide much solace to initial investors. It's also an example of the potential dangers of investing in the crypto space, which by nature is unregulated currency, without being fully informed of the intricacies.
