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Pixelmon NFT Launch Attracts Intense Criticism Over Its Ugly Disappointing Art

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Pixelmon NFT Launch Attracts Intense Criticism Over Its Ugly Disappointing Art

The widely anticipated Pixelmon NFT project became a source of ridicule upon its launch as the crypto Twitter addressed the art as one of the “worst NFT projects ever to have launched.”

Pixelmon NFT was one of the most hyped and anticipated crypto NFT launches which had accumulated a staggering $70 million in funding. The NFT fans were ecstatically waiting for the Pixelmon launch, only to find out that the NFTs launched were some of the most shabbily crafted NFTs to have launched to date. 

Fans Experience NFT Horror As Pixelmon NFT Launch Attracts Intense Criticism And Ridicule

The Pixelmon NFT was one of the widely anticipated NFT launches of the year with its creators promising to deliver additional benefits including the “largest and highest quality game the NFT space has ever seen.” The project also intended  to build out a Pixelmon metaverse with play-to-earn features comprising additional perks for holders of the “Generation 1” Pixelmon.” 

The tremendous hype behind the Pixelmon NFTs has had the investors thoroughly engaged with many crypto NFT enthusiasts ready to shell considerable amounts of money (3 ETH, roughly $9200) to make their booking before its official launch. Moreover, the project had managed to accumulate $70 million in funding, making it one of the most valuable NFT projects. 

However, when the NFTs were finally revealed on 25th February 2022 the Pixelmon fans were heavily disappointed in the appearance of NFTs, accrediting the art as “ugly” and “worst.” 

Pixelmon reveal is the biggest rug pull in NFT history. This ‘Web3 gaming’ project raked in $70 million! Investors paid up to $9k for one of these abominations and got absolutely rekt. It’s a fiasco that’ll have repercussions for the entire space. pic.twitter.com/phUlS77pg8

— John Jimenez (@johnj1138) February 26, 2022

The backlash took a severe form when crypto Twitter was flooded with intense criticism and ridicule, with many social media users expressing their disappointments in one of the most hyped projects. The backlash compelled the founder of the project Syber to address the growing NFT mayhem. 

What I’m saying is sorry. On behalf of myself. On behalf of Pixelmon. For the poor way we have begun our journey.

Our journey has just begun and we will work hard to earn back the trust of the community no matter how long it takes

— Syber | Pixelmon (@Syberer) February 26, 2022

“I would like to apologize on behalf of myself and Pixelmon for everyone that has been affected by this. When we began this project, we were not thinking it would get as big as this.” Syber announced via Twitter. 

We will further find additional reputable figures in this space to partner with. We will have an in-discord AMA within the day to help answer the most frequently asked questions (this will be recorded).

— Syber | Pixelmon (@Syberer) February 26, 2022

“The plan was always to use the funding raised from mint to create proper and better models –- our NFTs are updatable and what they look like now is poor quality – we own up to that – they will be made better. We felt pressured to push reveal and the reality is we weren’t ready to push the artwork.” Syber announced via Discord. 

Furthermore, Syber also gave updates including details on how his team is working towards evaluating the current situation and is currently establishing contacts with project managers to reach a favorable consensus. 

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Ethereum

Sky Mavis to Reimburse Axie Infinity Hack Victims and Restart the Ronin Bridge as Early as June 28th

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Sky Mavis to Reimburse Axie Infinity Hack Victims and Restart the Ronin Bridge as Early as June 28th

Summary:

  • Sky Mavis, the parent company of Axie Infinity, expects to reimburse hack victims on June 28th.
  • The Ronin Network bridge is also expected to reopen on the same day.

The parent company and developer of the Axie Infinity Video Game, Sky Mavis, has said in a statement that it expects to reimburse all affected gamers for its March 2020 hack by June 28th. In addition, the Ronin Network bridge is also scheduled to reopen on the same date.

The team at the Ronin Network has also updated via the tweet below on the reopening of the bridge, explaining that its engineers had been hard at work preparing for it to restart.

Our engineering team has been hard at work preparing for the Bridge to re-open. Things are progressing nicely and we have some more information to share with you today: pic.twitter.com/fgFV62G3vd

— Ronin (@Ronin_Network) June 23, 2022

Reopening the Ronin Bridge Will Require a Hard-fork.

They also added that for the bridge to reopen, the Ronin network required a hardfork, as explained below.

We plan on re-opening the Ronin Bridge on June 28th, with all user funds returned.

Re-opening will require on a Ronin hard-fork which requires all validators to update their software.

Validators have been informed regarding next steps to upgrade their validating node.

Axie Infinity (AXS) Could Have Found a Short-term Bottom on the 1 Day Chart.

Concerning price action, the daily AXS/USDT chart below hints at a potential short-term bottom for the digital asset at the recent low of $11.85 set last week as Bitcoin fell to a local low of $17,600.

