On 22th of May we stopped crowdsale smartcontract that was running on wings.ai platform.
This decision was made on the last week and Wings founders were informed about that.
We had a number of objective reasons to stop the crowdsale contract.
First of all, we now understand that the stage of our project is closer to presale stage.
Main reasons are:
- We are not doing massive marketing and communicating mostly with funds like on a presale stage.
- Funds are negotiating with us about special big bonuses similar to presale stage. But running smartcontract limits us in time and conditions in such negotiations.
- We were planning to reach a small SoftCap on the current tokensale stage. And we were planning to spend raised funds mostly for development, building the community and preparing to worldwide marketing. As well as lots of projects on a presale.
- We were also planning the main crowdsale campaign on Fall this year after our products will be moved to EOS.
When we were discussing possible sale stage we raised concerns about marketing side of our project. We decided to start our crowdsale on wings after Stas Oskin (one of Wings Biz Dev) told us that the main power of wings platform is the ability to successfully attract investors to crowdsale and raise money. And that was true in the past.
With these assurances we believed that Wings community will actively contribute to tokensale. We set our SoftCap to 2000 Eth and as far as forecasting goes community did agree with our prognosis.
We were planning to start raising small amounts with the help of the wings community. Backed by good dynamics of our crowdsale we would then fundraise the rest from big investors who were watching our project and waiting for the first results.
In fact, we see that wings community was not proactive and was also waiting for progress in fundraising. While everyone is waiting we can’t show the progress to big investors and make a deal. And we are also very limited in talks with funds about discounts and terms because of the running smartcontract.
Based on these facts we think that it was a mistake to run our crowdsale at that moment on wings.ai platform.
That is why we decided to stop the crowdsale campaign on wings platform and return our project to the presale stage.
We do recognize this as our failure. But as the saying goes: He who makes no mistake, does nothing.
Despite this serious setback the project is running, we are updating our products, growing our community and waiting when the EOS network will be fully deployed.
Official website of the LetItPlay project – letitplay.io