Last Friday (April 22), Micah Johnson’s anticipated Akutars project launched to great fanfare. Unfortunately, things went sideways quickly. Soon after collectors began flooding the website to take part in the drop, an issue with the project’s smart contract caused a fiasco that ultimately resulted in the loss of a staggering $34 million.
While events have since been set in motion to continue the awaited drop and potentially recoup losses, the launch is already being seen as a cautionary tale — one that has greater implications on the NFT ecosystem at large.
What happened with Akutars?
Featuring 15,000 NFTs, the Akutars collection was released as the next chapter in the life of Johnson’s beloved Aku character. The project was launched via dutch auction — a sale that starts at a set amount and then drops over time to the final sale amount.
Once the contract went live, NFT enthusiasts flocked to the Akutars website in hopes of…
