Miladys NFT Prices Tumble After Creator Doxxes Self as Person Behind Controversial 'Miya'

Minimum prices for the popular non-fungible token (NFT) collection “Milady Maker” have slumped nearly 70% in the past week amid drama that revealed its creator to have been a controversial personality linked to a popular online cult.

Miladys sell for a floor price of 0.26 ether ETH$2,059.15, about $511 at writing time, compared with all-time highs of over $6,000 in April, data from tracking tools show. Trading volumes have fallen 57% in the past 24 hours, while one Milady sold for as low as 0.037 ETH in the past week.

Floor prices of other popular collections, such as CryptoPunks or the Bored Ape Yacht Club (BAYC), changed nominally over the past week, suggesting Milady’s plunge is an isolated incident unrelated to the broader NFT market.

Last week, the pseudonymous decentralized finance (DeFi) developer 0xngmi alleged that Charlotte Fang, Milady’s creator, was “Miya” – a pseudonymous online entity that allegedly spread hatred against Blacks, homosexuals and Jews.

0xngmi has compiled their findings on GitHub.

There were unconfirmed reports on Twitter that accounts related to Miya apparently urged young girls toward being anorexic and that the persona was involved in "systemspace," an alleged online cult popular on bulletin site 4chan.

Fang came clean over the weekend in a tweet. “Full disclosure: I was Miya. And its toxic baggage that’s hurting Milady community & poisoning the vibe. I apologize about trying to hide the past account,” Fang wrote.

In a tweet thread, Fang wrote the Miya profile had “nothing to do with” the Milady Maker and added: “Unequivocally, my real views hold no room for hate, and I detest abusers & groomers – trolling about it was juvenile, but in reality I’ve never harmed a fly.”

Meanwhile, some prominent investors in the space suggested that Fang’s past experience may have influenced the look of the Milady project:

“This is freaking gross," said DeFiance Capital founder Arthur Cheong. "Can understand the aesthetic style of Milady now given founder's history.”

The collection of over 10,000 anime-inspired, regenerative avatars has previously landed in controversy. Some of the avatars in a spin-off collection (“Milady, That B.I.T.C.H.”) were wearing shirts bearing the word “Treblinka” – a Nazi concentration camp, as previously reported.

The claims were, however, dispelled by creators who insisted the term was randomly generated by a computer.