captain.root@aaronmcdnz
Firstly I know you have been frustrated that I have not been able to communicate with you in the last few weeks. We have been going through a large number of discussions and options to get clarity and the situation has been evolving daily.
The process we have been required me to keep the situation confidential and also I did not want to be in a position of communicating without absolute certainty due to the range of outcomes on the table. It would have been difficult not to express either too much hope to too much dismay or speak to the range of options without breaking that confidentiality.
I also needed to focus all my energy on finding a way through this for all involved. I can truely say the founding team exhausted all options and worked literally day and night every day worked without pay and invested our own savings to find one that would avoid this.
Futureverse took on an extremely ambitious plan to change the way content creation and distribution worked, pursuing multiple complex problems across multiple domains at the same time to build a seamless e2e experience that enabled users to onboard, create and then play.
We built world-leading AI models in several areas, created more than 30 new open-source protocols, and developed new standards for interoperability in gaming. we launched 5 games and a game launcher including novel agentic and generative game play and delivered new immersive experiences for the world’s leading brands. In hindsight, that plan was too ambitious.
While we achieved some incredible outcomes like breaking new ground across AI, gaming, and Web3 protocols, we ultimately have run out of options to become a long-term sustainable business with the structure as is. I know for many of you this has been a passion, just as it has been for me and our leadership team.
Delays in partner launches, customer revenue and historical liabilities carried through from the various companies we have rolled up have all contributed to this outcome. Fund raising in a soft market for web3 metaverse and gaming, where many market leaders have recently restructured or wound down, and a backdrop of high global uncertainty in the macro environment has been difficult so we have been faced with an incredibly tough situation.
Im devastated as I am sure many of you are here that it has come to this its been my mission to create the tools and opportunity for others to build a more open immersive Internet and while we have created dozens of innovative tools , models and protocols this is not what I envisioned our journey leading to.
Ive poured my heart , energy , tears , savings and hopes into building Futureverse and I know many of you have also contributed in your own way to make this come to life too.
The process we are in now does enable us to restructure and hopefully the vision can continue . There will be some pain in this process we are doing all we can to help ensure core services remain active and transition any dependences for web3 elements to more independent solutions.
Much of the work we have done is building protocols that are open and built on web3 infrastructure TRN and many of the tools we have built are open source and we will release more projects shortly to enable anyone who wants to continue what we started to do so. The point of web3 is to be resilient to traditional company structures and while it happened quicker than I hoped at some point the ecosystem would need to survive without that structure in place
We are working with TRN Labs to transition more functions to their care during this process to minimise disruption and maximise resilience long term including any treasury management functions until governance is completed.
There will be many of you who are angry or hurt and I have no words that can possibly convey how sorry I am that we are here. All I can do is say I did everything possible to make this work I fell short but ill continue to fight to ensure the best possible future outcome for my team and the community.
I know there will be many questions for the immediate time I am limited in what I can say and will be focusing my time on getting through this receivership process when we get the receivers plans finalised we will be able to share more.
For those of you who still want to drive this forward TRN labs and others will provide a way to engage and share your thoughts and plans on how community driven elements of this can continue.
The Root Network and its protocols are independent of this and all of the software and protocols are open source. We will continue to run FV nodes in this receivership process but ultimately the future of the network would always have been in the hands of the broader community so we encourage others to continue to build on the work we started.
We started Futureverse saying that “we aren't building the future, you are.” With our protocols now fully developed, interoperability standards open sourced we now find ourselves at a point where that shared vision will be tested and, hopefully, strengthened.
