Visionrare, a startup aiming to create a fantasy football version of NFT Ventures, closed its marketplace after a day of public testing.
The initial premise was that users could buy NFTs representing fake stocks of actual companies and compete among others to see who had the most successful portfolios.
However, the founders allegedly did not seek the consent of the startups in the game to sell NFTs of fake stocks of their companies.
As Visionrare’s founders Jacob Claerhout and Boris Gordts wrote in a statement, Visionrare “underestimated” the “legal complexities” of creating such a game. They inadvertently waded into the ongoing debate over whether NFTs can represent securities.
As the co-founders wrote.
“Our goal from the beginning was to create a game that would bring the excitement of startup investing to a wide audience through NFTs. We want Visionrare to be an ode to startups and to fundamentally provide a positive experience for players and startups alike.
Over the past few weeks, we’ve worked on building a minimal viable product of a game that brings this idea to life. However, in the process, we underestimated the legal complexities and decided it was best to hold off on some of the current dynamics.
We still believe that startup investing is a fascinating, exciting and educational experience that should be made more widely known, but we wanted to make sure that the product we built was mindful of all the intricacies that come with this mission.”
Visionrare is now moving to a free-to-play model, where the game will give players a certain number of credits to build their startup portfolio and then compete based on their portfolio performance. No player will be allowed to buy new startup fake shares of NFT, and anyone who has already done so will be returned.
“Down the road, we’ll figure out if and how to add the financial element again,” Visionrare’s founders wrote in a statement.