Heart Media has filed a lawsuit against a Singaporean entrepreneur for the sale of non-fungible tokens (NFTs).
NFKings Productions’ Matthew Lim Yew Chuang functioned as a go-between for Jim Thompson, Heart Media, and Binance. People recognize Jim Thompson, a popular business owned by The Thai Silk Company, for its famous elephant designs. Heart Media controls and maintains several electronic and print media outlets, whereas Binance facilitates the trade of Non-fungible Tokens.
TBoth parties agreed that Non-fungible Tokens would have Jim Thompson’s intellectual property. Lim would then promote and sell those NFTS on the Binance marketplace.
On the other hand, Lim neglected to advise Heart Media that the event would only run for an hour on August 12, last year. He responded to this accusation by stating that the hour restriction is commonplace. This so that the activity does not appear to be a failure if there is minimal interest. Binance , on the other hand, does not have such a principle.
The one-hour sale time meant Heart Media couldn’t make the estimated revenue.
Heart Media was also not advised that there would be a destruction of any unsold Non-fungible Tokens. Binance NFT displayed the 60,6000 Jim Thompson NFTs as “Sold Out” even though he sold less than 6%. This deceived potential buyers about the Non-fungible Tokens’ condition. This resulted in losses and damages for Heart Media and Jim Thompson.
NFTs Partnership Origin
The whole plan had begun when Lim had contacted Heart Media’s CEO, Olivier Burlot, in July 2021. He had then purported to be making significant gains by assisting businesses in creating and selling Non-fungible Tokens.
Due to Burlot’s vast network of high-net-worth individuals and luxury brands, Lim urged Burlot to approach Jim Thompson about NFTs. He also suggested a “mystery box” style sale. The mystery box sale included Non-fungible Tokens of varying rarity and possibilities for clients to gain incentives after the auction.
Moreover, 20% of the sale earnings would be for “market-making” operations such as buying and selling Non-fungible Tokens after the auction. Heart Media, Jim Thompson, and Lim would own 20% of funding of the NFTs purchased.
Heart Media and Jim Thompson relied on the ‘NFT professional’ to trade with Binance.