Pixel Vault promised the Marvel of Web3.
It raised $100 million.
Launched tokens and comics.
Even promised a game backed by the DAO.
Today everything is gone.
Here’s how Pixel Vault collapsed🧵
(1/11)
It all started in April 2021.
Pixel Vault was founded by Gfunk and had Beanie as one of the main investors.
The first Punks Comic included 16 fractionalized punks.
It took over a month to sell out.
But soon it became one of the top NFT collections on OpenSea.
(2/11)
MetaHero was launched next.
The token ($POW) peaked at a $500M valuation.
The floor for MetaHero and Punks Comic reached 10 ETH.
Pixel Vault raised hype, trust and millions from the community.
And then, the VCs arrived.
(3/11)
In February 2022
Pixel Vault raised $100M in one round from Velvet Sea and 01A.
They were close to signing at a $1B valuation.
But the day the deal was about to close, a FUD thread targeting Beanie went viral.
That changed everything.
(4/11)
Gfunk used the moment to kick Beanie out.
He took over full control of the company.
The VCs still invested, but at a much lower valuation.
From that day on, Pixel Vault was never the same.
(5/11)
The company launched “Punks Comic #3: Beanie’s Assets”.
A $5M mint promising you could win his “assets”.
But those were never his assets.
The drop was misleading and the community started to notice.
(6/11)
Then came Battleplan.
A new game funded with $18M from the DAO.
Battleplan launched but never as an AAA game as promised
But instead a very buggy web java game that never really worked.
(7/11)
In 2023, they announced the buy of Wolf Game.
But instead of using the WOOL token, they sold $4M worth of boxes in ETH.
WOOL died overnight.
Another ecosystem destroyed.
(8/11)
They teased partnerships with the UFC
That never happened
They purchased a soccer team with the proceeds of a $5m NFT sale.
It has been constantly fudded by even the fans of the team.
They kept announcing.
They kept raising.
But nothing was delivered.
(9/11)
Today the POW token is gone.
MetaHero is inactive.
GG has no liquidity and was delisted from Bybit.
The DAO is empty.
And holders were left with promises, PDFs, and floor prices near zero.
(10/11)
Pixel Vault could’ve been one of the biggest decentralized brands in Web3.
Instead, it became a collapse.
One that began with a core NFT community
And ended with nothing left to extract.
(11/11)
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