To members of the Hypernet Community, With a heavy heart, we share that Hypernet Labs has reached the end of its journey today. We owe our community an explanation on how we reached this conclusion. From our inception, Hypernet has been committed to building foundational infrastructure to deliver on Web3’s promise: creating an internet that empowers users by breaking down barriers to collaboration and progress. We successfully developed decentralized solutions for cloud computing with Galileo, built a framework for digital ID with Hypernet.ID and enabled functional, enterprise-scale NFTs with Hypernet.Mint. While our founding development team built a very strong base layer, we needed to transition to a more product-focused team that was better positioned to grow the broader ecosystem. This transition resulted in delays to our development timeline; delays that we were on track to overcome before the market downturn. Hypernet was impacted by the same market headwinds that have touched millions around the world since May. Unfortunately, the treasury was also held in Ethereum, which disproportionately exacerbated the bear market’s impact on our balance sheet. This confluence of factors crystalized for our team this past week at NFT.NYC. Walking the hall, there was no denying that products, like Hypernet.ID and Hypernet.Mint, were at an earlier stage of development than competitors. The ground we had to make up was more like quicksand in the current market. It would be a disservice to our community if we let ambition or obstinance stand in the way of recognizing these hard truths. While Hypernet’s road has reached an end, we believe the tools we built and the people behind them will continue to make great contributions to this industry for years to come. All token purchasers that have an agreement with Hypernet?have been notified and will be contacted directly with information about the next steps. Sincerely, Hypernet Team
