Overview: a Swedish NFT dream that burned fast
The documentary Badfluence—produced by Svenska Dagbladet (SvD) and Podme—recounts the rise and abrupt downfall of the Swedish NFT project World of Alidia. Launched in summer 2022 by influencer Vanja Wikström and her partner Niklas Malmqvist, the venture promised a future built on digital art, exclusive access, and a vibrant community. Instead, it collapsed a little over a year later, leaving behind questions about finances, ethics, and accountability in influencer-led projects.
Journalists and researchers combed through annual reports, invoices, and other records to paint a clearer picture. What stands out, beyond flashy marketing and hyped promises, are the numbers—and the tensions they revealed between the founders’ ambitions and the realities of running a Crowdfunded venture in a volatile market.
Numbers behind the narrative: what the records show
Two clear takeaways emerge from the documents. First, the project raised just under 3 million kronor, roughly a tenth of the total sum the founders initially hoped to attract. Second, and perhaps most striking, the largest single expense category was salaries. The duo drew more than 1 million kronor in wages during the project’s short life, with Vanja Wikström continuing to pay herself around 44,000 kronor per month—just under the threshold that would trigger personal income tax in Sweden.
In the film, Malmqvist defends the decision as a necessary move to “survive” in Stockholm as a small team building a large, long-term project. Wikström adds that they did not intend to raise their own salaries; rather, they maintained the compensation level they were accustomed to in order to continue operations. Elin Häggberg, a tech journalist who followed the project from inside, challenges that logic. Her critique is blunt: in traditional crowdfunding or community-driven projects, the largest chunk of funds should not go to salaries, especially not to the founders themselves.
Two founders, a crowd, and a questionable balance
The program frames World of Alidia as a case study in the tension between entrepreneurial ambition and the realities of funding a creative-tech venture. The biggest discrepancy in the narrative is not the art, but where the money went and how decisions were justified to a paying audience. Häggberg’s perspective underscores a broader concern: when influencers lead fundraising efforts, how do communities ensure transparency, proportion, and accountability?
Three chapters, three conversations: what the documentary covers
Part 1: Dream
World of Alidia opened with grand promises—digital artworks, invites to an anticipated “future” community, and a lifestyle brand built around mythical figures like mermaids and elves. The episode traces the optimism, the early visibility, and the first signs that momentum might be easier to capture than to sustain.
Part 2: The Crash
The summer of 2022 brought shifts in expectations. Plans for a physical office were paused, and investigative eyes from places like Flashback began to scrutinize what was being marketed to supporters. The segment shows how marketing and real-world operations diverged as the project’s finances came under strain.
Part 3: The Allegations
By May 2025, questions center on trust, accountability, and the consequences of a perceived gap between discourse and achievement. The interview landscape expands to include debates about a responsible transition from hype to sustainable practice, and what it means for followers and investors when a beloved project falters.
Why does Badfluence resonate long after the crash? It taps into a modern dilemma: how value is created, measured, and explained in influencer-led tech ventures. It invites viewers to weigh excitement against evidence, and to ask who bears responsibility when dreams falter and livelihoods hinge on digital trends.
Bottom line: a cautionary tale and a doorway to dialogue
Badfluence encourages a broader conversation about transparency in crowdfunding, the ethics of influencer-led projects, and the importance of clear, accountable financial reporting. Whether you followed World of Alidia in real time or are encountering the case through the documentary, the questions remain: what counts as responsible innovation, and who should be answerable when money is invested—and spent—under the glow of a promising future?
