EtherMage Blockchain Trading Card Game Halts Support, to Issue Refunds after ICO Presale Interest
EtherMage Project Stopped after Unsuccessful Presale
In July 2018, EtherMage was introduced: A Trading Card Game (TCG) that runs on the Ethereum Blockchain Network. It hoped to join the league of Cryptokitties but unfortunately did not. On 18th September, the team announced the discontinuation of the EtherMage project due to an unsuccessful presale that failed to reach its soft cap hence, inadequate funding to continue with the remaining development.
Although the project failed, the team has hopes that it will create and deliver better games and products to its followers in the future. Fortunately, supporters of the project will not be affected by the failure as EtherMage will be holding a refund period that is already ongoing until 17th October 2018. Individuals who purchased the presale cards with Ether can then reclaim their funds from the EtherMage website. However, refund requests will not be entertained after this period.
EtherMage was inspired by the ever-popular Magic: The Gathering and Hearthstone. Why exactly did it not boom and gain enough popularity to continue? As observed on their Medium page, it did not have a large market as the number of claps, shares and comments on the team’s various posts are very minimal.
It only has about 60 followers on Twitter and this should have been a sign. With the large market in gaming, it leaves one to wonder why this particular game based on the third largest Blockchain network in the crypto market just wasn’t fit for survival.
As a TCG, a player was expected to buy cards, battle with them, collect them and even trade them with other players. Every card was stored as an ERC-721 token, similar to Cryptokitties ensuring that every card that one owns belongs to them and they could also be traded for money. You could earn while enjoying a thrilling game.
Failure of Blockchain projects
EtherMage’s failure is just one of many in the Blockchain world. Approximately 90% of all Blockchain startups fail having an average lifespan of just 15 months. A Chinese report from CAICT has revealed that over 80,000 blockchain projects have been launched worldwide since 2009 and only about 8% of those are still being maintained.
This year, 777 ICOs have been launched with almost $5 billion raised so far but $4.5 billion of that money was likely spent on projects doomed to fail before 2020.
EtherMage’s unsuccessful presale shows the uncertainty of the ICO and token sale funding model. One Redditor commented that this may be a sign that the days where anyone could announce an ICO and get millions of dollars thrown at them regardless of merit has passed. ICOs have been have been associated with scams and alternatives are already arising.