🚨 $17M Zcash NFT Backlash: Adoption or Exit Play? ⚡
On-chain investigator ZachXBT accused the zkSNARKs NFT project on Zcash of an eight-figure cash grab with zero practical utility. The auction raised roughly $17M across 8,000 NFTs at a 1.5 $ZEC clearing price. Ordinals builder LeonidasNFT also warned the anonymous team behind Zilk Road previously abandoned speculative collections on Bitcoin. ⚠️
The team defended the mint, arguing that driving over 42,000 new shielded wallets and processing $40M in bids is real adoption. Over $19M was refunded to excess bidders, and the team cut royalties from 5% to 0%, directing past fees to builder grants. 🛡️
Yet several friction points demand caution:
🔹 Native Zcash Shielded Assets are not live on mainnet, relying on custom off-chain indexers.
🔹 Secondary floor prices sank to 0.78 $ZEC, leaving buyers immediately underwater.
🔹 Anonymous teams often hop chains to extract liquidity during early narrative hype.
Bullish on Zcash NFTs or staying cautious? 👇
#Zcash #NFTs #ZEC #CryptoNews
On-chain investigator ZachXBT accused the zkSNARKs NFT project on Zcash of an eight-figure cash grab with zero practical utility. The auction raised roughly $17M across 8,000 NFTs at a 1.5 $ZEC clearing price. Ordinals builder LeonidasNFT also warned the anonymous team behind Zilk Road previously abandoned speculative collections on Bitcoin. ⚠️
The team defended the mint, arguing that driving over 42,000 new shielded wallets and processing $40M in bids is real adoption. Over $19M was refunded to excess bidders, and the team cut royalties from 5% to 0%, directing past fees to builder grants. 🛡️
Yet several friction points demand caution:
🔹 Native Zcash Shielded Assets are not live on mainnet, relying on custom off-chain indexers.
🔹 Secondary floor prices sank to 0.78 $ZEC, leaving buyers immediately underwater.
🔹 Anonymous teams often hop chains to extract liquidity during early narrative hype.
Bullish on Zcash NFTs or staying cautious? 👇
#Zcash #NFTs #ZEC #CryptoNews
