Nelk Boys' $23M NFT Venture: Promises Broken, Funds Vanished

How did Nelk Boys popular YouTubers, go from raising $23 million in an NFT mint to facing accusations of unfulfilled promises and misused funds? Here's the untold story.

In January 2022 Nelk Boys, after a podcast with Gary Vee launched MetaCards. Leveraging their 8 million fans, the NFTs priced at $2300 (0.75 ETH) promised holders access to gyms, casinos lounges and festivals. The response was enthusiastic. The NFTs sold out quickly.

Initially, Nelk appeared committed to their promises. Two years later with no gyms in sight, holders were left with:

1. One $100k giveaway
2. One Rolex worth $12k
3. Merch and gift cards totaling $250k
4. 500 Alienfriend Collab NFTs

This accounted for only about 1.57% of the raised funds. So where did the rest go?

Holder events? Not quite. Most events were small. The attendance ranged from 1-10 people. There was one exception with 500 attendees. Events were restricted to North America. Many events were just free UFC suite tickets owned by Nelk’s other company "Happy Dad". A significant chunk supposedly went into a new business venture. In 2022, MetaCard holder pitched a partnership to Nelk for his jerky company. This led to the launch of Bored Jerky. The product saw minimal marketing. Engagement was also low. Website visits averaged 134 per month. 101 Amazon reviews.

Ranked 321 in the Jerky category on Amazon this product offers a mixed experience for consumers. Its flavor profile is commendable, striking a balance between smoky and savory. The texture is, however, unsatisfactory. It tends to be too tough for many people.

The packaging is simple. It protects the product but lacks an appealing design. Consumers note this detail. It does not influence the taste but aesthetic value matters for many buyers. Nevertheless, the price is competitive offering value for budget-conscious shoppers. Despite mixed reviews, it remains a viable option for those seeking economic choices. The low ranking reflects its issues but not its complete lack of merit.

In conclusion, this jerky stands as a testament to the importance of balancing cost and quality. For price-sensitive consumers, it offers a reasonable option. For others, the search for better quality might continue.

Combined social media following of 8,906.

Holders were offered 40% phantom shares in Bored Jerky. Payments were contingent on Nelk selling the company or raising VC funds. This made financial returns uncertain.

A refund option was provided. It had a one-month window and restrictions on US bank accounts. Many missed out.

As of today, the MetaCard Twitter is rebranded to “Full Send x Alien Frens NFT”. It was last active over a month ago. Instagram is deleted or suspended. Initial promises remain largely unfulfilled.

The Nelk Boys' NFT project, once promising now stands as a cautionary tale of unkept promises and disappointed investors. Where did $23 million really go? The community still waits for answers.