21-Year-Old Entrepreneur Tries To Sell Failed ICO On eBay

Everyone knows that the bear market has not been easy on the cryptocurrency market. This is most especially the case when talking about initial coin offerings or ICOs. As far as the demand for small-value tokens courtesy of unknown projects, it is withering. An epitome here would be the 21-year-old entrepreneur who is selling his ICO on eBay.

Selling ‘Sponsy’ On eBay

The aforementioned unknown projects have the potential to either succeed or fail, especially since not all of them are capable of becoming viable investments. Perhaps the same thing happened to the said entrepreneur named Ivan Komar, who reportedly owned a startup called “Sponsy.”

Apparently, Komar is putting up his failed ICO on eBay and selling it for about $60,000. It turns out that his ICO was not successful in gaining the interest of the public in his tokens.

Komar launched his project, which was inspired by his own experience, back in 2017. Basically, he was trying to organize a hackathon for software developers in his hometown in Minsk, Belarus. Back at that time, he was still 19 years old and had already faced a handful of difficulties. These challenges he met rose when he still trying to obtain sponsorship funding designed to suppose his earlier business ventures.

Blockchain and Centralized-Powered Project

The 21-year-old entrepreneur admitted that the experience forced him to approach each and every sponsor directly, let alone communicate with them one by one. Unfortunately, this approach took a toll on him as it proved to be time and energy-consuming. Interestingly, there were those who showed interest in sponsoring him. Eventually, he decided to develop a platform that could make it easier for people to organize sponsorship deals.

His project was dubbed a “blockchain project,” though its core component is more about being centralized. Komar said that it kind of works with a typical centralized server. However, it offers components that work directly on the blockchain. He is also confident about creating interoperability between the centralized part and the blockchain part.

A Huge Regret

Unfortunately, in an interview, Komar admitted that his company missed the so-called ICO boom in 2017. Later on, after that year, no one showed interest toward tokens. According to him, his company was late due to his lawyer, who told him to develop the product before even launching an ICO – a decision he truly regrets.

Komar said that it would have been possible for them not to pursue the development of the product first. They could have simply run a token sale and jump right into the crypto craze bandwagon.