Sega Considering Backing Out of NFT Ventures | 1.7.22

GM Ser,

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Sega Considering Backing Out of NFT Ventures

The gaming corporation Sega is thinking long and hard about how they want to move forward with their NFT plans. So far, the rollout hasn’t been too positive. 

Backlash hasn’t gone unnoticed and it seems the company is taking their user’s thoughts and opinions into account. 

"In terms of NFT, we would like to try out various experiments and we have already started many different studies and considerations but nothing is decided at this point regarding P2E [Play-to-Earn]. There have been many announcements about this already including overseas but there are users who show negative reactions at this point." - Quote from Sega board meeting. 

Could PudgyPenguins Freeze Out Their Founders?

What’s an NFT community to do when founders don’t pull through with their promises? That’s the question many are asking and trying to find a solution to when holders get the cold shoulder from community leaders. 

Community members of the NFT favorite PudgyPenguins voted out the founders this week in an unprecedented move within the crypto-art space. Now, members of the community are vying to get the whole project decentralized. 

Only having been on the market for six months, the adorable flightless birds have taken the space by storm. To date, the sales equate to about $140 million in ETH. 

Apparently, PP co-founder Cole Ether had told holders to expect a game, a token, and even an educational NFT book. All of which are promises still to be fulfilled. Six months into Penguin ownership, the community grew frustrated. 

Earlier this week, Twitter user 9x9x9 shared a screenshot incriminating the founders as they implied they were going to pull a hit and run and rug the community. Founders offered 9x9x9 a deal where they could make some money, (roughly $2.8 mil to be clear.) An offer 9x9x9 did not take. Instead, they took the opportunity to oust the creators. 

In an effort to find a more solid solution to these new problems before they arise, chief investment officer Jordi Alexander of Selini Capital tweeted, “In real life, stakeholders can use the board to dump a poorly performing CEO. This is the first attempt I’ve seen in crypto to do in essence the same thing. The community forks everything out without the baggage of the CEO.”