Pixelmon, previously labeled the “worst NFT project ever,” is now making a comeback with fractionalized non-fungible tokens (NFTs).
On the 25th of February, a 19-year-old developer launched Pixelmon, promising a Pokemon-inspired game with collectible monsters.
But it soon became a laughing stock, collecting $70 million in Ethereum [ETH], yet offering only 68 questionable NFT characters, with “Kevin” symbolizing its failure.
Highlighting the same, an X (formerly Twitter) user, @zachxbt, noted,
“So @Pixelmon raised over $70m at 3 ETH per mint just for them to reveal like this. I think it’s fair to say all the buyers were rugged. Stop supporting cash grab NFT projects.”
The underlying risks
When Giulio Xiloyannis, the now CEO of Pixelmon, took over Pixelmon in May 2022, he knew a complete art overhaul was needed.
Yet, Kevin stood out among the rest, symbolizing crypto’s resilience, left untouched as a tribute to its endurance through challenges.
Taking to X, @notthreadguy, added,
“Pixelmon had an art reveal so terrible, ‘Kevin’ is being labeled a historical NFT.”
What’s fueling the optimism?
At last, Xiloyannis also outlined the risks of fractionalized IP ownership, emphasizing attention to distribution and community governance concerns.
Despite the risks, Pixelmon’s infamous “Kevin” NFTs have seen high demand, suggesting optimism in the project’s potential.
However, there’s a cautionary note regarding the unpredictability of choosing the right character. Moreover, decentralized governance adds complexity but fosters community involvement for long-term sustainability.
Thus, with support from firms like Immutable and Animoca Brands, Pixelmon is set for growth in blockchain gaming.
