CatchKing 🎣👑 · @catch_king
3rd Mar 2023 from TwitLonger
We have decided to end the CatchKing Project
We are extremely proud of what we accomplished with CatchKing. We've pushed gameplay and NFT products on an aggressive timeline for over a year. Our team has fought tooth and nail to keep this project afloat as long as we could. We could not have made it as far as we did without the support of our loving community. But unfortunately given the conditions of the current economy and crypto space we don’t see a feasible way going forward for CatchKing. We have sadly chosen to halt development of CatchKing.
When we started CatchKing we saw an opportunity to create a game with a symbiotic relationship between players and developers. We dreamt of a world where we could monetize CatchKing in a non-predatory way. We envisioned the royalties from item trading to be the primary revenue stream along with cosmetics and battle pass structures.
Since the death of royalties we have been constantly discussing different monetization models internally. But we always found that the use of NFTs hurt the revenue model and in general didn’t add value to the players. Misaligned incentives ultimately lead to a situation where it’s difficult to uphold the integrity of our holders, the game, and the team.
In order for a crypto game to be a profitable endeavor we knew mass adoption was necessary. With the economic downturn hitting crypto hard, mass adoption seems impossibly far away. Prior to the FTX scandal public perception of blockchains and NFTs had been skeptical, after FTX the perception is abysmal, especially amongst gamers.
We’ve operated for well over a year now and had plans of raising prior to the FTX crash. We don’t have the funds to keep moving forward nor do we see a way forward to profitability from here. It has been a very difficult decision to make, however we are ultimately deciding to end the CatchKing Project.
As for services we are going to keep up;
The Twitter Account will become inactive, so we are not going to be responding to DMs or interact with other users going forward.
We will keep the discord open for now.
The game servers will be shut down on the 15th of March.
The remaining services; The website, dApp and Expeditions will be shut down on the 31st of March.
All CatchKing related NFTs and tokens will remain available for trading and collecting on-chain but will not be supported.
We want to thank everyone who has spent time and energy with us here as a part of the CatchKing community. Many of you have been an absolute pleasure to spend time with and your feedback and support was incredibly valuable to everyone working on the project. Today's announcement is a sad day for us all but we believe it is time to bring CatchKing to a close.