Is this the Second Rug Pull for Fame Ladies?

Fame Women has but once more discovered itself in controversy. In a brand new growth, 27 members of the Fame Women group have launched an in-depth investigation into the venture’s possession and monetary administration. Whereas the venture was initially community-led, the investigation accuses the present homeowners, Ashley Smith and Danielle Davis, of excluding the group, utilizing the venture for private acquire, and receiving extreme compensation. Considerably, the investigation raises questions on transparency and honesty within the NFT house and the necessity for group involvement in venture governance. There’s loads to unpack right here – let’s dive in!

The Fame Woman Squad Story

Firstly, let’s return to the start of the Fame Woman Squad story. In July 2021, Fame Women made waves within the NFT group. This was as a result of its refreshing tackle feminine empowerment and equality in an trade that’s typically male-dominated. Considerably, the venture provided 8,888 avatars, every representing a singular and numerous girl. After all, consumers had been drawn to this distinctive promoting level, and the venture was minted out in two days.

Nevertheless, the “ladies led” venture turned out to be a whole lie. After promoting over $1.5 million price of artwork, a group member found that Russian males had been really behind Fame Women, regardless of their claims to be three ladies from Norway and the USA. This revelation shocked the NFT group, highlighting the significance of transparency and honesty on the earth of NFTs.

In August 2021 it appeared that the group was heading in the direction of a optimistic end result when actual ladies from the group took over the gathering. So, how did this really occur?

Ashley Smith, Danielle Davis, and Saul gathered the group in Discord and inspired them to return collectively. Subsequently, the group voted for them as the first custodians of the group. Smith made it clear on the time that they weren’t the homeowners of the venture, however they had been the stewards. Primarily, the group and the stewards concluded that everybody needed what was greatest for the Fame Women transferring ahead.

Now, fast-forward to in the present day and the most recent controversy. In one other shocking twist, the group is as soon as once more coming collectively to take again the gathering. Extra particularly, 27 members of the Fame Women group have launched an in-depth investigation into what has really occurred for the reason that preliminary takeover in August 2021. Wen Netflix documentary?

Smith and Davis are nonetheless answerable for Fame Women, and now name themselves ‘homeowners’ reasonably than ‘stewards.’ Moreover, the core group of holders have distanced themselves from Smith and Davis’ Fame Woman Squad and are actually calling themselves the Fame Woman Society. Finally, they need the venture possession and treasury to be handed again to the group. In addition they need the chance to permit Fame Women to be the community-driven venture it claims to be. Primarily, evidently Fame Women isn’t as community-led as we had been led to consider. So, what’s really occurring?

The Fame Women group investigation was initiated by the sudden shutdown of the group. Nevertheless, there have been indicators of hassle nicely earlier than. Regardless of claiming to be community-led, the stewards regularly ignored group enter and failed to supply vital engagement alternatives. Smith and Davis promised common voting and quarterly conferences as a part of the venture roadmap, but the final City Corridor assembly befell in April 2022, and the final group vote was within the fall of 2021.

To make issues worse, when group members and NFT holders requested extra transparency, the homeowners made the Discord server read-only. This choice has not solely disconnected the group from one another but additionally prevented them from speaking with management and having a say within the venture’s path. Because of this, the group created the Fame Woman Society.

Following the preliminary rug pull in 2021, Fame Women had no mint funding and relied solely on royalties and donations. Notably, Boss Beauties and Boringstone generously donated to the venture to help the group and the ladies answerable for the model. Between July 2021 and January 2023, Fame Women obtained 160ETH, with 85ETH coming from donations. Nevertheless, the group investigation revealed that half of the funds went on to Smith and Davis. The Fame Woman Squad Podcast, compensating moderators, and filling the Fame Women treasury accounted for the opposite half of the funds.

The Fame Woman Society are involved about using the funding. It’s because Smith and Davis promoted their podcast as separate from Fame Women and its group, explicitly saying it’s not there to learn holders. Moreover, after solely three months as stewards, Smith and Davis obtained $22,000 in venture funding, which raises additional questions on monetary administration. Storing the venture’s sensible contract in Smith’s private pockets has additionally raised considerations about safety.

Lastly, in April 2022, the Fame Women treasury had 50ETH. However, by June 2022, solely 8ETH remained, with a lot of the funding going to Davis. This example raises questions on how a podcast that doesn’t profit the group is receiving group funding. Excessive compensation for leaders who don’t fulfill guarantees additionally raises questions.

What Actually Occurred with Daz3d

Now, let’s speak about a very noteworthy second that led to the creation of the Fame Woman Society – the Daz3d acquisition. So, what’s Daz3D? Markedly, Daz3d is a digital content material market that gives 3D fashions and software program for creating and rendering 3D graphics and animations. They’ve partnered with iconic manufacturers like Nike, RTFKT, and Coca-Cola. Daz3d acquired Fame Women in September 2022, and the “homeowners” had been employed as paid staff. Though Smith and Davis asserted that no buy-out befell, they obtained funds to learn the venture, and deliberate to switch the sensible contract. Nevertheless, the group didn’t take part within the decision-making course of, and the partnership led to March 2023.

Smith and Davis Reply to Criticism

As you may count on, Fame Woman Society’s investigation into Smith and Davis has brought on fairly a stir on Twitter. Smith has publicly responded to the allegations by way of medium articles and movies. Moreover, Smith and Davis hosted a Twitter house to deal with group considerations. Nevertheless, they didn’t permit group members to talk.

Smith took the time to deal with considerations concerning the transition from steward to proprietor of Fame Women. She defined that this was a vital transfer to have full authority over the sensible contract. As for preserving the sensible contract in her private pockets, Smith admitted to utilizing it to buy NFTs. However, she made it clear that she used her personal funds. Smith additionally assured the group that her safety practices are sound.

Regardless of the venture’s promise of group involvement and governance, Smith and Davis by no means established a DAO. Of their response, they cited “too many cooks within the kitchen” and a scarcity of bandwidth and assets. Regarding the Discord shutdown, Smith and Davis described the group hub as a “supply of distracted power” that raised “critical safety considerations.” Moreover, Smith referred to the Fame Woman Society as a adverse sub-community.

In response to the allegations of mismanaging funds, Smith and Davis maintained that they had been paid a good wage for his or her time as leaders. In addition they haven’t shared a full checklist of bills but.

The Way forward for Fame Women

So, what’s subsequent? The group is taking cost! With a transparent dedication to safeguard their venture, the Fame Woman Society has arrange their very own web site, Twitter, and Discord. Moreover, they’re wrapping their Fame Women NFTs in preparation for their very own sensible contract. And, whereas they continue to be eager for a future handover from the present homeowners, the group is demanding a proper council with decision-making energy, a clear and accountable venture, handover of the treasury, and a safe sensible contract in a multi-signature pockets. The venture, as marketed to the NFT world, needs to be a real community-led venture. Finally, that’s what the Fame Woman Society is working tirelessly to realize.