The initial coin offering ecosystem is littered with the skeletal remains of poorly-executed ICOs that failed to realize their funding goals. Some of these failures are intentional, driven by fraudsters attempting to separate unsuspecting investors from their crypto.
Other initial coin offerings, however, fail simply because the market they target either is too small, or doesn’t exist yet. This appears to be the case with the recent WorkPress ICO, which has suffered from a catastrophic failure to launch.
The WorkPress platform, which was aiming to create a decentralized marketplace for WordPress, has failed to achieve their funding goal, and now presents website visitors with the following statement:
“WorkPress is a very well researched project and have a very good growth potential. Current platforms have many problems and they cut a big chunk of sellers earnings. WorkPress was aimed to solve these problems.
However due to the lack of community support and buyers not able to realize the true potential of the project, it cannot continue. This project hereof has been declared cancelled. We would like to thank all our contributors from the bottom of our heart. Thank you for your trust and contributions. We tried our best, but somehow we lost!”
WorkPress have stated that “All contributors have been refunded with 100% of the ETH they sent”, which is a refreshingly honest and transparent move in the unregulated ICO industry.
What Is WorkPress?
WorkPress aimed to create a next-generation marketplace that offered users the ability to purchase and sell WordPress themes, hosting, add-ons, stock photos, and other website design and management services.
While the concept behind the platform was sound, WorkPress appears to understand the risks involved with their project. The WorkPress white paper itself references the dependence on computer infrastructure, smart contract limitations, and token value issues presented by the establishment of such a platform.
With market players such as ThemeForest already offering essentially the same service- albeit with fiat currency- it’s easy to see why WorkPress failed to launch.
The Future Of WorkPress
The WorkPress website states that “after 31st January, 2018 WPX tokens created will be air dropped and project development will continue at a slower pace”, with development continuing at a slower pace, funded by the founders.