Visionrare Shuts Down Marketplace for Fantasy Startup Investing

2021.10.08

The marketplace for fantasy startup investing is temporarily closing down and refunding after only 24 hours of open beta. They could compete in fantasy sports styled leagues. Only nearly 24 hours into its open beta, users who bought shares are temporarily shut down and refunded by Visionrare. Users could bid on auctions of fake NFT shares of real startups, building up a quasi-portfolio that they could compete in aThey sold synthetic shares, as we announced in our coverage of the startup’s launch yesterday. After a day, Visionrare shut down its marketplace, a startup that aimed to create the fantasy football version of NFT venture funding. The original premise was that users could purchase NFTs representing fake shares of actual companies and compete among others regarding who had the most successful portfolio. The beta version was purchased just over 24 hours prior, and has now been discontinued and will have to be reimbursed. Users from real startups could offer fake NFT stock auctions. The deadline for applications is October 10th, 2021.

 

 

Visionrare’s founders underestimated the legal complexity when planning for the pivot:

It was shut down temporarily as the company planned a pivot for a startup. The team has previously processed credit card refunds to buyers. While visionrare was launched yesterday, its founders received some substantial criticism, entrepreneurs and investors question whether Visionrare is successful. Visionrare founders do not yet talk about fantasy startup investing, but the platform is going to be great. Visionrare will be relaunched by us as a completely free to play game in the coming days. The founders underestimated the legal complexity when planning for the pivot, — Lucas MatneyA message posted on the public Discord channel noted all of the credit card refunds have already been processed by the company to buyers, though some refundsThe platform and its founders have received some substantial pushback since visionrare launched yesterday, and numerous tech entrepreneurs and investors were questioning it. Visionrare’s founders have not spoken of fantasy startup investing, but they are going to have the idea soon. In the coming days Visionrare will be relaunched by us as a completely free to play game. All players have the option to use the credits to build their portfolio and compete in leagues based on their portfolio performance. I understand that the statement was written by Visionrare founders Jacob Claerhout and Boris Gordts in a statement. I accidentally entered the ongoing debate regarding whether securities can be represented by NFTs. The cofounders of NFTs have created a game which brings the excitement of startup investing to a wide audience. An ode to startups and a fundamentally positive experience for both players and startups is desired by Visionrare. We have been working on a small viable game that demonstrates this idea for weeks. However, we had underestimated some of the current dynamics in the legal arena and we think it is best to not proceed. Our coverage of the startup launch yesterday indicated that most of the startups in which they were selling synthetic stocks had not been permitted by them. In an assessment posted on the company’s auction market this morning, the founders noted that they had underestimated the legal risk. A team member posted a message on the public Discord channel saying that all credit card refunds were processed by the company to shoppers, although some refundThe platform and its founders received a significant pushback following the launch of Visionrare yesterday, and several entrepreneurs and tech investors wondered if it hadVisionrare hasn’t done an innovation like investing in fantasy startups yet, but they’ll have to rethink how they do it. The Digital Testbed Framework is a new and innovative collaboration model looking to attract partners worldwide. It allows startups, scaleups and all govtech innovators to have access to the technologies and experience of world-leading digital government ofAn initiative which has simplicity and efficiency in mind has been created.

 

 

The founder’s blog post reads:

It will depend on how and if we can add a financial element again, the founder’s blog post reads. Okay, remember when I said that NFTs are not securities. These NFFTs could be securities.  Bennett Tomlin (@BennettTomlin) October 7, 2021. In the future, we will determine if and how we can add a financial element again,” says the founders’ blog post. Do you recall when I stated that NFTs are not securities?This NFT could end up being securities.  Bennett Tomlin (@BennettTomlin) October 7, 2021. The role of the free to play model is now changing to the free to play model. Visionrare will be relaunched for free. Players begin with a fixed number of credits for their first portfolios based on their real world performance. At some point, we will see how we can add a financial element back, reads the founders blog post. It can either be active or passive. Government grade IT solutions are produced quickly and safely via live market testing and approval, in a national digital government testbed. World five hours ago.