These NFT projects came after considerable community hype

by James · November 5, 2022

Some NFT pools had the community hoping for great success after garnering a lot of hype and funding, but their market performance has left investors reeling.

The non-fungible token (NFT) space has many success stories, from projects like Bored Ape Yacht Club to CryptoPunks. But there have also been many projects that failed to live up to their hype:

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MechaVerse

MekaVerse had one of the most successful launches for an NFT project. The hyped collection generated over $60 million in its first week and also received coverage from traditional media firms.

Before its October 2021 reveal, the 8,888 digital collections were traded for as high as 12 ETH ($46,000), but it was immediately plagued with controversy as fraud allegations began to mount.

Mechaverse — Meka #2032 (Source: OpenSea)

These negativities have caused the floor price of the pool to drop drastically to as low as 0.272 ETH ($445), according to OpenSea data.

Pixelmon

Pixelmon is another NFT project that has “bombed” since its launch. The ambitious NFT project had raised around $70 million to become the “Pokemon of NFTs.” However, the project turned out to be far from what the investors had hoped for.

When it debuted in February 2022, the cost to mint a Pixelmon NFT was 3 ETH ($9500). Today, the floor price of the collection is a measly 0.42 ETH ($687).

This is also after the increase of 5% in the last 30 days. But there have been a few anomalous sales with three different Pixelmons selling for over 7 ETH in the last 30 days.

PXN: Ghost Division

Another collection that failed spectacularly is PXN: Ghost Division. Before the disclosure, NFT averaged 4.15 ETH ($11,000).

But the floor price on OpenSea has now dropped to 0.199 ($352). Sales volume on OpenSea in the last 30 days is a paltry 89 ETH from 387 sales, and the floor price has fallen by 5%. The highest valued PXN in this period sold for 1.99 ETH.

Hape Prime Collection

The Hape Prime collection also failed to live up to pre-launch expectations and has now seen its floor price drop significantly. Before the reveal, it was trading for 9 ETH ($27,500).

The current floor price on OpenSea is 0.43 ($703) ETH. In the last 30 days, sales volume has decreased by 9% to 126 ETH from 204 sales. It appears that the floor price is falling further, as it has fallen by 28% within that period.

Hape Prime NFT — HAPE #3857 (Source: OpenSea)

Nevertheless, there are some who believe in the value of the collection. A user bought HAPE #6625 for 4.99 ETH ($8,160) on November 4th.

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