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The MechaFightClub NFT game has been paused indefinitely!
Irreverent Labs, the creators behind MechaFightClub, have announced an indefinite hiatus regarding the development of their Solana-based cockfight NFT game. The pause is due to regulatory challenges surrounding the future of crypto in the US. However, Irreverent Labs offers to buy back NFTs from holders. Here is everything you need to know.
What is MechaFightClub?
MechaFightClub (MFC) intended to be a blockchain-based, play to earn cockfight which featured mechanical roosters fighting in a high-tech arena called “Cocktagon”. In addition, the game would use advanced AI technology to enhance the experience of cockfighting enthusiasts. A year ago, a $40 million funding round was led by venture capital firm Andreessen Horowitz (a16z). Everything looked bullish.
Currently, the game’s development has reached “alpha” status, which meant it was playable and functional. But unfortunately, the game’s development will not continue and it will not reach a complete status in the foreseeable future. This is because the producers believe that crypto’s future in the US is too uncertain due to regulatory challenges.
MechaFightClub faces regulatory challenges in the US
In a open lettershared the Irreverent Labs team that they could not continue due to existence “caught in regulatory limbo.” “Unfortunately, the regulatory and operating environment surrounding blockchain in the US has changed over the past two years,” the letter added. As an American company, the lack of clarity makes it difficult for organizations like this to operate.
The United States Securities and Exchange Commission (SEC) has increased its enforcement efforts against crypto startups and platforms, creating a lot of friction. As a result, the lack of clear guidelines and regulations creates concern for blockchain-based companies. MFC is not alone, many crypto companies are falling victim and struggling to navigate the US legal landscape due to regulatory uncertainty. This is the reason why several companies have decided to move their operations offshore.
What does the future hold?
As for the future, Irreverent Labs announced “indefinite hibernation” which implies that the game’s return is still at an undetermined time. In saying this, the team stated that the game may reappear in the future in a different form. But right now, nothing is certain.
In conjunction with the above announcement, the team released SOL 4 Cocks, a buyback program for any MFC NFT from genesis mint. “We will buy back your Mechabot for 18 SOL,” the letter reads. The situation is unfortunate, but it’s a nice touch that the team doesn’t leave the community with a loss when they part ways with their digital chickens.
As this cockfighting community draws to a close and seeks entertainment elsewhere, here’s another reminder that we’re still some time away from mass adoption. Until the regulatory and legal landscape is clearer in the US, this is likely to happen time and time again. But slow and steady wins the race. We’ll get there eventually!
