On-chain investigator ZachXBT criticized the zkSNARKs NFT collection, describing it as another generic 10,000-piece profile-picture set with no real utility. In his post, he argued that teams behind such projects can raise eight-figure sums across multiple chains and then walk away. He listed what he described as the project’s structure: roughly $17 million in fundraising, a 10% team allocation, 5% royalties, and a mint price of about $2,000. He also said the setup appeared similar to the kind of “exit liquidity” behavior often seen in the Ordinals scene, adding that few actual ecosystem builders were promoting it. Earlier, zkSNARKs published its auction results on X. The figures showed 16,971 bids, all 8,000 items allocated, a clearing price of 1.5 ZEC, or about $2,190, total volume of 25,305 ZEC, or about $36.94 million, and 13,309 ZEC, or about $19.43 million, due for refunds.
On-chain investigator ZachXBT criticized the zkSNARKs NFT collection in a post, calling it another generic 10,000-piece profile-picture series with no practical use. He said the team behind a structure like this could raise eight-figure sums across different chains and then leave.
ZachXBT outlined what he described as the project’s setup: around $17 million in fundraising, a 10% team allocation, 5% royalties, and a mint price of about $2,000. He also said he suspected the approach was similar to the kind of retail extraction seen in the Ordinals scene, pointing to the lack of promotion from actual ecosystem builders.
Earlier, zkSNARKs posted auction results on X. The figures showed 16,971 bids, all 8,000 items allocated, a clearing price of 1.5 ZEC, or about $2,190, total volume of 25,305 ZEC, or about $36.94 million, and 13,309 ZEC, or about $19.43 million, set to be refunded.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
