Pixelmon is an NFT project which raised more than $70 million in funds in early February. It then revealed the various artworks and buyers paid ca. $10,000. The revealed artworks caused a lot of derision in the crypto community.
According to a report by DappRadar, an anonymous team at Pixelmon promised users that it would create high quality in a game. Such a large game would be the first in the NFT-related space. To make this possible, Pixelmon launched a pre-sale of game related NFTs titled Pixelmon – the first Generation. This sale closed on February 7th.
Finally, 7750 NFTs got sold in a Dutch style auction. In such an auction, the price drops 0.1 ETH at 10- minute intervals. The starting price is 3 ETH or $ 9500 at that point in time. Thanks to this process, the team at Pixelmon managed to raise $70 million in total from crypto and NFT enthusiasts. After the reveal, Pixelmon NFTs prices have dropped to 0.45 ETH on OpenSea, an NFT marketplace. This is a huge swing from their base cost of minting.
After hearing a lot of ridicule for the reveal, Pixelmon’s founder who is known as “Syber”, said that his Pixelmon team’s work resulted in a big mistake. He also apologized and said that they were under pressure to reveal their artwork. They were not ready to do so, and the work is not representative of the brand. He pledged to fix this situation and is going to spend $2 million to revamp as well as redesign the NFTs to be of a bettervquality. The community is still not happy in spite of this statement and noted that Pixelmon is spending 3% of the money raised raised to revamp the whole project.