The bankruptcy of My Road has been announced by the Seoul Bankruptcy Court.
The operator of the NFT project Age of Zen (Aozen), My Road, was recently declared bankrupt by the Seoul Bankruptcy Court. The court ruled that the last payout had been paid out after bankruptcy proceedings were completed, with formal permission from creditors concluding My Road’s financial collapse, according to Foresight News and BlockMedia.
The Unmet Roadmap of the Age of Zen and the Decline of Holder Trust
Inadequate Implementation of the Roadmap and the Age of Zen Vision
A roadmap full of promises for the future was first provided by the eagerly awaited NFT project, Age of Zen. Within a metaverse-inspired storyline for 2022, this roadmap featured interactive puzzle games, a thriving NFT marketplace, decentralized finance (DeFi) features, and staking chances. The goal of the ambitious concept was to provide users with a distinctive, immersive experience in the NFT and metaverse. My Road was unable to realize this idea, though.
Problems with Contracts and Alleged Plagiarism: Operational Difficulties
The Decline: Legal Issues and Operational Failures
Age of Zen’s demise was caused by a number of operational errors. Contract disagreements with outsourcing partners hampered the project’s progress and caused important milestones on its plan to be postponed. Furthermore, the project’s credibility was harmed by claims of plagiarism in its NFT graphics, which further strained relations with the NFT holders who had put their faith in the company.
Bankruptcy: The Final Option on My Road
February 2023: Bankruptcy filing
In February 2023, My Road filed for bankruptcy with the Seoul Bankruptcy Court due to mounting difficulties and community pressure. Following several difficulties, this decision officially ended the project, disappointing Aozen holders and bringing My Road’s journey in the NFT space to a close.
