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Crypto WoW-wannabe Ragnarok lost $1.8 million in ETH before it even started

The crypto crash damaged another starry-eyed dreamer who wanted to mix MMORPG, metaverse and NFT: Ragnarokthey should not be confused with any of the existing MMOs that already use this name.

This self-proclaimed “true metaRPG” has a list of typical MMO aspirations like leveling up, looting, killing monsters, and socializing with others, in addition to similar crypto aspirations like various NFTs that serve as in-game avatars, the ability to create NFTs, and the ability to trade, sell or owning real estate in the game. Avatar NFTs, known as Ronin, were created in a draw limited to 7,777 copies and were minted on the Etherium blockchain. The game features a browser-based demo, although interested players should connect the game to a crypto wallet before starting (not that our readers would ever do that, right?).

Project leader Fanfaron wrote a series of blogs about the game back in February where he ponders which blockchain to connect to, praises the idea of ​​crowd-minting to keep the gas costs players pay for low, and talks about his development plans. Discord messages suggest that the team’s goal was to “create something similar Wowbut with all digital” – in other words, another lifewhich was actually launched much earlier Wow. Yes, these ideas were extensively tested 20 years ago. Time is a flat circle.

But in the CEO’s latest blog, he confirms that the game suffered a loss of $1.827 million in ETH due to selling its ETH position several times as cryptocurrency prices continued to fall throughout the summer — roughly the amount the company attracted from initial investors. The CEO says he compensated the project for any company losses by cutting his compensation, which is apparently significant given the $22,000 average salaries for the other 56 “core team members,” as the numbers show.

Despite the investment fiasco, Fanfaron remains as CEO of the gaming company after talks with investors, and Ragnarok The team forms a council of advisors and conducts monthly business review calls. Currently, the project has $10 million in funds, which will reportedly be used to develop game features such as arcades, new areas, and entertainment features, among others.

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