Some NFT collections had the community hoping for huge success after raising much hype and funding, however, their market performance has left investors reeling.
The non-fungible token (NFT) space has a lot of success stories, from projects like the Bored Ape Yacht Club to CryptoPunks. But there have also been many projects that failed to live up to their hype:
MekaVerse
MekaVerse had one of the most successful launches for an NFT project. The hyped collection generated over $60 million during its first week, also enjoying coverage from traditional media firms.
Before its reveal in October 2021, the 8888 digital collections traded for as high as 12 ETH ($46,000) but it was immediately plagued with controversies as fraud allegations began to rise.
These negativities have spiraled into the floor price of the collection drastically dropping to as low as 0.272 ETH ($445), according to OpenSea…
