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.