Block.one, the developer of EOSIO, an open-sourced blockchain software, has decided to close its decentralized social media platform Voice to the public for several months to upgrade it from a fungible to a non-fungible token (NFT)-based social platform, the company said.
Voice’s website currently says it is “an NFT platform for emerging creators” slated for Summer 2021.
“By tokenizing the content itself, instead of putting tokens next to the content, we are giving creators the opportunity to monetize their work directly,” the statement said.
Explaining the reasons behind its latest NFT-oriented move, Block.one pointed to the company’s regulatory woes, saying they have “set out optimistically to work with regulators in the US to gain approval for our fungible and transferable Voice Token.”
Then they added that they do not “have an end in sight yet,” saying that “after more than 18 months of close engagement with regulators, we do not have an end in sight yet. The change of administrations has introduced further uncertainty. Recent actions by the SEC indicate a long road ahead.”
Block.one claims it remains dedicated to building on EOS mainnet, but it cannot do so at present for three reasons: