There is a character in the NFT ecosystem that you have probably heard of if you've been in crypto for a while: Charlotte Fang. Behind her is Remilia Corporation, the studio that created Milady Maker, one of those collections that made a mark in the NFT market. But the story of how they got here is quite wild.

Fang, also known as Krishna Okhandiar, is an accelerationist theorist and avant-garde artist. She got into NFTs around 2021 with a project called Yayo that didn't last long. But then Charlotte Fang and her team launched Milady Maker in August 2021: 10k neo-chibi NFTs on Ethereum. Their roadmap was simple: a Minecraft server. And it worked. The collection sold out quickly and they began expanding the ecosystem.

By April 2022, the base price of Milady reached 1.55 ETH. It seemed like everything was going well until Charlotte Fang was involved in a serious controversy. In May 2022, an X account associated with her posted racist, homophobic, and white nationalist content. Fang admitted the account existed but said it was only for artistic performances and did not reflect her beliefs. Still, the price of Milady plummeted.

The interesting part is that Milady recovered. In May 2023, Elon Musk tweeted about the Milady meme and the price rose again, surpassing previous highs. Three months later, Milady was the third most expensive 10k NFT collection. Then came more internal dramas (Charlotte Fang sued team members in September 2023 but dropped the case in early 2024), but the collection kept going.

Now, earlier this year, Charlotte Fang and her team launched CULT, a meme coin that reached an FDV of $845 million at launch. It was an ambitious move: 10 billion tokens, with more than half allocated to the Cult fund, 15% for the team with 18 months vesting, and 20-35% for Remilia's treasury. Milady holders and Redacted Remilio Babies received an airdrop.

But here’s what you probably didn’t expect: CULT has fallen hard. As of writing this, it’s trading at nearly $0.00, with an FDV of only $4.48 million and a market cap of $3.48 million. It’s a brutal contrast compared to that $845 million launch. Charlotte Fang and Remilia’s story is a reminder that in crypto, even projects with cult-like communities can face brutal market realities.