The long-awaited reveal of the Pixelmon NFT collection is here and is not what people expected. Over the past two days, Twitter has exploded when users first saw their Pixelmon NFTs. It’s safe to say that the majority of people weren’t impressed. Especially considering that this collection has substantial support and has raised over $70 million to build the project.
However, the revelation left people unimpressed, disillusioned and distraught, following a catastrophic drop in value on OpenSea. To put it mildly, the artwork is significantly below the expectations of the NFT community.
Now Twitter users are calling the project a scam, suggesting the artwork is fraudulent. Additionally, @NFTEthics and others are investigating how it happened and exploring the project in detail to uncover the truth.
Indeed, @NFTgoodguy first raised issues with the project in early February, but it seems people ignored his warnings. The Pixelmon team reacted quickly to the uproar and promised to spend another $2 million to improve the artwork. Only time will tell if this will be enough to appease disgruntled NFT buyers.
What is Pixelmon?
Pixelmon considers itself the first AAA game in the Metaverse. They state that their mission is to “create the biggest, highest quality game the NFT space has ever seen”. In the game, you battle and train Pixelmon, the Pokemon-like NFT characters, and adventure through the metaverse.
The first collection of NFTs, Pixelmon – Generation 1, contains 7,750 NFTs, was announced earlier this year and promised to deliver concept art NFTs as the game is not ready yet. This collection sold on February 7 via a Dutch auction. The starting price was set at 3 ETH (about $9,500 mint) and lowered every ten minutes.
Of course, the sale was very successful. Apparently, the Pixelmon team raised $70 million. Because of this money, and perhaps naively, many were considerably optimistic about NFTs.
Twitter has been relentlessly mocking the artwork for 48 hours. However, the reality is far from ideal. After the disastrous revelation, the floor price is 0.36 ETH ($1,000).
Nonetheless, people paid their hard-earned money to participate in this project, and they delivered an awful collection of art. Undoubtedly, many people will lose money on this.
The founder promises to repair the work.
There is still hope for those who are worried about what to do with their NFT.
Syber, the architect of the project, has announced plans to fix the NFTs immediately. He said, to put it simply, we’re sorry. We felt compelled to push the reveal, and the reality is that we weren’t ready to push the artwork. Our immediate next step is to pledge $2,000,000 to completely revamp and redesign our NFTs to higher quality. ”
Hopefully it’s not too little too late for those involved. Unfortunately, many people now believe that Pixelmon is a complete scam. The art will change, although $2 million seems like a small part of $70 million.
One of the main concerns is that the NFT art purchased through Upwork is of poor quality and should have worried the team. Another issue is that several NFTs seem to reuse existing character models with added filters. Other issues are being raised on Twitter and Discord.
Only time will tell if Pixelmon can change their NFTs and the view of the wider NFT space. Many people are currently researching the project, and this may not be the end we see of the notorious project.