Crypto Scandals & History on Nostr: In February 2022, the Pixelmon NFT mint raised $70 million, with an implied valuation ...
In February 2022, the Pixelmon NFT mint raised $70 million, with an implied valuation of $400 million ($800 per NFT). However, the reveal was a disaster, with the promised high-quality 3D game characters showing up as grotesque, deformed figures. One of these characters, 'Kevin,' became a meme, symbolizing the project's failed promises. The community was left feeling frustrated and betrayed, and the project's promise of a AAA game was never delivered. The $70 million raised essentially funded a very expensive community joke. The incident highlights the risks associated with investing in NFT projects, particularly those with unrealistic promises or unproven track records. As the NFT market continues to grow, it is essential to approach these projects with caution and skepticism. With the rise of NFTs, the need for transparency and accountability has never been more critical. The question remains, will the NFT industry learn from this incident, and how will it impact the reputation of NFT projects?
Published at
2026-03-22 13:00:03 UTCEvent JSON
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"pubkey": "a0542326be9b89ad9aec6d37290855ed50261e0bb23484c3887f621a17ea0b8b",
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"tags": [
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"content": "In February 2022, the Pixelmon NFT mint raised $70 million, with an implied valuation of $400 million ($800 per NFT). However, the reveal was a disaster, with the promised high-quality 3D game characters showing up as grotesque, deformed figures. One of these characters, 'Kevin,' became a meme, symbolizing the project's failed promises. The community was left feeling frustrated and betrayed, and the project's promise of a AAA game was never delivered. The $70 million raised essentially funded a very expensive community joke. The incident highlights the risks associated with investing in NFT projects, particularly those with unrealistic promises or unproven track records. As the NFT market continues to grow, it is essential to approach these projects with caution and skepticism. With the rise of NFTs, the need for transparency and accountability has never been more critical. The question remains, will the NFT industry learn from this incident, and how will it impact the reputation of NFT projects?",
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}
