MekaVerse NFT: Tracing Its Meteoric Ascension and DescensionTable of Contents
MekaVerse NFT: Tracing Its Meteoric Ascension and Descension
By CoinUnited.io Research Team
2 min read
The MekaVerse crew set out to make unique 3D digital assets that would stand out from the rest of the NFT throng. MekaVerse plans to continue developing their platform and has released a new NFT collection called Meka-Bots despite the negative press they've received. Meka-inspired short films, an interactive Meka adventure map, and fully playable Meka-Driver NFTs are all in the horizon for the MekaVerse. Winners of the MekaVerse NFT and Raffle Drop There was a lot of buzz in the community leading up to the release of MekaVerse because everyone was so excited to finally get their hands on those special Mekas. The group's main focus was on presenting groundbreaking new forms of visual expression that may lead to exciting new developments, such as the joining of Mekas or the expansion of a single Meka into a Super-Meka.
On October 6, 2021, we held our first raffle. MekaVerse claims that 172,876 people who own wallets signed up to participate in the wallet. Within 24 hours, on October 7 during a 30-minute online event, the team had revealed the first set of winners. Even after winning and minting their MekaVerse NFTs, owners still didn't get to view the real NFTs they acquired until the grand unveiling a few days later. Secondary purchasers were eager to make the purchase despite their inability to view the NFTs. On October 8th, during the maiden auction on the secondary market, a reported 8,593 Mekas were minted by 5,453 wallets at a total volume of 13.9K and a floor price of 5.1 ETH as purchasers risked acquiring an exceedingly rare MekaVerse NFT.
Fans of the NFT community had been anticipating the release of MekaVerse collectibles for months. The price of the factions skyrocketed to a floor price of 5 ETH and another 8 ETH when they were listed on the secondary NFT marketplace, OpenSea, demonstrating the final buyer optimism. The current floor price, on the other hand, is somewhere about 0.38 ETH (as of Jan 25, 2023). The NFT community had been anticipating the formal date of the unveiling, October 13, 2021, but the team announced a postponement, giving the reason that 10 of the Mekas had similar characteristics and they needed time to update the code. Even though the launch went down without a hitch the next day, on October 14, momentum had been severely dented by the time the reveal fiasco became public knowledge. Fraud accusations appeared shortly after the debut. Several NFT holders voiced their dissatisfaction with the initiative on Twitter, with some pointing to suspicious secondary market purchases of rare collections made before the project's unveiling, suggesting that these purchases were done with advance knowledge of the project's details. On Twitter, a person by the name of MOLOTOV claimed that one of the project's creators, Wyb0.eth, had purchased a rare MekaVerse NFT at a discount just before the unveiling. Wyb0.eth publicly refuted the claims, said the revelation was infallible, and donated his NFT for sale to raise money for charity. But the harm was done. The uniqueness of the collection was diminished as several prospects observed and tweeted similar photographs of some of the Mekas, highlighting their shared characteristics.
However, its reputation in the vulnerable NFT arena was harmed by the widespread fear, uncertainty, and doubt (FUD) that surrounded the launch. NFTs are relatively illiquid in comparison to cryptocurrencies, and their prices may collapse suddenly, thus investors should always do their homework before putting their money into any NFT. MekaVerse is actively working to regain the trust of its user base in order to return to its previous glory. But the MekaVerse brotherhood has a tough job because of the poor market circumstances and low trade volumes.
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