Statement about the future of fxhash
Hey fx community,
As you are aware, these times have been hard for platforms on NFT markets, and we're no exception. We recently had to scale down the team and have been working on scaling down our infrastructure. At this point in time, no one in the team is getting paid, there's myself and a handful of volunteers, as we're essentially running out of cash. I can understand why many platforms stopped trying, building this kind of product is draining you to the bone.
That being said, I am committed to getting us through this rough patch as I still deeply believe in such a tool existing for artists, but it's clear that the current model is not working. I've been thinking a lot about the future of fxhash, if any, and it came clear to me that the platform drifted from its initial goal of serving artists primarily along its journey.
I think at the root of the problem is that a tool serving artists should be fully owned by its users, and not operated by a small team of people, regardless of how benevolent might their intentions be. While it's always been a long-term goal of ours to fully decentralize the protocol at some point, now seem to be the only opportunity we'll have at it. It only seems like a tangible path towards the future in case the company could not keep supporting the product.
We're close to securing some money as a loan / investment, targeting end of June. Once we get this cash, it's clear that we will need to immediately change our trajectory.
The plan
reduce operational costs to a minimum
transition towards decentralization
first order of business to solve together: financial sustainability, targeting profitability
consolidate the core product through governance
This is the very last time we'll be able to raise cash in our current state, so essentially this will be our last shot at finding a way to build a sustainable long-lasting ecosystem. But I deeply think that the only way to do so will be collectively. It's essential that we reduce operational costs to a minimum until we figure out a sustainable path in the future.
The bridge till June
It's unclear whether we will be able to keep all the services running until we get cash. We took all the steps that we can and informed our providers, but their policies are understandably strict, I'll keep you updated about this.