We are writing this article to help summarise the last 9 months of our project, and what to expect next.
After the first sale of real estate, despite the market environment and sentiment at that time, we believed it was a step in the right direction and we set our sights firmly on the development of the platform and integration of further functionalities into TLANDs (FKA Terra Land) offer.
We released Property on Demand (POD) where at its peak we reached an expected transaction value of nearly 38 million dollars. Users actively used our Loan Farming services as well, thanks to which they were able to reinvest their funds as they saw fit.
Our community continually grew as more users joined the project and utilised our offers. As you may remember at that point we also planned on expanding further towards other blockchains to increase the reaches of our project.
As May approached we had exciting plans waiting to be launched.
May 7th came and with it something so terrible we could not even picture it in the scariest of our nightmares.
Within those few days we quickly realised the depegging event that occurred in the Terra Network was so far gone, it would be unrecoverable. As most other projects at that time, we sought to protect the platforms financial reserves in order to protect its future.
As it turned out the events that quickly transpired since May 7th did not stay isolated to the Terra Blockchain alone, the rippled were felt across all of crypto, spread worry like wildfire.
Although TLAND lost around 60% of its operating capital, the team was more determined then ever to continue realising their dreams for the project.
Between May and September we underwent rebranding, restructured the tokenomics to ensure TLAND holders from Terra would be able to receive their new tokens on ETH. Within this time, we pivoted our sights onto the NFT industry.
While intensive technical development were underway in this time, the team was continuously engaged in finding funding for the firm from various venture capitals funds, however up until today these conversations did not bear any fruit.
Discussions with VCs went positively, with many sharing positive feedback. However, the stagnating market turned most investors away until the market would see an upward trend, which to this day has not happened yet. The funds we need to continue operating will only be committed once the bull market returns.
The global situation in the crypto market also caused the low interest in the newly launched TLAND products, as was evident in the failed launch of the first fundraiser for BAYC on September 22nd.
This unfortunate situation has caused us to take a protective step towards protecting the already very heavily strained budget of the company by suspending the operation of the TLAND platform, and postpone the listing of the TLAND token.
We hope to resume operations of the TLAND platform in the first quarter of 2023, however this will be dependent on the market situation. Technically we are ready to resume operations at a moments notice, as such we hope the market will quickly recover and allow us to get back to you sooner.
Follow our social media for updates and we will see you in the crypto spring.