Cryptocurrency2 hours ago (Mar 01, 2022 01:30PM ET)
Hopeful Users Raised $70M for ‘Scammy’ NFT Project Pixelmon and Its Shockingly Poor Quality Art
Pixelmon is an NFT-metaverse game which raised $70 million through from supporters. It was alleged to be a Pokémon-like metaverse game, yet, during the reveal, hopeful players were left diappointed as Pixelmon revealed horrible art and poor overall game quality. Some even began suspecting that the whole project was a scam.
Pixelmon is sold out! After many months of hard work the team is so excited for the many opportunities that $70M will provide for the game and for holders.We now have everything we need to build one of the biggest games in the NFT space. It’s time to get to work.
— Pixelmon (@Pixelmon) February 7, 2022
The grand promises made by the project of building “one of the biggest games in the NFT space” were left seemingly unfulfilled, as Pixelmon NFTs that were initially worth 3 ETH are now selling for 0.4 ETH.
Holders of Pixelmon NFTs began sharing their disappointment with their audiences, as the NFTs clearly did not look the way they were supposed to.
$70 MILLION LOOOOOOOOL pic.twitter.com/GAcfAuMlsS
— Cobie (@cobie) February 26, 2022
People who bought Pixelmon for 3 ETH when they could have just gone on upwork and hired the artists for $100.Theses massive hype cycles for NFT projects can’t be good in the long run and the health of the ecosystem. pic.twitter.com/Qa65HZ0RJE
— richerd.eth ᵍᵐ (マ,マ) (@richerd) February 26, 2022
$70M Pixelmon reveal. Absolutely beautiful.They even promised an additional $2M to improve the art even further.Apparently they are promising a further $5M in spend to build out the game.That’s a full 10% of the $70M allocated to building.Very ethical & I’m bullish. pic.twitter.com/xX28v7PDhO
— Captain Kix (retired) (@SpeculatorArt) February 25, 2022
Pixelmon had an art reveal so terrible, ‘Kevin’ is being labeled a historical NFT pic.twitter.com/A2ummGDypV
— ThreadGuy.eth (@DiscoverXnft) February 28, 2022
“The Pixelmon reveal was unacceptable. This is what our Pixelmon look like in-game. Our NFT art failed to reflect this,” Founder of Pixelmon Syber said, addressing the concerns. According to some sources, pseudonymous Syber is a 19-year old New Zealander, or a 21-year old named Martin.
He then added that the team had failed to accomplish many things and had limited knowledge in vital areas:
“What I’m saying is sorry. On behalf of myself. On behalf of Pixelmon. For the poor way we have begun our journey.
Our journey has just begun and we will work hard to earn back the trust of the community no matter how long it takes,” the project founder finished, rounding out the apology in his Twitter (NYSE:) post.
Users criticized the company for an incompetent allocation of funds and of betraying the trust of buyers; the founder then disclosed that the company would be pledging $2 million to redesign the current NFTs that people had already bought.
One NFT collector shared a particularly irresponsible tweet by Pixelmon’s founder featuring financial advice which encourages traders not to do any research and to blindly invest in the supposedly blue-chip Pixelmon project.
Statements such as this are misleading and can have legal consequences. Please be transparent and release financial documents detailing where the funds have been allocated to as well as to confirm that proper tax measures are being taken. pic.twitter.com/J3NQa82YOk
— Meelad O (@Meelad_Matoso) February 26, 2022
On the Flipside
- The NFT and metaverse spaces are full of scams and flawed business models. Investor should always look into the details of a project before investing any money into them.
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