I just came across a pretty fascinating story that shows how turbulent the NFT world can be. It’s about Charlotte Fang and her adventure in the digital art market – a real rollercoaster ride.

So, Charlotte Fang, actually Krishna Okhandiar, is the founder of Remilia Corporation, a digital assets studio. The guy is both an artist and a theorist and jumped into the NFT scene in 2021. First, he tried with a meme coin-like NFT series called Yayo, but that was short-lived. Then he did what he’s really known for.

In August 2021, Charlotte Fang launched Milady Maker with his team – a neo-chibi NFT collection of 10,000 limited cartoon artworks on the Ethereum blockchain. The plan was simple: a Minecraft server. And it worked. The collection sold out, and by April 2022, the minimum price rose to 1.55 ETH. Everything looked perfect.

Then came the scandal. In May 2022, Charlotte Fang was linked to an old Twitter account that had posted racist and homophobic content. That was a blow to the community. The price of Milady Maker plummeted. Fang later apologized and explained that he had only used that account for performance art and never shared those views. He called it “toxic ballast.”

But here’s the interesting part: In May 2023, Elon Musk tweeted about the Milady meme, and suddenly things started to rise again. The minimum price shot up and even surpassed previous all-time highs. Three months later, Milady Maker was the third most expensive 10,000 NFT profile picture collection. Charlotte Fang had managed to recover from the crisis.

But Fang didn’t rest on his laurels. Earlier this year, he launched the next big project: the meme coin $CULT. The token was introduced with an FDV of over $845 million – an impressive sum. 10 billion tokens in limited supply, with over half reserved as “cult funds.” Milady Maker holders received an exclusive airdrop.

Currently, $CULT has a market cap of $3.43 million and a fully diluted valuation of $4.42 million. That’s significantly lower than at launch – a classic meme coin scenario.

What fascinates me about Charlotte Fang is his ability to bounce back after scandals. The NFT scene is tough, but this guy seems to have a real community behind him that believes in his project. Whether $CULT develops the same potential as Milady Maker remains to be seen. In any case, Charlotte Fang is one of the most controversial and yet successful figures in the NFT world. Anyone diversifying their portfolio should at least keep an eye on projects like these.