Winter is near and it’s cold outside

Hey everyone,

The markets aren’t looking to good but the team has finally arrived in NYC and can’t wait to meet with everyone in the space!

2022 hasn’t been a forgiving year for the global economy. Rising interest rates, war, increasing fuel prices and food shortages have sent the markets into a turmoil. Crypto has hit 18-month lows as billions of dollars are wiped with the downfall of Terra LUNA, Celcius Network and more recently 3AC.

A lot of people have been asking — “what’s happening to Nano Phase II?”, “when mint?”, “how does this affect NanoverseHQ?”.

Launching Phase II in this current market will only do the project and the community more harm than good so we have decided to delay minting.

This wasn’t a decision we took lightly.

The team is building out a long-term vision that requires appropriate funding to accomplish our current and future phases within our ecosystem. We have been forecasting and budgeting the amount needed to carry us through; given the current pricing of Ethereum, minting in this market does not provide us funds that can sustain the project to the end to pay and hire the various players in our team such as our artists, developers, AI team, lawyers and more. We have also been considering VC funding; however, this comes with its own complications which we need to figure out.

This doesn’t mean that we’re putting the brakes on the project, we want to reiterate that we are still building in the background.

What does this mean for the project?

We will be bringing features we had planned for in the future forward so the community has things to look forward to in the meantime such as a frags burning mechanism. The team will also use this time to continue refining, marketing and improving Phase II prior to our launch. We’ll continue to strengthen the connection between us and our holders through upcoming IRL activations during this market downturn.

Don’t be mistaken, we are not waiting for a bull market — rather, we are waiting for a reprieve or a window of stability to launch the Phase II, and we will have it ready for that exact moment.

In the meantime, we will continue to provide support and deliver value to our holders in these uncertain times. We can’t express our gratitude enough to have you all in our community and the patience you have exhibited.

Just bear with us a little bit longer — after all, Rome wasn’t built in a day.

-NanoverseHQ Team