The Fyre Festival was a fraudulent music event promoted to take place in the Bahamas in 2017. Convicted con artist Billy McFarland was the primary promoter along with rapper and actor, Ja Rule. Well-known Instagram and social media influencers Kendall Jenner, Bella Hadid, Hailey Baldwin, and Emily Ratajkowski generated excitement and FOMO with their social media posts.
Before the event, social media was buzzing with anticipation with everyone paying thousands of dollars, in some cases tens of thousands, to be part of this one-of-a-kind Coachella type of exotic island affair. There was just one problem. A colossal rug pull was about to happen, and few saw it coming. Here’s what we can all do to avoid this type of thing from happening in the NFT space.