Over the past couple of months, we've seen plenty of successful NFT projects, including the ever-rising prices of Bored Apes, the launch of HAPEBEAST, the hype around Invisible Friends, and so on. But unfortunately, not all projects see the same success.
Of course, when purchasing an NFT there are plenty of things you need to take into account. Could the project be a scam? Will the reveal tank the project? It is difficult to be certain, but when Pixelmon first teased its launch, it generated plenty of buzz.
With a mint price of 3 ETH in its primary sale (the equivalent of $8,100 USD), it started off as an expensive project, with plenty of fans ready to invest in what was sold as an actual game. Once it was revealed, however, it quickly saw a decline.
Why? Well, because the project was the definition of over promise, under deliver.
According to the project's creator, the funds generated will be used to develop the artwork. "The Pixelmon reveal was unacceptable. This is what our Pixelmon look like in-game. Our NFT art failed to reflect this," he wrote on Twitter, adding, "Despite the fud I will not go anywhere. The goal hasn't changed. The funds will still be used to build our game. I will see this project through."
The project raised $70 million USD, but the NFTs that the buyers received didn't reflect the original teasers of the project. Some are going so far as to describe it as "the worst NFT project ever," and others are even saying that it is a complete scam.
But, there's light at the end of the tunnel for some buyers. As the project has been roasted over the fire, an unlikely hero rose from the ashes – and his name is Kevin.
Picture a cross between a Minecraft character, a children's drawing, and Salad Fingers, and that's where you'll find Kevin. He is a frog-looking creature, and when he was revealed, it was such a terrible NFT that it has instantly become part of history – and of course, it is also a meme.
If you're laughing at people paying $8K for a silly pixelated image, you might need to take it back. Despite the floor price of the Pixelmon project hitting an almost embarrassing low of 0.44 ETH, lucky holders that minted a Kevin have been able to sell the now-memed NFT for over 8 ETH (around $24,000 USD) with some of them currently listed for 100 ETH.
Of course, Twitter has already been running wild with the memes making fun of those who invested in the project, because what else is there to do when plenty of people lose a lot of money?
Whether the NFT project is actually a scam or not is yet unclear, but it has been revealed that the team behind the project were hired on upwork. There's still potential for redemption – but as of now, it looks like Kevin's rise to fame is the only good thing to come out of Pixelmon thus far.