In its open beta just over 24 hours, visionrare, which has launched an NFT marketplace for “fantasy startup investing,” is temporarily shutting down and refunding users who bought shares, saying it will soon roll out as a free-to-play game. will launch again.
The platform allowed users to bid on auctions of fake NFT shares of real startups, creating a quasi-portfolio that they could compete in a fantasy sports-style league, creating the most “profitable” portfolio. Can you As we noted in our coverage of the startup’s launch yesterday, they didn’t have permission for most startups in which they were selling synthetic shares.
one in pay attention Posted to the company’s Auction Marketplace this morning, the founders noted that they “underestimated the legal complications” with selling novelty NFT shares in genuine startups and were temporarily closing the market and refunding users. because they had planned a pivot. In a message on the company’s public Discord channel, the team noted that it has already processed all credit card refunds to buyers, although some refunds may still be pending due to Stripe processing.
The platform and its founders received some significant pushback following the launch of VisionRare yesterday, with various tech entrepreneurs and investors questioning whether the platform was legit, whether it was a security, whether the NFT platform was taunting the SEC and/or Or was it ultimately a sign of the “top” of the market.
VisionRare’s founders say they haven’t yet toyed with the idea of ”fantasy startup investing,” but they need to rethink how the platform is fundamentally structured.
“In the coming days, we will be relaunching VisionRare as a completely free-to-play game. All players start out with a certain amount of credits that they can use to build their startup portfolio, and they can compete in leagues to see how well their portfolios perform in the real world. Down the line, we’ll explore whether and how we can add a financial element again,” the founders’ blog post reads.