Tl;dr: Rareblocks is shutting down. NFT holders get their full investment back. Request a refund here.
As founder one of the most important skills to have is knowing when to quit. Knowing when a project is a success or when it’s set up to fail.
Failures are hard to notice. How do you define something to be unsuccessful?
Many people can use your project, praise it for what it is, but if it doesn’t deliver what it’s supposed to, it has failed.
Rareblocks would be a success based on three reasons:
Where I believe we succeeded in #1, number 2 and 3 aren’t going to happen.
To pay back stakeholders alone for their “investment”, we’d need to do more than $300.000 revenue to pay back current floor prices of the NFT.
With the current visitors and revenue we’re getting, this won’t happen in the next few years.
Here lies the biggest failure for founders. Keep on going, believing that the tide can change. Wasting many more months, even years telling yourself you’ll get there.
You can beat a dead horse as long as you want, but it won’t come back alive.
I’ve launched quite a bunch of projects in the past, with Headlime being most successful. Headlime was a success the day it launched and kept holding that traction until the day it got acquired.
You can sense a success story when it’s happening. Rareblocks unfortunately lacks it.
So, after seven months, it’s time to quit. But, I will not rug you.
Effective immediately I’ll be refunding every NFT holder their investment.
You can request your refund here: Refund Access Pass.
It doesn’t matter if you minted for 0.08Eth, 0.15Eth or bought on OpenSea for 0.35Eth. I will send back the amount you’ve paid to acquire the NFT.
The treasury currently holds $31.000. I’ll be paying an additional $20.000+ out of pocket to be able to refund everyone their investment.
A project can fail, but no one else should ever bear the downside except for the founder.
So, what’s going to happen next?
I want to thank everyone who has been involved in the past couple of months and trusted me with their money to build this project. It was an absolute pleasure to chat with y’all in Discord and work together on something amazing.
And hey, you’ve got five epic free UI kits out of it so I’d say it was totally worth it.
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