Founder Selling Failed ICO on eBay for $60,000

A 21-year old Belarusian man is now turning to eBay in hopes of finding a potential buyer for his blockchain project, Sponsy. This comes after Sponsy unsuccessfully tried to launch an ICO in the summer of 2018.

Finishing product development led Sponsy to miss the ICO craze

Specifically, Sponsy’s founder, Ivan Komar, has spoken out regarding the failed ICO in a recent interview with Financial Times. In it, Komar expressed his dissatisfaction with how the blockchain project has turned out.

Although he appears satisfied with the finished product, Komar expressed regret over how the development of Sponsy was conducted. Moreover, the Belarusian creator stressed that he would not focus on delivering the actual product before the ICO, if he could do it all again.

Komar went on to detail these thoughts:

“We would not have tried to build a product first, we would have tried to run a token sale as soon as possible, to jump into this crypto craze bandwagon, and raise as much money as possible before building any product. And that’s exactly what others were doing.”

As such, Komar is disappointed with that Sponsy missed the ICO crazy that was brewing in late 2017. However, since the product is already fully developed, he believes that it could hold some value to a potential client.

Sponsy is currently listed for $60,000 on eBay

Subsequently, Komar decided to post Sponsy to eBay. This unconventional sales channel for a blockchain project is sure to drive some interest, and the eBay listing already sports 48 “watchers” – although no one has made a bid on it yet. Moreover, the project’s starting price is set at $60,000.

Furthermore, Komar believes that the most serious mistake made in the development of Sponsy was to heed the advice of a lawyer, to finish product development before launching the ICO.

“We hired a lawyer and that was a big mistake for us. Because our lawyer basically told us that we should not launch any ICO before we built a real product that might have some users. And I asked him why, because I saw so many ICOs out there who did not have any idea for any product, yet they managed to raise tens of millions of dollars.”

Moreover, the auction is said to include all the necessary paperwork needed to conduct a second, hopefully more successful ICO. Although Komar appears disillusioned by the whole ordeal, some other company could potentially purchase the project and relaunch the ICO in the future.

Rasmus Pihl

Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.