Republic’s Realm Metaverse Real Estate Offering has returned all investor funds according to the offering page. Republic is one of the largest securities crowdfunding platforms in the US that also operates a growing global presence providing online capital formation. The possible securities offering was for a fund that would invest in a diversified portfolio of digital real estate NFTs. The Realm Metaverse Real Estate sought to benefit from growing interest in the metaverse.
In early 2022, Republic moved quickly into the metaverse, establishing a new entity called Realm that was soon spun off into a stand-alone company Everyrealm. The new entity quickly raised $60 million from well-known VCs.
On Republic, a possible Reg A+ offering was listed in testing the waters (TTW) mode. According to the offering page:
“We are currently Testing the Waters for a potential Regulation A+ offering for our common shares, which as of November 2, 2021, were valued at $205.57 per share. We anticipate that the offering would seek to raise up to $75,000,000 with a minimum investment of $1,000. The price per share will be updated prior to the offering based on a more recent net asset value per share.”
Today, the offering page indicates all funds have been returned to investors. So the mission was not accomplished.
A report on Yahoo indicates that sinking digital asset values and an obstinate Securities and Exchange Commission (SEC) has doomed the effort at least for now. The report shares a statement from a Republic representative, stating:
“Based on the feedback we received from the SEC as well as other regulatory events that have transpired since we began this process, we no longer see a path forward for this offering. Unfortunately, that means that, as of now, the offering will be canceled…We are working on making the necessary adjustments to eventually bring a similar offering to market.”
While the Reg A+ offering may be dead in the water, Everyrealm appears to be alive and well.
The concept of virtual real estate boomed for a minute but has since declined in prominence along with many other digital assets as regulators have cracked down following a difficult 2022 that was peppered with crypto failures.
Update: A representative from EveryRealm has reached out to clarify that no funds were ever collected for the Reg A+ securities offering as it was in Testing the Waters Mode (TTW). While the offering page indicates that funds were returned, the representative states this is probably just a default message on the Republic platform.
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