NFT platform for ‘fantasy investing’ closes within 24 hours of launch

Within 24 hours of launching the open beta of an NFT platform for ‘fantasy investing in startups’, Visionrare shut down the platform and began refunding users. TechCrunch reports.

The platform allowed bets on auctions of fake shares of real startups in the form of NFTs. With portfolios assembled, users participated in leagues based on the profitability of their shares in the real world.

The publication noted that Visionrare had not secured the consent of a majority of firms to issue gamified shares and faced a slew of complaints.

In a statement about the suspension of operations, the founders acknowledged that they had ‘underestimated the legal complexities’ of selling NFTs.

They did not abandon the idea, but acknowledged that they would have to rethink the platform’s fundamental structure.

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

Whether to add a financial element to the game is something Visionrare plans to explore later.

Analysts at Bank of America optimistically assessed the prospects of the NFT sector, despite a drop in sales in September.

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