The ZkSNARKs NFT project, a 10,000-piece PFP collection built on the Zcash blockchain, is accused by on-chain investigator ZachXBT of raising approximately $17 million through a blind auction without delivering any of the promised utilities. The collection sold 8,000 NFTs at a uniform price of 1.5 ZEC each, roughly $2,000 per NFT, with 16,971 bids competing for only 8,000 available spots. The team allocated 10% of the collection (1,000 NFTs) to themselves free of charge before the public sale and receives a 5% royalty on all secondary sales. No governance framework, community access tools, or ecosystem partners have been deployed despite the project’s initial promises.
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