Irreverent Labs, the creators behind MechaFightClub, has announced an indefinite pause regarding the development of its Solana-based cock-fighting NFT game. The pause is due to regulatory challenges surrounding the future of crypto in the United States. However, Irreverent Labs is offering to buy back NFTs from holders. Here’s everything you need to know.
What is MechaFightClub?
MechaFightClub (MFC) intended to be a blockchain-based, play-to-earn cock-fighting game that featured mechanical roosters battling in a high-tech arena called the “Cocktagon.” Additionally, the game was supposed to utilize advanced AI technology to enhance the experience of cock-fighting enthusiasts. A year ago, a $40 million funding round was led by venture capital firm Andreessen Horowitz (a16z). Everything looked bullish.
Presently, the game’s development has reached “alpha” status, which meant that it was playable and feature-complete. But unfortunately, the game’s development will not continue and it will not reach a complete status for the foreseeable future. This is because its makers believe that crypto’s future in the US is too uncertain amid regulatory challenges.
MechaFightClub Faces Regulatory Challenges Challenges in the United States
In an open letter, the Irreverent Labs team shared that they could not continue due to being “trapped in regulatory limbo.” “Unfortunately, the regulatory and operations environment around blockchain within the USA has changed in the last two years,” the letter added. As an American company, the lack of clarity makes it difficult for organizations such as this one to operate.
The United States Securities and Exchange Commission (SEC) has increased its enforcement actions against crypto start-ups and platforms, creating huge friction. As a result, the lack of clear guidelines and regulations is causing concern for blockchain-based companies. MFC is not alone, many crypto companies fall victim and struggle to navigate the legal landscape in the US due to regulatory uncertainties. This is why several companies have decided to move their operations offshore.
What Does the Future Hold?
Regarding the future, Irreverent Labs announced “indefinite hibernation,” which implies that the game’s return is still at an undetermined time. Saying this, the team did state that the game may resurface in the future in another form. But right now, nothing is certain.
In conjunction with the announcement above, the team released SOL 4 Cocks, a repurchase program for any MFC NFT from the 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 isn’t leaving the community at a loss as they part ways with their digital chickens.
As this cock-fighting community comes to a close and seeks entertainment elsewhere, here is another reminder that we’re still a while away from mass adoption. Until regulations and legal landscapes are clearer in the US, this will likely happen time and time again. However, slow and steady wins the race. We’ll get there eventually!