Pixelmon, a non-fungible token (NFT) project that raised over $70 million earlier this month, has recently revealed artifacts for which users have paid up to $10,000… and the crypto community is in a field with them. Day is happening.
$70 million pic.twitter.com/GAcfAuMlsS
— cobie (@cobie) February 26, 2022
Although the definition of “art” is a highly subjective subject, the overall quality of the Pixelmon 3D models has left Crypto Twitter unsettled – but certainly not speechless. Users have been teasing several “sneaky” creatures since yesterday, alluding to the fact that starting pitch picture Very little to do with the final product.
expectation reality pic.twitter.com/uCMJy6WTni
— cobie (@cobie) February 26, 2022
according to this DappRadarThe unnamed Pixelmon team has promised users to create “the biggest and highest quality game ever.” To this end, they launched a presale of NFTs, called “Pixelmon – Generation 1”, which ended on February 7.
Ultimately, 7,750 NFTs were sold through a Dutch auction – meaning their price dropped by 0.1 Ethereum (ETH) every 10 minutes – with an opening price of 3 ETH (around $9,500 at the time). As a result, the Pixelmon team has raised around $70 million in total from crypto enthusiasts.
Disclaimer: I hate and feel sorry for the community that has been screwed by @Pixelmon, This video is in your honor. #shitzelmon #pixelmon #nft #OpenSeaNFT pic.twitter.com/ZMUq46otz9
— _wolfcube_ (@_wolfcube_) February 26, 2022
As of press time, the minimum price for Pixelmon NFTs has dropped to 0.45 ETH (about $1,250) on NFT marketplace OpenSea – a far cry from their initial mining cost.
“a terrible mistake”
Commenting on the widely ridiculed art today, the Pixelmon founder, known simply as “Cyber”, admitted that his team “made a terrible mistake” and that they let go. she herself Down.
“I’m not going to sugar coat this – we made a terrible mistake,” wrote Cyber. “To put it simply, we’re sorry. It’s unacceptable. We felt pressured to reveal and the reality is that we weren’t prepared to push the work of art. It doesn’t represent the brand.” And we will fix it as we have disappointed many people with this revelation.”
The Pixelmon team admits to making “a terrible mistake”.
However, to “fix” the situation, Cyber has hired “a reputable studio to do these redesigns” for $2,000,000 to “completely redesign and redesign our NFTs at a higher quality.” promised to pledge”. Needless to say, the community wasn’t happy with this statement either, quickly pointing out that Pixelmon plans to spend only 3% of the money raised to completely revamp its project.
Meanwhile, developers reportedly had no problem spending funds on individual NFT purchases recently. As one user noted in the project’s Discord channel, “Pixelmon Bak used funds to buy clones and Azuki.”
The founders of Pixelmon agree to purchase NFTs using the project’s funds.
Cyber responded with a smiling emoji, “The market is down, so Wallet, our dev team, bought some NFTS.”
Meanwhile, according to “Jason”, another member of the Pixelmon core team, unhappy NFT buyers should not hold their breath in anticipation of a refund because “this is not how the space works”.
“That’s not how space works.”
“I’m sorry you all have been harsh on Pixelmon, but I hope this teaches the space a valuable lesson about where to put the money,” one of the commenters said. Estimated, “Founders with no product who don’t have the last place in the world to invest $70 million.”
It’s really hard to argue with that.
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