The long-awaited reveal of the Pixelmon NFT collection is here and it isn’t what people expected. Over the past two days, Twitter has exploded as users saw their Pixelmon NFTs for the first time. It is safe to say that the majority of people were not impressed. Especially considering this collection has substantial backing and raised over $70 million to build the project.
However, the reveal has left people unimpressed, disillusioned, and out of pocket, following a catastrophic drop in value on OpenSea. To put it kindly, the artwork is significantly below the expectations of the NFT community.
Now, Twitter users are calling the project a scam, suggesting that the artwork is fraudulent. Furthermore, @NFTEthics and others are looking at how this happened and exploring the project in detail to find out the truth.
Indeed, @NFTgoodguy first raised issues with the project in early February, but it appears people did not heed his warnings. The Pixelmon team has responded quickly to the uproar and promised to spend an additional $2 million to improve the artwork. Only time will tell whether this is enough to appease the dissatisfied NFT buyers.
What is Pixelmon?
Pixelmon envisions itself as the first AAA game in the metaverse. They state that their mission is to “create the largest and highest quality game the NFT space has ever seen.” In the game, you battle and train Pixelmon, the NFT characters, similar to Pokemon, and go on adventures across the metaverse.
The first collection of NFTs, Pixelmon – Generation 1, contains 7,750 NFTs, was announced early this year and promised to deliver concept art NFTs as the game is not ready yet. This collection sold out on February 7th via a Dutch auction. The starting price was set at 3 ETH (around $9,500 during mint) and lowered every ten minutes.
Of course, the sale was highly successful. Reportedly, the Pixelmon team raised $70 million. Because of this money, and perhaps naively, many were considerably optimistic about the NFTs.
However, the reality is far from ideal. As a result, Twitter has been mocking the artwork relentlessly for the past 48 hours. After the disastrous reveal, the floor price is 0.36 ETH ($1000).
Nevertheless, people have paid their hard-earned money to enter this project, and the project delivered an awful collection of art. Undoubtedly, many people will lose money on this.
The founder promises to fix the artwork.
There is still hope for those concerned about what to do with their NFT.
Syber, the project architect, announced that they intend to fix the NFTs immediately. He said, “To put it simply, we are sorry. We felt pressured to push reveal, and the reality is we weren’t ready to push the artwork. Our immediate next step is to pledge $2,000,000 to revamp and redesign our NFTs at a higher quality completely. ”
Hopefully, this is not a case of too little too late for those affected. Unfortunately, many people now believe that Pixelmon is a complete scam. The art will change, although $2million seems like a small portion of $70 million.
One of the main concerns is that the NFT art purchased through Upwork is of poor quality and should have raised concerns to the team. Another issue is that several NFTs appear to repurposed existing character models with filters added. Other problems are being raised on Twitter and Discord.