Voice NFT platform to Shut Down despite $300M investment from Block.one

Voice NFT platform to Shut Down despite $300M investment from Block.one

Voice, the NFT (Non-Fungible Token) platform in which Block.one invested $300 million, has announced that it will be discontinuing its operations in the coming months. The platform will stop accepting new user registrations and will close down its trading marketplace.

What happens to existing user assets?

While new user registrations have been suspended, existing users need not worry about their assets. Voice has assured its user base that its assets will remain secure and accessible on the platform until December 31, 2024. 

Furthermore, the platform is offering users the option to migrate their assets to other blockchain networks like EOS, Polygon, or Ethereum in the coming weeks.

The Journey of Voice

Voice was initially launched in June 2019 by EOS founder Daniel Larimer, with a focus on serving as an industry-transforming social platform.

The project garnered significant investment from Block.one, totaling $300 million by March 2020, allowing Voice operational independence. However, the platform didn’t achieve the desired user engagement and underwent a strategic pivot to function as an NFT creation and trading platform.

Statement on the future of NFTs

Despite closing down, Voice expressed an unwavering belief in the potential of Web3 technologies to empower creators. In their official statement, the platform thanked its artists for their collaboration and hinted at future involvement in the Web3 space, stating: “We still believe in the tremendous potential Web3 holds to empower creators. We will see you out there in the months and years to come.”

Voice was known for its carbon-neutral status, user-friendly interface, and multi-chain compatibility. As one of the pioneering platforms in the NFT ecosystem, it offered creators an accessible entry point into the burgeoning world of digital art and collectibles.

Market instability claims yet another victim

The closure of Voice raises questions about the sustainability and viability of even well-funded NFT platforms. The closure of a platform, like Voice, Glass, and Nifty, which received substantial financial backing, suggests that user experience and market fit remain crucial factors in the long-term success of such ventures.

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