Cryptocurrency32 minutes ago (Oct 08, 2021 06:00AM ET)
NFT Fantasy Startup Investing Platform Shuts Down Marketplace
- Visionrare shuts down NFT marketplace citing legal complexities as the reason.
- The platform shut down only 24 hours after launching its open beta.
- The project will re-launch as a free-to-play game eventually.
A mere day after the opening of Visionrare’s open beta, the platform is shutting down temporarily and giving back the money of users who bought shares. According to the team, it will relaunch as a free-to-play game instead.
The project enables players to bid on NFT share auctions of real startups, fantasy style. It’s a competition on who can build the most profitable portfolio based on their investments. However, the project did not have the permission of many of the startups that they were selling shares of.
According to the Visionrare website announcement, they underestimated the legal complexities. They mentioned,
…during this process we underestimated the legal complexities and decided it is best to hold off on some of the initial dynamics.
They added that in the coming days, the team will be launching the project once again as a free-to-play game completely. They will give all the players with a fixed amount of credits that they can use to build their startup portfolio.
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