Voice to Shut Down Operations as NFT Platform
Voice, originally intended as a decentralized social media network, has announced that it will be winding down its operations and ceasing its services. The platform had transitioned into an NFT platform for creators but faced regulatory challenges that led to its decision. In a Twitter thread, Voice stated that it believes in the potential of web3 to empower creators but cited ongoing uncertainty in the crypto and NFT market as the reason for winding down. In the coming weeks, Voice plans to introduce a service that will allow users to bridge their NFTs to self-custody wallets on public networks like Ethereum, Polygon, or EOS.
Bumpy Journey for Voice
Voice was initially introduced in 2019 when Block.one acquired the Voice.com domain name. The company invested $30 million in cash and an additional $150 million towards the project costs. Originally envisioned as a decentralized social networking platform, Voice underwent changes and shifted focus towards becoming an NFT marketplace. However, it failed to establish itself as a strong competitor against existing NFT platforms like OpenSea and Rarible.
Hot Take: The Challenges of Transitioning into the NFT Market
The case of Voice highlights the difficulties that can arise when transitioning from one business model to another within the crypto industry. While the shift from a social media network to an NFT platform may have seemed promising, regulatory hurdles and intense competition posed significant challenges. This serves as a reminder that careful planning, market research, and adaptability are crucial when venturing into new sectors within the crypto space. As the industry continues to evolve rapidly, businesses must remain agile and responsive to changes in order to succeed.
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