Questions have been raised about NFT's purchased by Alexandre Arnault in February. The son of the third-wealthiest person in the world bid $3,100 for an NFT known as HypeBear 9021 and 7777, which turned out to be two of the rarest in the collection.
a crypto wallet linked to the executive was buying NFTs shortly before they appeared on the price-moving OpenSea homepage—in other words, he seemed to be frontrunning his own employer’s market-moving promotions.
Another NFT project plagued by controversy is MekaVerse, which was modeled after Japanese “mecha,” a genre of art that often depicts giant robots controlled by people. When it was released in October, MekaVerse raised $6 million. Allegations of insider trading, since a developer who led the launch appeared to buy a rare MekaVerse NFT pre-reveal. But the uproar might have resulted from a misunderstanding.
Ernest Siow says he first met Arnault in January after the Tiffany executive messaged him on Twitter to learn more about HypeBears. “He wants to build a nice portfolio for himself–a nice collection and a profitable collection,” Siow says. Their relationship has expanded beyond HypeBears, adds Siow. “We’ve been investing together … Whatever plays I do, I also share my knowledge with him.
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