Sky Mavis to Reimburse Axie Infinity Hack Victims and Restart the Ronin Bridge as Early as June 28th 19

Also, from the chart, it can be observed that AXS is attempting to recapture the 50-day (white) moving average as support. The daily trade volume is also green and confirmed by the MACD’s histograms.

Additionally, the daily RSI and MFI hint at renewed buying interest that could see AXS retest $20 or even push high enough towards $25 in the following days.

However, as with all altcoins, the fate of Axie Infinity (AXS) is very much tied to that of Bitcoin. Consequently, a loss of the $20k support by Bitcoin could lead to further losses for AXS, including dipping below the $10 support level.

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Celsius Considers Bankruptcy, Hires More Advisors

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Celsius Considers Bankruptcy, Hires More Advisors

Summary:

  • The crypto lending company of Celsius is reportedly considering filing for bankruptcy.
  • Celsius has therefore hired more advisors to prepare for the potential filing.

The crypto lending company of Celsius is reportedly considering filing for bankruptcy.

According to a report by the Wall Street Journal, Celsius Network LLC has hired restructuring consultants from the advisory firm of Alvarez and Marsal to recommend a way forward on a possible bankruptcy filing.

The Wall Street Journal, citing people familiar with the matter, also pointed out that neither representatives from Celsius nor Alvarez and Marsal had responded to requests for comments.

Last week, Celsius also hired the law firm of Akin Gump Strauss Hauer & Feld LLP to advise on possible solutions for its ongoing financial woes.

Celsius had Stated it Was Working on Stabilizing Operations.

In a June 20th blog post, the Celsius team updated the crypto community on the status of the company, pointing out that their main objective was to stabilize the platform’s liquidity and operations.

The team at Celsius also informed the crypto community that stabilizing the platform would take time and they were pausing all Twitter spaces and AMAs (ask-me-anything) sessions ‘to focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community.’

Celsius Had Stated that it Was Committed to Meeting its Obligations.

To note is that withdrawals, swaps, and transfers on Celsius were halted on June 13th with the team citing current market conditions as the main reason for doing so. They explained:

Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations.

[Feature image courtesy of Celsius.Network]

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Kyber Network Admits A Portion of Its Treasury Was Held By 3AC, But Not Significant to Affect KNC Operations

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Kyber Network Admits A Portion of Its Treasury Was Held By 3AC, But Not Significant to Affect KNC Operations

Summary:

  • The Kyber Network team has admitted that Three Arrows Capital’s potential insolvency might impact its treasury.
  • A small portion of Kyber Network’s treasury is with Three Arrows Capital but is not significant enough to affect the KNC project’s operations.
  • The team at Kyber Network adds that it has enough funds to operate for many years.

The potential insolvency of the Three Arrows Capital hedge fund continues to expose a web of affected crypto projects.

Yesterday, the team at Kyber Network clarified via Twitter that Three Arrows Capital held a small portion of its treasury. Therefore, as explained in the tweet below, its potential insolvency could have a small impact on Kyber Network.

3/6 3AC’s potential insolvency may have some impact on Kyber treasury as a small portion of Kyber treasury is with 3AC.

— Kyber Network (@KyberNetwork) June 23, 2022

Three Arrows Capital Had Done an OTC Deal with Kyber Treasury to Buy Some KNC.

The Twitter thread by Kyber Network explaining its connection to the potentially insolvent Three Arrows Capital starts by stating that 3AC had done an OTC deal with cyber treasury to purchase KNC. However, the amount purchased was not significant and was transferred from Three Arrows Capital receiving wallet ‘a long time ago.’

The team at Kyber Network believes that 3AC still holds the KNC, but the amount should not be part of the assets belonging to Three Arrows Capital that was liquidated earlier this month.

Kyber Networks Can Sustain Development for Many Years.

The Kyber Network team also added that the events surrounding Three Arrows Capital would not significantly impact the project’s operations as it has enough to sustain development for many years. They said:

However, we are in no way stopped by this incident as Kyber treasury can still sustain Kyber’s development for many years. We were caught off guard since our relationship & our trust in 3AC had been built up for more than 3 years. At the end of the day we are still human.

3AC Incident is A Great Learning Lesson. KNC Will Not be Laying Off Any Employees.

Furthermore, they explained that the Three Arrows Capital incident ‘is a great lesson and wake-up call for [the project]’ and that it will firm up their ‘belief in a trustless Defi ecosystem.’ The Kyber Network team also clarified that they will not be laying off any employees, as explained below.

Nothing is changed in our long term plan, we are not laying off but rather expanding the Kyber team to build the true trustless decentralized exchange in line with our long term vision. New protocol announcement is coming in the next few days.

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