The Nelk Boys, famous for their wild stunts and viral content, are now facing a serious lawsuit over their MetaCard NFTs, accused of misleading thousands of investors
Plaintiffs claim the Nelk Boys abandoned promised NFT perks, leading to major financial losses for investors.
Background of the MetaCard NFT Project
The Nelk Boys initiated their MetaCard NFT collection in January 2022 by producing 10,000 digital tokens they sold for $2,300 each. The collection sold out within minutes, generating $23 million in revenue.
The buyers of MetaCard NFTs received the guarantee of merchandise discounts, invitations to exclusive Nelk events, and chances to win $250,000. Numerous purchasers state that the advantages promised by NFT purchases disappeared or remained insignificant.
Allegations in the Lawsuit
Trenton Smith filed the lawsuit against the Nelk Boys on January 29, 2025, at a California federal court, which labelled the Nelk Boys as
“snake-oil salesmen pretending to be entrepreneurs.”
According to the complaint organizations furnished particular minor incentives yet failed to perform the specified business partnerships and investment possibilities. Smith contends that MetaCard holders
“have seen nothing of the promised return on the $23 million investment they funded.”
Current Value of MetaCard NFTs
The current market value for MetaCard NFTs has dropped to 0.034 Ether (ETH), worth approximately $111, while their initial purchase price stood at $2,300. The value depreciation worsens investor dissatisfaction.
Nelk Boys’ Response
A spokesperson for Full Send, a brand affiliated with the Nelk Boys, responded to the allegations by stating that they have organized multiple in-person events for MetaCard holders, offered merchandise discounts, and provided early access to product launches.
They also mentioned involving MetaCard holders in ventures like Bored Jerky. Furthermore, the spokesperson highlighted that they offered a 30-day refund period for dissatisfied holders, which was extended for those who missed the initial deadline but had already started their applications.
Legal Perspective
Legal experts say that the outcome of this lawsuit may hinge on the intent behind the MetaCard project. Scott Armstrong, a principal at McGovern Weems and former federal prosecutor, noted,
“Based on the allegations, there’s a tension between what’s a failed business idea that was launched in good faith and what’s a nefarious rug pull.”
The Bottom Line
The lawsuit against the Nelk Boys underscores the potential risks associated with NFT investments, especially when tied to promised utilities or benefits. As the case progresses, it may set a precedent for how similar disputes are handled in the burgeoning NFT space.
