Voice, a blockchain-based platform initially conceived as a decentralized social media network before transitioning into an NFT (Non-Fungible Token) platform, is winding down its operations. The announcement comes amid regulatory challenges and uncertainties in the crypto and NFT market.
Voice, which believed in the potential of web3 to empower creators, made the decision to wind down its services over the coming months. The startup aims to optimize the process for its community. While Voice did not provide specific details about the regulatory challenges it faced, it mentioned its commitment to facilitating the transition of NFTs from its platform to self-custody wallets on public networks such as Ethereum, Polygon, or EOS.
The journey of Voice has been marked by changes and challenges. Initially teased in 2019, the platform was backed by Block.one, the company behind EOS, which invested $30 million in cash to acquire the Voice.com domain name and an additional $150 million toward project costs. Originally conceived as a decentralized social networking platform utilizing blockchain technology, Voice shifted its focus to NFTs in 2022.
Despite its shift to the NFT space, Voice struggled to compete with established NFT marketplaces like OpenSea and Rarible. The platform’s decision to cease operations underscores the evolving and highly competitive nature of the NFT market and the challenges faced by blockchain-based projects navigating regulatory landscapes.
