Learn about the relaunch of Algorand’s leading play-to-earn game.
Portland, Oregon, December 10, 2024 – In short: Alchemon’s inactivity stemmed from mismanagement, the crypto winter’s impact on Algorand, and regulatory uncertainty. However, we now have a revised strategy and exciting updates.
The complete story follows:
In 2022, we secured funding for one year, believing further investment would sustain Alchemon for three to five years. We anticipated sufficient future funding to execute our plans and maintain community growth. Consequently, we allocated our resources accordingly, expanded our development team, and depleted our initial funding, anticipating further investment. However, in late 2022, we encountered unforeseen challenges: Algorand’s downturn, FTX’s collapse, widespread tech layoffs, and a generally poor economic climate. This confluence of events left us without funds, necessitating fundraising during an extremely unfavorable period in early 2023.
While we had planned to secure additional funding at a pre-determined valuation and date, the circumstances thwarted our efforts. We were forced to lay off staff and resume employment to support our families.
In retrospect, we acknowledge responsibility for the company’s situation. We should have exercised greater financial prudence and not relied on future funding before it was secured.
Furthermore, Algorand’s challenges during this period significantly impacted our company, as the broader economic and crypto environment directly affected our operations.
Our conversion of funds and investments into Algo resulted in substantial losses when Algo’s value declined.
While external factors contributed, the primary responsibility rests with us. We lacked proper prioritization, overspent on development, exhibited excessive optimism regarding our plans and timelines, and made significant errors.
Despite these setbacks, we have learned valuable lessons. Our mistakes have provided difficult but effective learning experiences.
Regarding our prior silence, we offer no excuse. Beyond Alchemon’s struggles, we faced significant personal and financial difficulties over the past two years. Having overcome these challenges, we are now better equipped to separate personal matters from Alchemon’s operations.
Regarding the future: we are committed to relaunching Alchemon.
Our current plan is as follows:
1. FREE NFT: To apologize and make amends, we will release a limited-supply, complimentary Alchemon promotional NFT to our community. A specific release date is yet to be determined.
2. WEBSITE: We will relaunch our website (alchemon.net). This will require time, given its previous deactivation.
3. VIDEO GAME: We will restore and relaunch the Alchemon video game. This will take several months, initially restoring the last functional version.
4. NEW PACK: In a few months, we will release a new pack of 15 Alchemon NFTs, our first new set in approximately two years, after addressing prior issues.
This plan requires patience. We anticipate questions and potential frustration, and will focus on executing this strategy. We value our community and understand Alchemon’s success depends on your support.
Thank you,
Cliff Cannon
Co-Founder and CEO
Maxine Cannon
Co-Founder and Chief Designer
Jack Stanley
President and CTO
Contact:
info@alchemon.net
Media Contact
Alchemon
Source :Alchemon