ICO Developer Sells His Failed Project For $60,000 On eBay

The founder of the failed crypto project decided to sell it on the e-commerce platform – eBay. The project Sponsy attempted to launch in the middle of 2018, but it did not manage to raise funds and eventually failed. Initially, the project aimed to become a decentralized sponsorship program. The creator Belarusian ICO, Ivan Komar, said that it was a mistake developing the project first. As a result, he estimated the worth of the project and listen on eBay for a price of $60,000.

Source: CCN

Ivan Komar claimed that there is no problem with decentralized part of Sponsy, it is just a lack of money. He has recently had an interview with Financial Times, where he expressed his thoughts about the situation:

“We would not have tried to build a product first, we would have tried to run a token sale as soon as possible, to jump into this crypto craze bandwagon, and raise as much money as possible before building any product. And that’s exactly what others were doing.”

The developer hopes that the project still has some value to investors as it is fully developed. He regrets hiring a law firm that advised him not to rush into a token offering when it was an ICO hype bubble in 2017.

The popularity of ICOs has been decreasing since January 2018, when people started to trade or mine cryptocurrencies like Bitcoin and Ethereum due to the high value of them. Many people believe that the next stage will be STOs (security token offering) which are considered to be more secure and safe.

For those who are still fond of ICOs, we offer you the following article:

How to Choose Suitable ICO and Top ICO Trackers in 2019

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Leave a Reply

Your email address will not be published. Required fields are marked *