TapTools Demanded 777ADA Access Fee, Backlash Ensued...Cardano Founder Also Criticized

▲ Cardano (ADA), NFT/AI generated image

Cardano (Cardano, ADA) founder Charles Hoskinson publicly poured out harsh criticism on the relaunched TapTools (TapTools).

According to TheCryptoBasic, a cryptocurrency specialized media outlet, on September 3rd (local time), TapTools announced its service return the previous day. However, immediately after its relaunch, controversy erupted as it required users to mint a non-fungible token (NFT) worth 777ADA to access the platform. The existing TapTools provided basic chart and token tracking features for free.

Hoskinson also did not hide his dissatisfaction. He left a short reaction, "Ugh," on X (formerly Twitter) to the news of TapTools' return. Later, to a user who asked for the reason, he stated that the new platform did not resemble the service he used daily at all. Hoskinson described the relaunched TapTools as "meme trash coded by feel" and criticized it for being far from the practical analysis site it once was.

TapTools had announced its closure in June due to internal organizational and financial issues. At the time, it was reported that five senior executives had left the company within a year, and the CTO, COO, and co-founders had also departed. Subsequently, TapTools reversed its closure decision and announced its service resumption, stating, "We are back."

As strong backlash continued, TapTools withdrew its 777ADA NFT sales method. The company stated that it had considered NFT sales as a means of fundraising from users who wished to support the service's return, but admitted to misjudging the timing, community sentiment, and reaction. It announced that full refunds had been completed for users who participated in the sale.

On the TapTools website, the 777ADA NFT minting requirement disappeared, and a notice stating "under construction" was displayed. TapTools stated that it would not justify or enforce the failed method but did not provide specific details on how the service would resume. In essence, it had to revise its business model just one day after announcing its return as a Cardano analysis platform.

[Article Summary]

-Hoskinson publicly criticized the relaunched TapTools, stating it was completely different from the high-quality analysis platform he used daily.

-When TapTools demanded the minting of a 777ADA NFT as a condition for service access, strong backlash erupted in the Cardano community.

-TapTools eventually withdrew the NFT sale, proceeded with full refunds for buyers, and put its website into "under construction" status.

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