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Members of the Pixel Vault community are raising concerns and issues about the project’s development and the illiquid token, $PUNKS. Famous NFT influencer Nathanhead.eth, took to Twitter this week, sharing an image of his $PUNKS tokens and how he cannot swap them due to zero liquidity. Many users rushed to also question the future of the project in the comments.
Pixel Vault is a web3 media company that focuses on developing narratives and stories to elevate crypto assets in various ways. They are the creators of the highly popular PUNKS Comics, PV MintPass, MetaHero Identities, and others.
What’s more, they were part of a unique partnership between PUNKS Comic, Bored Ape Yacht Club, GMoney, and Adidas. Last year was huge for NFTs, and Pixel Vault was a vital part of the success. The web3 company saw its NFTs make nearly 100,00 ETH.
Pixel Vault, like many other projects in the space, has seen the price of its various NFT collections decline. Because of this, many are now questioning the project’s longevity.
The Tweet by @Nathanhead.eth said, “What hurts is I spent well over half a year staking two ‘Punks Comic #1’s, watching their value fall over time, to find out the $PUNKS token I was earning from staking is totally illiquid”.
Although many replies to the tweets above also questioned the project’s future, some offered an alternative viewpoint. One user pointed out the recent news about a Rarible custom Pixel Vault market and other plans for the future.
Finally, it is uncertain what will happen in the long-term. However, the zero liquidity on $PUNKS will certainly need addressing in the weeks and months ahead.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
James is an English teacher and freelance writer with a passion for NFTs, football, film and technology.
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