Pixelmon NFT game project collected $70m in Ethereum only To Deliver ugly arts
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.
CBW - External Analyst