$PIXEL, the latest addition to Binance's Launchpool lineup, introduces an open-world gaming experience by Pixels. With its native token $PIXEL, players engage in farming, creation, and exploration within the virtual environment. The game features an in-game currency, $BERRY, and offers a free-to-play option. Listed on Binance since February 19, 2024, at 10:00 UTC, $PIXEL enables trading with a range of trading pairs, appealing to a diverse audience.

The launch seems like rainbows and unicorns to enthusiastic investors, however, many ended up trading the wrong token on Gate.io. Was this confusion made intentional? Let’s dive into details.

What Went Wrong?

Earlier in the month, Gate.io announced their support for the renaming of PixelVerse (PIXEL) to PixelVerse (PIXELVERSE) and completion was announced on the 12th. But strangely, according to Coinmarketcap, Gate.io is the only exchange platform that lists this token.

The announcement was formally posted on Gate.io website.

Gate.io has 100% trading volume. (Source: Coinmarketcap)

Coincidentally, the new 46th project on Binance Launchpool, which goes by the project name "Pixels", is designated with the code 'PIXEL'. This choice of code is notable, as it was previously associated with PixelVerse. Consequently, it's not surprising that users on Gate.io experience confusion due to the similarity in code names and ultimately bought the wrong token.

A message left by an investor who purchased the wrong token. (Screenshot from PixelVerse Community Telegram)

What is PixelVerse?

According to the bot response on PixelVerse’s Community Telegram group, which was directed from its X account,

‘Pixelverse is a virtual world platform and toolset that lets creators and communities create their own NFTs in a next-generation metaverse.’

PixelVerse Community Telegram group (Source: Telegram/@pixelverseofficial)

What are the Red Flags?

While the project initially appears legitimate, closer scrutiny of its social media presence and website raises suspicions. In fact, when attempting to visit the website 'pixelverse.ai' mentioned across all platforms, users are met with an error page, indicating that the website does not exist despite its widespread mention.

Pixelverse.ai website that leads to nowhere.

However, their X account, boasting a substantial following of 43.6k users, presents a conspicuous air of abandon. Gate.io stands out as the sole recognised project following this account, and the most recent activity, a "reposted" post, dates back to 2022. Upon closer scrutiny, it becomes increasingly apparent that all the posts consist of mere repetitions and reposts. This repetitive nature of content raises significant doubts about the account's credibility, as it lacks any substantive or original material that could validate its reliability as a trustworthy source within the industry. Notably, many users have left comments under PixelVerse's X account posts indicating widespread suspicion of it being a scam project, prompting them to caution others against potential risks.

Could Gate.io be behind this suspicious project as it is the only one supporting and listing this token?

PixelVerse’s X account raises suspicions about its credibility. (Source: X.com/@pixelverse1)

Is It a Scam Token?

While concrete evidence suggesting PixelVerse as an intentional scam project or having any association with Gate.io is lacking, the current state of affairs unmistakably casts doubt on its legitimacy. Despite lacking definitive proof of fraudulent intentions, numerous indicators point towards PixelVerse appearing visibly abandoned. These include the absence of substantial content on its social media platforms, the non-existence of its purported website 'pixelverse.ai' despite widespread promotion, and the apparent lack of engagement from other reputable entities within the industry. Collectively, these factors contribute to a perception of dubiousness surrounding the project's authenticity and credibility, highlighting the need for cautious evaluation and scepticism from potential investors.

Confusion Mounts as Pixels Launches

As the PixelVerse Community remains accessible on Telegram, numerous enthusiasts of Pixels were attracted to the account, evoking mixed feelings about the token—ranging from doubts to frustration. While some were uncertain whether the account was linked to the Pixels they sought, others expressed outright frustration, perceiving the group as abandoned without any authorised members managing the account.

Screenshot from PixelVerse Community Telegram

Screenshot from PixelVerse Community Telegram

On 16 February, Gate.io highlighted PixelVerse as one of the top 5 daily gainers, registering an impressive gain of +88.92%. This significant surge undoubtedly prompts questions regarding whether it could be attributed to confusion surrounding the hype of the new PIXEL token.

A victim commented on a PixelVerse's post to share his mistake. This happened before the launch. (Screenshot from X.com/@pixelverse1)

Why is Gate.io Listing PixelVerse?

The rationale behind Gate.io's continued listing of PixelVerse remains unclear, as does any potential association between the exchange and this token. Nevertheless, it's imperative for investors to conduct thorough due diligence before acquiring the latest $PIXEL token on Gate.io. This principle applies universally to all tokens. Adequate research and scrutiny are essential to prevent any potential disappointment, as observed in this instance.

The PIXEL that Everyone Sought-After

Pixels, the renowned Web3 game built on the Ronin blockchain, has achieved a significant milestone with the official listing of its native token, $PIXEL, on Binance. This development comes as a culmination of two years of dedicated efforts towards expanding the game's reach and enhancing the player experience.

With a robust trading volume of $509,988,644 within the first 24 hours of listing, $PIXEL has quickly garnered attention in the market, reflecting a 15.7% appreciation in its value, currently priced at $0.5837 and boasting a market capitalisation of $446,346,257.

Positioned as a farming MMO with play-to-earn mechanics, Pixels has attracted over 180,000 active gamers daily, offering opportunities for players to engage in resource governance, exploration, and community-building. $PIXEL serves as a pivotal component, empowering gamers to access VIP memberships, form guilds, mint Pixels pets, and upgrade Lands, all while earning rewards through active participation and claiming token bonuses.

With its seamless integration with Binance and continued commitment to enriching the gaming experience through blockchain technology, Pixels anticipates a promising journey ahead for its vibrant community and stakeholders.

Navigating the Intersection of Gaming and Cryptocurrency

The launch of $PIXEL on Binance marks a significant milestone for Pixels, the Web3 gaming platform, as it solidifies its position in the cryptocurrency market. However, amidst the excitement, confusion arose on Gate.io regarding PixelVerse, leading to concerns among investors. While the exact nature of Gate.io's listing and any potential association with PixelVerse remains uncertain, this incident emphasises the importance of thorough research and due diligence in navigating the volatile landscape of cryptocurrency investments. Despite these challenges, the promising trajectory of Pixels and its innovative gaming ecosystem highlights the potential for blockchain technology to revolutionise the gaming industry, offering new opportunities for players and investors alike.

Lessons from PixelVerse and $PIXEL Launches

The confusion surrounding PixelVerse and its listing on Gate.io raises significant concerns about the transparency and due diligence practices within the cryptocurrency market. While it is unclear whether the confusion was intentional or a result of oversight, it emphasises the importance for investors to thoroughly research and verify projects before investing. Gate.io's continued listing of PixelVerse without clarity on its legitimacy further highlights the need for exchanges to uphold stringent standards when selecting tokens for trading.

So, regardless of whether you are looking for Pixels (Pixels.xyz) and PixelVerse (pixelverse.ai), don’t get tangled up with them. They are not the same!