The CEO of NFT gaming project Ragnarok has publicly apologized for mistakes that led to losing startup capital. He vouched to compensate the treasury “for all trading losses”.
) for gaming development in April through its first-ever NFT sale. However, 0xfanfaron disclosed:
"We exchanged the ETH from the mint for 15.5 million in USD Coin. As it turns out, this was a good move in treasury management. But when ETH's price went down, I made mistakes by buying ETH multiple times when I thought it was an advantageous investment for the project." 0xfanfaron further elaborated that he sold the firm's Ether positions through a series of trades with the plan to reinvest at a"better time." The venture led to $1.827 million in realized losses. Among Ragnarok's other expenses during that time were $1.9 million paid for outsourcing development work and $6.9 million in salaries and compensation to team members.
0xfanfaron vouched he will be"compensating the Ragnarok treasury for all trading losses." This will be done via returning $600,000 from the NFT sale, a payment of 163.8 Ether, and reducing his NFT compensation by $600,000, along with taking a pay cut of $200,000 for the next four months. Another team member, Krimbo, also pledged to return $250,000 worth of his compensation.
For greater transparency, 0xfanfaron published a list of wallets that will be used to compensate the firm's trading losses. To move forward, he pointed out that the firm still has over $10 million in its treasury remaining and claims to have the full support of investors in continuing as CEO. Ragnarok expects to launch its first game arcade within the next seven months.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Former Eagles Star Trades NFL for NFTs with New Tech Startup🏈🏈NFL TO NFT: A friendship that blossomed through bonding over sports memorabilia has turned into what one founder hopes is the next great sports tech startup, reports the Philadelphia Business Journal. What’s more, a former Eagles star is on board.
Leer más »
Formula One Files Trademarks Related to NFTs and CryptoFormula One plans to release NFTs ahead of a 50-lap Grand Prix in Las Vegas that will take place November 2023
Leer más »
Formula 1 to Dive Deeper Into Crypto and NFTsFormula One plans to introduce NFTs and virtual items ahead of the Las Vegas Grand Prix in November 2023.
Leer más »
Web3 gaming firm Limit Break raises $200 million across two roundsLimit Break firm incorporates NFTs and other web3 elements into the 'free-to-play' payment model for mobile games.
Leer más »
You Can Now Post NFTs to Your Facebook and InstagramMeta announced today that it will allow users to post their NFTs on Instagram and Facebook from one digital wallet linked to both social networks.
Leer más »