ZachXBT Labels Zcash NFT Project zkSNARKs an Eight-Figure Money Grab

On-chain investigator ZachXBT has accused the newly launched Zcash NFT project zkSNARKs of being an eight-figure money grab following a blind auction that raised $17 million. Despite the significant capital raise, ZachXBT stated the project offers no utility to participants. The critique highlighted that the team secured a 10% token allocation and 5% royalties while incurring minting costs of only about $2,000. ZachXBT compared the launch structure to previous Ordinals scams, raising concerns over the project's legitimacy and value proposition.