XCAD Network Announces Gradual Shutdown, Products and Services to Cease Maintenance

August 21 news, XCAD Network announced it is gradually ceasing operations, with no remaining funds, and products and services will stop being maintained, with its account having remained silent since April. The team is considering open-sourcing the code for the community to run independently, but emphasized this does not represent a continuation or restart of the company. XCAD Network stated: "The company operated for five years, being one of the few projects to persist this long without listing on a T1 exchange. Fan tokens never truly took off after retail left the space, attempts to pivot toward AI influencers also failed, and there are insufficient funds to continue." Previously in May 2021, NFT issuance and trading platform XcadNetwork completed a $3.9 million private placement financing, led by Zilliqa.