3,000 launchpad apps. 12,000 campaign posters. 30,000 whitelist applications. One sealed-bid auction. Not enough bids to finish it.
FungoLabs just cancelled its Genesis sale. Rather than shrink the 2,500 auction supply, the team is refunding everything: $84,150 total, whitelist fees and every bid, from the treasury. No action needed.
Follow the Value: The pitch was encrypted NFTs on Ethereum via $ZAMA's FHE: a Look you can reveal, an Essence that stays sealed, plus 1.1M FUNGO per NFT at a TGE with no date. Participation today "was not enough." They won't cut supply to force a close. Zama helped with the tech. Fungo says Zama doesn't endorse the project. Fair.
Who gets paid today: bidders, in refunds. Who's left holding: months of infrastructure spend, and anyone who farmed the campaign for a TGE that still has no calendar.
Is the tech too early, or was the market just not buying the black box?
https://x.com/FungoLabs/status/2118733561528230179