Markets News Report
September 27, 2023

Pak’s NFT Empire: Worthless Collections and a Plummeting Token

Pak's NFT Empire: Worthless Collections and a Plummeting 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 fa莽ade.

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.

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鈥檚 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.

ASH token dump

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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 Asti
Nik Asti

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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