NFT platform for ‘fantasy investing’ shut down a day after launch

October 22, 2021


NFT platform for 'fantasy investing' shut down a day after launch

Twenty-four hours after launching the open beta version of the NFT platform for "fantasy startup investing", Visionrare has closed the site and started refunding funds to users. This was reported by TechCrunch.

The platform allowed users to bid on fake stock auctions of real startups in the form of NFTs. With the collected portfolios, users participated in competitions for their profitability in leagues like fantasy football.

The publication noted that Visionrare had not secured the consent of most firms to issue game shares and faced a slew of claims.

In a statement about the suspension, the platform's founders admitted that they had "underestimated the legal complexities" of selling NFT.

They have not given up on the idea, but acknowledged that they will have to rethink the fundamental structure of the platform.

"In the coming days we will relaunch Visionrare as a completely free-to-play game. All players will start with a fixed amount of credits, which they can use to build their startup portfolio, and compete in leagues based on their real-world stock returns," the company said.

Whether it is possible to add a financial element to the game, Visionrare intends to find out later.

Recall that analysts at financial conglomerate Bank of America were optimistic about the prospects for the NFT sector despite falling sales in September.

See our full guide to trading NFT, or start your research with reviews of these regulated crypto brokers and exchanges available. How to buy cryptocurrencies? Our step guide.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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