- Cardano community facing millions in losses due to Pixl Page and Nano frames debacle
- No signs of refunds are forthcoming from the side of Nano frames
Captain Nano, the founder of Nano Frames, committed one of the biggest frauds by stealing $ADA worth millions from the Cardano community. They made huge promises to gain people’s trust but eventually failed to meet those expectations. This led to them committing a series of mishaps, leaving the project midway and refusing to pay back the fraudulent money. In this article, you will learn the truth of what happened throughout Pixl Page and Nano frames fraud.
Taking a close look at Nano frames
Nano frames were launched in 2021, and eventually, within a few days, they became quite popular across the Cardano community. Its unique product was an instant hit as it would take Cardano NFT space to newer heights amid all the build-up hype. Most importantly, it allowed people to own physical NFT frames, which can be displayed in a home or other places. After a few months, this unique idea eventually led to the Nano frame’s downfall.
A pre-sale was conducted in 2021, where physical nano NFT frames got presented to the investors. But due to a negligent and incompetent team, the pre-sale was a complete disaster. Later on, it was found that Nano frames lacked proper certifications for converting the $ADA gained into fiat currency. Therefore, they couldn’t utilize the amount they managed to gather from the pre-sale event.
Due to the team wanting to cash in on the hype going through the market, this rash decision of launching early was taken. Moreover, Nano Frames also refused to switch from their Chinese manufacturers, who were not cooperating properly. Because everything happened amid the ongoing global crisis regarding Covid-19, these are a few reasons Nano Frames failed to stick by the promises made in the initial days.
Introduction of Pixl Page
To answer the critics of Nano frames, its CEO created Pixl Page on February 2022 to regain users’ trust. Moreover, the primary aim behind the launch of this product was to return the money lost by investors during pre-sale. This application was created to operate as a digital extension to Nano frames.
It allowed people to own physical NFT frames at a loss rather than investing heavily. Therefore, it wanted to create a social media-like NFT platform where people could showcase their digital assets to the world. The Pixl Page team launched a CURATOR genesis mint to obtain the necessary funds to make Nano frames successful. This program allowed people lifetime access to Pixl Page’s features.
Nevertheless, the Nano Frames team failed to reach the target they aimed for through funding. Thus, leading the project towards doom that was hard to come out from. Even to this date, the Nano Frames project hasn’t been able to ship any physical NFT frames to its supporters.
Conclusion
People are still awaiting their refunds from investments in 2021 that haven’t arrived. Captain Nano last communicated with several people regarding the refunds in March of this year. But after that communication, he completely vanished off the grid with no traces found and no failed projects on his track.