Internal conflicts within the MetaKongz team, a leading South Korean non-fungible (NFT) collection, have caused the price of its NFT collections to plummet by nearly 17% on the OpenSea NFT exchange. Sources in the know allege that all is not well within the company as there have been rumors of hacking and differences among the company’s executives.
The internal conflict within the company is affecting the prices of its NFTs. A look at their recent performance shows that the price of Metakongz NFTs on the OpenSea exchange has dropped to around 0.99 ETH, compared to its average price of 1.20 ETH in June.
Before the internal conflicts within the company, MetaKongz NFTs were priced at 3.27 ETH. But with the internal conflicts bedeviling the company, analysts expect the price of their NFTs to continue to drop lower until they resolve the current disagreements on the ground.
Following a series of hacking attempts trailing the project, MetaKongz NFT holders who aren’t impressed with the company’s handling of issues have asked two of the company’s chief executives to step aside and allow the acclaimed chief technology officer (CTO), Lee Doo-hee, to handle the company moving forward.
The battle of supremacy
The battle of supremacy among the company’s executives is assuming new heights. In a recently deleted Twitter post, Chief Operating Officer (COO) Hwang Hyun-ki accused Lee of using corporate funds to buy upscale automobiles. Unfortunately, no evidence has been provided to back up his claim.
On the other hand, Lee has now announced that he is taking over the company, with Hwang expected to step down when the takeover is finalized. It should be recalled that the MetaKongz NFT discord channel was hacked in April, resulting in an 11.9 ETH loss for 79 investors.
MetaKongz is insanely popular with NFT enthusiasts in South Korea because of its unique propositions. As one of the leading profile picture (PFP) NFT projects, MetaKongz has collaborated with international and domestic brands, including Hyundai Motor and Shinsegae Group. Meanwhile, MetaKongz has yet to provide a detailed report on the company’s internal strife and how it plans to resolve the issues.