Solana Wallet Phantom Scraps iOS NFT Launch Following Backlash
The Solana-based Phantom wallet is releasing a mobile app.
Phantom had planned to sell NFTs giving early access to the release.
The team has opted to give away invites for free following criticism from the Solana community.
Share this article
Phantom has said it “never meant to alienate anyone and never intended on profiting from the auction in any way.”
Phantom Scraps Scheduled NFT Drop
Phantom has abandoned its plans to release an NFT for its upcoming iOS beta launch.
The popular Solana wallet had announced earlier today that it would be auctioning off 7,000 NFTs granting owners early access to its iOS mobile release. The drop was planned as part of a collaboration with the Solana NFT marketplace Magic Eden.
The sale was set to take a Dutch auction format with bidding starting at 8 SOL and a decrease of 0.25 SOL every 10 minutes until the NFTs sold out or they hit a reserve price of 0.5 SOL. Phantom and Magic Eden had confirmed that it would not be taking any profits and instead donating the SOL raised to the tech-focused non-profit organization Girls Who Code. It was due to commence at 21:00 UTC Tuesday.
However, Phantom announced this afternoon that it would be changing its approach to distribute free invites to users. It also pledged to make a donation of $200,000 worth of SOL to Girls Who Code. “We hear your feedback loud and clear and we’ll be changing our approach to how we distribute our iOS beta invites,” a tweet read. “We never meant to alienate anyone and never intended on profiting from the auction in any way. The purpose of the Dutch Auction was to let the community find a fair price for the invite.”
1/5 – Hey everyone – we hear your feedback loud and clear and we’ll be changing our approach to how we distribute our iOS beta invites.
— Phantom (@phantom) December 28, 2021
Phantom also distributed 1,000 free invites, which ran out within minutes. The remaining invites will be sent out throughout this week.
Explaining the pivot, a representative from Phantom told Crypto Briefing:
“The original intention was to use the overwhelming demand for early access to also do some good by donating 100% of all proceeds from the Dutch auction to Girls Who Code. There is a huge misunderstanding that invites were selling for 8 SOL as that’s not how Dutch auctions work—it would start at 8 SOL and decrease in value over time. We weren’t selling invites and had no plans to profit from any of the donations.”
The initial announcement of the NFT drop prompted a wave of replies from users who criticized the entry fee. “web2: get paid to test apps web3: pay to test apps” one user going by the name 0xMav wrote. Others suggested that the NFT release may go against Apple’s App Store rules, which state that beta products “cannot be distributed to testers in exchange for compensation of any kind, including as a reward for crowdsourced funding.”
Despite the apparent blunder, Phantom has had a rapid ascent during what’s been a breakout year for Solana. It currently has 1.8 million monthly active users. Unlike many other crypto wallets, Phantom offers users a way to interact with Solana NFTs and DeFi, arguably the two biggest driving forces behind the network’s rapid growth.
Phantom’s iOS release is due to launch proper in early 2022.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Solana Slows to a Crawl (Again)
The latest incident comes days after Solana suffered congestion problems due to another launch on Raydium. Solana Faces More Network Problems Congestion issues are becoming an ongoing problem for Solana. …
Anatoly Yakovenko Reflects on Solana’s Breakout Year
Crypto Briefing sits down with Solana Labs CEO and co-founder Anatoly Yakovenko at the first edition of Solana Breakpoint. Solana Heads to Lisbon Regardless of where you’re looking in the…
MetaMask Marks 10M Active Users With Metaverse Party
MetaMask will celebrate reaching 10 million monthly active users with a party hosted on the metaverse platform Decentraland. MetaMask Hits 10 Million Users The popular Ethereum wallet MetaMask announced it…
Audience Survey: Win A $360 Subscription To Pro BTC Trader
We’re doing this because we want to be better at picking advertisers for Cryptobriefing.com and explaining to them, “Who are our visitors? What do they care about?” Answer our questions…