Pak’s NFT Empire: Worthless Collections and a Plummeting Token
In Brief
Pak’s NFT collection, once worth $90M, now sees a dismal decline, highlighting questions around his actual contribution to the industry.
Investigating the Diminishing Value of Pak’s NFTs and the Decline of the $ASH Token.
In a world where NFTs have revolutionized digital art trading, the case of the artist known as Pak stands out as a controversial and alarming example.
Despite having sold a record NFT collection for $90 million, today, the entire collection’s trading volume is barely scraping $3,000. It’s a stark reminder of the volatility and unpredictability in the NFT space, and for many, it reveals the grim realities behind Pak’s seemingly successful façade.
Earlier, Pak’s mysterious NFT project generated a staggering $91.8 million in sales on Nifty Gateway, touted as the “largest ever art sale by a living creator.” This immense sale, which was supposed to last 48 hours, was completed in just two hours, underscoring the initial hype and demand surrounding Pak’s art.
However, these impressive figures have plummeted, bringing to light questions and concerns about Pak’s credibility and the true value of his work.
Never forget Pak sold a record $90M NFT collection, which is worthless now, whole collection had like $3k volume the entire last month
— Wazz (@WazzCrypto) September 26, 2023
U go to his feed and this the kind of bullshit u see him posting
Amazing stuff 🤡 pic.twitter.com/sO2GVXGSw9
One significant aspect is Pak’s other collections, which reports estimate to amount to around $200-250 million in total mints and sales. Despite these substantial figures, critics argue that Pak’s contributions to the industry are non-existent, accusing him of merely extracting value. The sharp decline in trading volume of his NFT collections and the near disappearance from prominent platforms like Opensea further fuel these criticisms.
Scam $ASH Token
The launch of Pak’s token, $ASH, adds another layer to the debacle. This token has experienced a significant downturn, further eroding the trust and confidence of investors and participants in the NFT space. Critics have pointed to the dismal performance of $ASH as further proof of Pak’s detrimental impact on the market, providing little to no value to the industry while benefiting from substantial sales and mints.
Critics and industry watchers are now cautioning participants to exercise due diligence and thorough analysis before engaging in the NFT market, especially with artists like Pak whose massive initial sales have not translated to sustained value or contribution to the broader NFT and digital art space.
The unfolding situation surrounding Pak’s NFT collections and the $ASH token serves as a sobering lesson to both artists and investors in the NFT world, highlighting the importance of transparency, authenticity, and long-term value in this burgeoning and often unpredictable market.
The question remains open whether Park was truly a successful artist or simply turned out to be a speculator who skillfully made money on a bull market and naive users.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
