It is yet another tale of NFT hype going awry.
The project that was supposed to be a beautifully-designed, Pok9;mon-inspired NFT project called Pixelmon turned out to be a huge mess of irredeemably ugly pixel art, and investors are furious.
The part-game, part-NFT project promised to allow buyers to train, trade, fight and evolve their Pixelmon in the Metaverse.
According to the project's lead, who goes by the nameSyber, the project raised $70 million worth of ether on the NFT marketplace Open Sea.
When the NFT art was revealed, investors immediately expressed their remorse.
I think it's fair to say that all the buyers were rugged, because of an increasingly common maneuver in which developers suddenly abandon their projects and run with the money.
The art reveal that they showed off didn't meet the standards that they had set.
NFT enthusiasts couldn't resist poking fun at the character designs on their social media accounts.
It is not the first time an NFT project has failed to live up to the hype. It seems like not a week goes by without an NFT scamming collector.
It is a little different. The project isn't ready yet, and instead of running with the money, Syber is doubling down.
The plan was always to use the funding raised from mint to create better models.
I would like to apologize on behalf of myself and Pixelmon for everyone that has been affected by this.
Some of the people who spent thousands of dollars on Pixelmon may not be appeased by an apology.
A bunch of people who got scammed by an NFT project took sweet revenge.
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