ZachXBT Questions zkSNARKs NFT Project's $17 Million Fundraising Due to Lack of Ecosystem Development

On-chain detective ZachXBT has questioned the zkSNARKs NFT project, describing it as a typical collection of 10,000 PFP NFTs that raised over $17 million but lacks practical use and ecosystem development. He raised concerns about the team's fund allocation and royalty mechanism. zkSNARKs disclosed that the auction received a total of 16,971 bids, with all 8,000 NFTs fully allocated. The clearing price was 1.5 ZEC, resulting in a total transaction volume of 25,305 ZEC, which is approximately $36.94 million based on the disclosed price, with an expected refund of 13,309 ZEC.

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