Pixelmon, a non-fungible token (NFT) project that raised over $70 million earlier this month, recently revealed the artwork that users paid up to $10,000 for… and the crypto community has been having fun with them ever since.
$70 MILLION pic.twitter.com/GAcfAuMlsS
—Cobie (@cobie) February 26, 2022
Although the definition of “art” is a highly subjective matter, the overall quality of the Pixelmon 3D models nevertheless left crypto Twitter perplexed, but certainly not speechless. Users have ridiculed many “derpy” creatures since yesterday, pointing out that initial height images have little in common with the final product.
expectation / reality pic.twitter.com/uCMJy6WTni
—Cobie (@cobie) February 26, 2022
According to DappRadar, the anonymous Pixelmon team promised users to create “the biggest, highest quality game the NFT space has ever seen”. To this end, they launched an NFT presale, dubbed “Pixelmon – Generation 1”, which ended on February 7th.
In the end, 7,750 NFTs were sold through a Dutch auction, meaning their price dropped by 0.1 Ethereum (ETH) every 10 minutes, with a starting price set at 3 ETH (about $9,500 at the time). As a result, the Pixelmon team has raised around $70 million in total from crypto enthusiasts.
— _wolfcube_ (@_wolfcube_) February 26, 2022
As of press time, the floor price of Pixelmon NFTs has dropped to 0.45 ETH (about $1,250) on the OpenSea NFT marketplace, a far cry from their initial minting cost.
“An awful mistake”
Commenting on the widely ridiculed art reveal today, the Pixelmon founder, known only as ‘Syber’, acknowledged that his team ‘made a horrible mistake’ and left himself down.
“I’m not going to sugarcoat – we made a horrible mistake,” Syber wrote. “To put it simply, we are sorry. This is unacceptable. We felt compelled to push the reveal and the reality is that we weren’t ready to push the artwork. This does not represent the brand and we will correct this as we let a lot of people down with this reveal.
To “fix” the situation, however, Syber promised “to pledge $2,000,000 to completely revamp and redesign our NFTs to higher quality” by hiring “a reputable studio to do these redesigns”. Needless to say, the community wasn’t happy with that statement either, quickly noting that Pixelmon only planned to spend around 3% of the funds raised to completely revamp their project.
Meanwhile, the developers apparently had no problem spending the fund on personal NFT purchases lately. As one user on the project’s Discord channel noted, “Pixelmon is using the bayc clone and azuki purchase fund.”
“The market took a dive, so our dev team portfolio bought some nfts,” Syber replied with a smiley face emoji.
Meanwhile, disgruntled NFT shoppers shouldn’t hold their breath in hopes of a refund because “that’s not how the space works,” according to fellow e-mailer Jason. Pixelmon core team.
“I’m sorry you all got hard on Pixelmon, but I hope this teaches space a valuable lesson on where to put money,” one commenter deducted. “Undoxxed founders with no product being the last place in the world to put $70 million.”
It’s really hard to argue with that indeed.
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