PIXELMON - Disaster NFT Collection & How to Avoid 🚩
You may have seen the memes on Twitter regarding a new NFT launch - Pixelmon. They raised an incredible amount of money, with hugely overpriced mints only to deliver some of the most disappointing yet hilarious artwork ever seen from an NFT project.
Pixelmon recently raised $75 million for their NFT project - with assets costing 3 ETH each to mint. This in itself is a massive red flag for investors, as what projects needs to raise that amount of funds and the fact it was an anonymous team made it even worse
:MonkaChrist: Since launch we saw the assets drop from 3 ETH down to 0.34 ETH in a matter of days
Some of the artwork was so bad, it was almost good… quite hilariously we saw one of the Pixelmon gain a lot of meme attention. The Pixelmon itself was called ‘Kevin’ hahaha. As we all know crypto is pretty strong in the degen and meme department, and we actually saw the ‘Kevins’ within the collection rise as high as a 10 ETH floor in the last few days. The thesis being that due to its meme value, it would go down in history for remembering one of the worst project launches and one of the highest project raises of all time - not one I would follow...
👀 All jokes aside many investors lost $9,000+ from the launch, and here are a few things to consider to avoid such terrible collections:
🔸 Don’t mint projects with stupidly high mint prices - there is limited upside and much higher risk to downside. Projects make income off secondary royalties and if they are confident in their product then a very high mint price can be a sign of a cash grab
🔸 Avoid anonymous teams if unsure - now this isn’t always the case and many top projects stay anon, but it must be a consideration as there is little accountability
🔸 Don’t get swept up in hype and fomo - many of the best projects don’t need to overhype their launch if their product is great!
