An Update on Eternal
Hi Eternal fam. This is a message I was hoping I’d never have to write. But to get straight to the point, Eternal is shutting down.
Eternal’s mission has always been to support and innovate in the creator economy space using web3 technology. By pursuing this mission:
- We built the first ever gaming highlight marketplace that allows fans to directly support their favorite creators via NFT purchases and trading
- We have contributed over $150k to creators via this marketplace, excluding any partnership fees
- We have donated over $100k to charities advocating for animals and for mental health
- We partnered with some of the top gaming creators to accomplish our mission and initially we found success
We faced many hurdles as we grew and partnered with more creators and events. During this process, we continued to innovate and create brand new features such as autographs, pool parties, creator pass, and the discord trading bot. Sadly, we were unable to create a sustainable economy where creators are continuously rewarded for their content and interactions with their fans.
There’s many reasons for our failure.
- Let me start by saying, as the CEO of the company, I’ve made mistakes in the overall strategy or made decisions too slowly that contributed to our current state.
- There’s also various external factors with the NFT and gaming community that has worked against us since the beginning of 2022.
Ultimately, at this time, we could not find product-market fit. We still believe in the idea and believe there is a time where Eternal would have been a huge success, but right now is not the time.
In the past few months, we have explored different options on how to continue and take Eternal further and have had a lot of talks with our investors, game publishers, and esports organizations. Although promising, the current state of the market and public sentiment has made it difficult to move forward.
So what’s next?
- Our team is currently working on a feature to allow all Eternal NFTs to be exported to non-custodial wallets. This means you will still be able to trade Eternal NFTs on external marketplaces such as BloctoBay. We expect this feature to be delivered within this month (Est. Friday, October 14).
- We are still working with creators on fulfilling outstanding rewards for creator passes. Users will be notified as these rewards are distributed.
- We will continue to provide support for withdrawals and keep the site running for 3 months after we release the export tool to non-custodial wallets. Eternal will then be officially shut down permanently. We will be sending reminders to withdraw any balances on the site. Please rest assured that all user withdrawals will always be fully funded.
As a final note, the entire team and I deeply appreciated all your support and wish there was a different announcement to make. Your trust and enthusiasm for the product has kept us going through the hardest of times, and for that, we will always be grateful. Please understand that this is the hardest decision we’ve ever had to make but do believe it is the right call at this moment, and that we did give it our all to make this as successful as possible. We grieve for what Eternal could have been, but we are most sorry for letting you down.