Dimensionals NFT Project Abandons Web3, Blames Bear Market

The NFT project Dimensionals, developed by Mino Games, has sparked significant controversy after its abrupt exit from the Web3 space, citing the ongoing bear market and various challenges as the primary reasons. Initially launched with the ambition of creating a blockchain-based game, Dimensionals raised $15 million in 2023, only to pivot away from NFTs and blockchain integration a year later, transitioning the game into a traditional Web2 title on the Steam platform.

Sasha MacKinnon, CEO of Mino Games, described the shift as a "substantial financial loss for the company" and acknowledged the discontent within the community. The company is now focusing on buying back the ‘Stones’ NFTs and distributing ETH to holders as part of its exit strategy. MacKinnon attributed the decision to a range of difficulties, including DDoS and bot attacks on their giveaway campaigns, security issues that left community members vulnerable to scams, and the broader NFT market's decline following the project's second mint for its Eves collection.

Despite MacKinnon’s previous optimism about Web3 gaming as a “once-a-decade” opportunity, Dimensionals has scrubbed all mentions of NFTs, blockchain, and related terminology from its Twitter page, signaling a clear departure from the Web3 space. The decision has been met with backlash from the community, who have voiced their frustrations over poor communication and the handling of the project’s wind-down.

A notable complaint came from a community member, IcoBeast.eth, who shared a screenshot of an alleged letter to investors detailing the reasons for abandoning Web3, including scalability issues, poor reception from the broader gaming community, and the fragility of the NFT market.

Further fueling the controversy, it was revealed that the team’s Gnosis wallet still holds approximately 16.5 ETH in various forms, raising questions about the distribution of funds. The project’s Discord server was announced to be shutting down, with one of the mods, “blackedout,” confirming the completion of the fund distribution. However, the silence from the Dimensionals and Mino Games teams in response to requests for comment has only added to the community’s discontent.

This pivot from Web3 to Web2 reflects broader challenges faced by NFT projects in a bear market, highlighting the fragility and volatility of the space, and leaving a trail of disappointment among supporters who believed in the project's original vision.

#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR