NFT Game Ragnarok Project Raised $20 Million For ‘Trading’

Ragnarok is an NFT RPG project that surprised the community when the money raised was used for trading.

Ragnarok is a role-playing metaverse game that opened for sale with NFT characters in April 2022. It is one of the typical GameFi projects built on Avalanche Subnet.

The project received an investment of $1.75 million in the Seed Round and $17.5 million in revenue and royalties from selling NFT. Thus, Ragnarok has collected more than $19 million.

After the sale of NFT characters on OpenSea, Ragnarok is similar to many current GameFi projects, without too many updates. The project only posts images and short videos about in-game graphics and conducts a few community meetings. By mid-July 2022, Ragnarok has just released a limited alpha test after many delays.

However, players can’t do much yet, the experience is limited. At the same time, the floor price of NFT continuously dropped sharply, making holders suffer. On July 29, the founder and CEO Fanfaron must post a notice on Discord:

However, with a lot of attention from the early days, along with a huge capital raising, Ragnarok’s inspection was inevitable. The community is forced to ask questions: Why is the project slow to develop, even though it has been invested a lot?

By August 26, Fanfaron was forced to post an article on Substack, providing detailed financial information about the project.

Thus, it can be seen that, in addition to the salaries, bonuses, and benefits for the project team, Ragnarok also lost $1.827 million because of trading losses.

Following the financial disclosure, CEO Fanfaron said that Ragnarok will have a completely neutral Advisory Team to discuss and monitor future financial, fundraising, and project development plans.

With the remaining fund of $10 million, the project will use it all to develop and pay taxes and legal costs. In addition, Ragnarok also announced a new roadmap for the development roadmap in the next 6-7 months.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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