Pixelmon NFT game project collected $70m in Ethereum only To Deliver ugly arts


Pixelmon
announced about creating and developing an open-world role-playing metaverse
game using NFTs where gamers can keep developing their ‘Pixelmon NFTs. The demo
reel got people hyped up. Pixelmon collected $70m in Ethereum on OpenSea to
fund the project. When the game’s artworks revealed investors were not happily
calling it to be ugly.
The creators of
the project explained that the game would be set in the fantasy virtual world
of Eden, where players would be able to capture, trade, and sell Pixelmon
characters from the NFT. As per the project paper it says, Pixelmon Metaverse is
going to be “the largest, highest quality game NFT space has ever seen.” Investors
will receive NFTs for their investments. Even before NFTs were even published the
project raised about $70 million.
The NFT
collection was sold at the OpenSea NFT marketplace for 0.36 ETH ($1,051) at the
time of writing. Each NFT was minted for 3 Ether (ETH), which is about $8,700
today. A Dutch-style auction with a start price of 3 ETH (or about $8800 today)
was set up by the founders of the mint. The price for an NFT character would
drop every 10 minutes until the lot of 10,000 NFTs sold out. In Q3 or Q4 of
2022, the game is said to be launching. Some images of the “high quality” design
of the Pixelmon NFTs were shared by Twitter user ColdBloodShill.
On Twitter, the
Pixelmon channel advertised that 6666 of those Pixelmon NFT collections created
by Dolce & Gabbana, Dior, and Burberry stylists that represent the wild side
of our spirit animal got released on OpenSea on February 28th.
During the time
of publication of the article, on OpenSea, the prices of NFTs were continuously
falling well below the minting price. The owners of the NFTs had to sell them
at a much below price rate compared to the price at which they bought them.
Controversy
related to Pixelmon NFT:
Although after it got launched, a number of investors complained that the collection's artistic quality was poor. As per many investors, the quality of NFTs was significantly different from their expectations and on Twitter, some of them called the NFTs ugly. On Discord, head of the Pixelmon project, Syber wrote highlighting that the quality of the NFTs is “unacceptable” and it was a “horrible mistake.”. He said the team would fix the problem.
It was said on Twitter that each NFT is updateable
and there will be a focus on the quality to increase. Syber also has a plan to
work with a gaming studio to develop the game. He is also expressing they’ve
hired a professional design studio with “500 employees” to get the artwork
right. The 70 million should be spent in the development of the Pixelmon game.
Recently Syber called for the “major gaming developer” who will now be involved
in developing the game. Although few signs reflect the project to be a scam.

Indrani bose
CBW - External Analyst
INDIA