Rapid market shifts force DMM Crypto to discontinue the Web3 ecosystem despite prior stablecoin plans.
DMM Crypto Announces End of Seamoon Protocol
Japan’s DMM Crypto has decided to terminate its Seamoon Protocol, citing unsustainable business conditions. The company announced that no new services would be added, with the status of existing ones still under review.
Seamoon Protocol: A Web3 Vision Cut Short
Seamoon Protocol, powered by the SMP token on the Oasys blockchain, was central to the DM2 Verse. Its offerings included Web3 games and anime content produced by DMM.com. However, the vision was derailed due to unforeseen challenges.
Stablecoin Ambitions Fail to Materialize
In August, DMM Crypto collaborated with Progmat to explore launching a stablecoin for transactions in fiat and credit cards. However, the project was abandoned due to sustainability concerns. The company stated:
“Due to recent rapid changes in the business environment that have created challenges for the project’s sustainability, DMM Crypto decided to terminate the project early.”
Impact on Seamoon-Hosted Projects
The Seamoon Protocol hosted several planned Web3 initiatives, including the Kanpani Girl Re
game, launched in October. This game, along with others, will cease operations by January 31, 2025, marking the ecosystem’s winding down.
Challenges in Web3’s Evolving Landscape
DMM Crypto’s decision reflects the volatile nature of the Web3 industry. Despite initial promise, sustaining innovative ecosystems in rapidly shifting markets proves challenging for even established players.
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