Pixelmon is an NFT-metaverse game which raised $70 million through Ethereum 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.— Pixelmon (@Pixelmon) February 7, 2022
We now have everything we need to build one of the biggest games in the NFT space. It's time to get to work.
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.
$70M Pixelmon reveal. Absolutely beautiful.— Captain Kix (retired) (@SpeculatorArt) February 25, 2022
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
“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 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. 🚨— Meelad O (@Meelad_Matoso) February 26, 2022
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
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.