Quick take:
- The company said it tried all efforts to adapt and pivot, but in the end couldn’t make it work.
- Aether Games pointed out the token-generation event time as when things started to go south.
- The team believes that too many KOLs, partners, and advisory deals were made in bad faith, specifically blaming KOLs for draining liquidity and disappearing immediately after launch.
Video Games developer Aether Games has shut down, citing challenges with reaching the required player base to keep going. Renowned for developing “The Wheel of Time” crypto card game, the company said in a post shared on its X account that, for a long time, it has been trying to keep Aether alive after going all-in on the card game.
“We tried to adapt and pivot, and we made a real effort to find a sustainable path forward, but we could not make it work,” a post on the X platform reads.
“The simple truth is that we never reached the player base we needed to survive. We kept building, kept pushing, kept trying to catch momentum, but too often we arrived late, without the scale required to turn effort into long-term stability.”
According to Aether, things started to “go south” after the token generation event in February 2024, which allocated 12.5% of its total AEG token supply to strategic investors (partners) and 15% to seed investors (initial backers).
“Too many KOL, partner, and advisory deals were made in bad faith, and they cost us heavily,” Tether wrote in the announcement. “If we could redo it all, we would do things differently, and we want to say this clearly.”
The company encourages projects to target fair launches rather than using KOLs, who it blames for draining liquidity and disappearing immediately after the launch.
Aether also said the state of CEX agreements, which tend to shift a lot after listing, leading to potential delisting, did not make things easier. “We also need to address the token reality directly. Very recently, we received notices of delisting risk from major exchanges, including KuCoin and Gate, and earlier this year, Bybit.”
In May 2023, Aether Games announced that it raised $5 million in seed and equity funding backed by the likes of Mysten Labs, Polygon, Magic Eden, Polkastarter, Cogitent, Ultra, GSR, EMURGO, Master Ventures, and Eclipse.
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