More On: NFTs
Senators and regulators explain why the $60 billion collapse of a major cryptocurrency is not the industry's Bear Stearns moment
Pixelmon creators claimed that $10,000 NFTs were converted to Crypto due to a 'a horrible mistake.' Twitter is a laughingstock.
Pixelmon, a non-fungible token (NFT) startup that generated more than $70 million earlier this month, has shown the artworks for which users paid up to $10,000... Since then, the crypto community has had a field day with them.
$70 MILLION LOOOOOOOOL pic.twitter.com/GAcfAuMlsS— Cobie (@cobie) February 26, 2022
While the notion of "art" is obviously subjective, the overall quality of Pixelmon 3D models left Crypto Twitter perplexed—but not speechless. Since yesterday, users have been mocking several "derpy" creatures, pointing out that many pitch images have little in common with the final product.
expectation / reality pic.twitter.com/uCMJy6WTni— Cobie (@cobie) February 26, 2022
The secret Pixelmon team promised users "the largest and finest quality game the NFT space has ever seen," according to DappRadar. To that purpose, they announced a "Pixelmon – Generation 1" presale of NFTs, which ended on February 7.
Finally, 7,750 NFTs were sold through a Dutch auction, which meant that their price declined by 0.1 Ethereum (ETH) every 10 minutes, with a starting price of 3 ETH (about $9,500 at the time). As a result, the Pixelmon team has raised approximately $70 million in total from crypto enthusiasts.
At the time of writing, the floor price of Pixelmon NFTs on NFT marketplace OpenSea was 0.45 ETH (about $1,250), a long cry from their initial minting cost.
“A horrible mistake”
In response to today's widely mocked art unveiling, Pixelmon's founder, identified only as "Syber," admitted that his team "made a dreadful mistake" and that he had let himself down.
“I’m not going to sugar coat it – we made a horrible mistake,” Syber wrote. “To put it simply, we are sorry. This is unacceptable. We felt pressured to push reveal and the reality is we weren’t ready to push the art work. This does not represent the brand and we will fix this as we have let many people down with this reveal.”
Syber, on the other hand, offered to "pledge $2,000,000 in order to completely overhaul and remake our NFTs at a higher quality" by employing "a respected studio to do these redesigns" to "address" the matter. Needless to say, the community was dissatisfied with this remark as well, observing that Pixelmon intends to spend only roughly 3% of the funds obtained to completely overhaul its project.
Meanwhile, the coders have apparently had no problems recently using the fund on personal NFT purchases. "Pixelmon utilize the fund buying bayc clone and azuki," one user commented in the project's Discord channel.
“Market took a dip so our dev team wallet purchased a few nfts,” Syber replied with a smiling emoji.
Meanwhile, dissatisfied NFT purchasers should not expect a refund because "that's not how the space works," according to "Jason," another Pixelmon core team member.
"I'm sorry y'all went rough on Pixelmon," one user said, "but I hope this teaches the space a great lesson on where to put money." "Undoxxed founders with no product are the last place on the planet to deposit $70 million."
It's difficult to argue with that.
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