CEO of the Ragnarok metaverse, Fanfaron, has admitted to losing approximately $2 million because of failed trading investments and overpaid salaries.
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Fanfaron released a statement about his mistakes as Ragnarok’s CEO, as he felt his skill and experience were not enough for the job. He also shared that the next step is to expand the team with experts in the domain to fill the skill gaps within the management.
The CEO explained that his intentions to diversify the startup company’s treasury had gone awry as he went on to lose $1.827 million because of Ethereum trading. The blog post also contained an apology to the investors and an assurance that Fanfaron would repay this lost money as soon as possible.
Despite the losses, Ragnarok still has over $10 million in funds, and the company will use this money to develop the game further. Fanfaron stated that the investors have all been informed about this situation and still trust that the project will be successful.
Fanfaron plans to give up his four-month salary to secure more money for the company’s treasury. The CEO was earning a whopping $1.2 million yearly but has recently halved his compensation cost.
Ragnarok is one of the most significant Web3-based game projects. Items within the game are also considered NFTs. The project was launched in alpha about a month ago with the intention of creating an open-world game like World of Warcraft.
Today, it is a pixel art open world where the players can communicate and explore the map. Fanfaron has stated that the company will eventually include quests, leveling up, and battles within the game to turn it into a full-fledged MMORPG metaverse.
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