Please read this Blog article for the latest Flickto update
Below are our FAQ’s for this blog and our Live yesterday.
Did you just scam us all?
Absolutely not. While Flickto has had its problems (as per the medium blog post), the vision & mission of Flickto has always been true and every single member of the team has worked tirelessly to try and make this a reality. Disrupting the media industry was never going to be easy, even less so during a bear market, and ultimately the project needed to earn revenue in order to be able to fund projects.
Why did you not inform us of this sooner?
The Flickto team was already in the process of trying to secure external investment as previously communicated to the community. While the financial position within Flickto was not great, under the new leadership & board there was a real possibility of us launching the first round of voting and funding some of the more cost effective projects without issue. However, recent market events have since made this impossible. The initial hibernation idea was suggested right after the LUNA crash and after a weekend of deliberation, the board voted on Monday 16th. The market activities combined with a lack of product market fit make Flickto in its current form uninvestable. This is what will be addressed by the new entities.
From what you’re saying movies were never likely to earn us any return. So why have you continued down this path regardless?
While Flickto’s initial business model of financing media projects is a noble one, it soon became apparent to the project that the chances of healthy returns were very low.
This is why Flickto set up a business development team early in January to seek out alternative revenue streams for Flickto to support the business financially and allow it to finance media projects.
While there is a lack of product market fit for the Flickto voting platform, Flickto has built out a world class marketing team that is able to operate as a services entity as well as made invaluable media industry connections that allow us to earn revenue via media <> crypto innovation.
The plan was always for Flickto to pivot towards more revenue earning opportunities however the recent market downturn made this pivot impossible within the required timeframes. So to avoid complete project bankruptcy, we must hibernate.
What about the $FLICK token?
While the $FLICK token remains on Cardano, its utility will of course change. During the hibernation phase there will be no Flickto platform and no projects to vote on. We will also not be launching FLICK for FLICK staking (due to no longer having an employed engineering team to make this possible).
Does this mean my $FLICK is worthless?
While the utility of $FLICK is different during the project hibernation phase, that does not necessarily make the token worthless. As mentioned in the hibernation announcement, the project is pausing while new market activities are undertaken to drive revenue and build a new sustainable business. If the new sustainable business is successful, this will immediately start giving value to $FLICK (or any new token associated with the new initiatives).
Why is Flickto.app down?
As part of Flickto’s hibernation, the Flickto Platform has been shut down to save on hosting costs.
What about my data held on the Flickto platform?
All user data will be purged from the Flickto platform on 19th April 2022 as part of the Project going into hibernation.
Will my tokens still vest at the end of ISPO Remastered?
It is possible the new project will have a new token to fix the FLICK decimal issue and the illegal transfer of tokens via a token migration. We will release a full roadmap for ISPO remastered and the plans in the coming days.
Will my tokens still vest from KICK/ADAX IDO?
Yes, there is no reason your FLICK will not vest.
What’s happening with your ISPO pools?
The 3 pools (FLICK, CGM and DEME) will likely have their pledge and variable fee changed in the coming days to yield ADA rewards for delegators that have not seen this update. We will talk about the pools and how they relate to the new roadmap in more detail in the coming days.
Is this related to the fake Flickto community groups or pool at all?
NO! — We recently became aware of at least 3 fake Flickto community channels and one fake ISPO pool. These channels are on Telegram and are full of bots repeating content from our Discord and Telegram groups. We encourage everyone to join the official Flickto communities via the links available on our website: www.flickto.io.
What’s happening to the Flickto team?
As of Monday 16th May, all full time employed staff at Flickto had their contracts terminated. They are currently working their notice. This action was taken purely as a result of the board decision to Hibernate the main project and in no way reflects their performance or abilities. Everyone that was at Flickto until this hibernation began has shown nothing but professionalism and dedication towards the Flickto & DeMe mission, and if our plans are successful they will be welcomed back with open arms in the future.
While our new initiatives gain traction and begin earning revenue, no former Flickto employee will be paid from the new entity. As such, the team have been encouraged to seek new employment and work with the new initiative on a passion project/hobby basis until it turns a profit.
While we understand that this is a very difficult time for the Flickto community and community investors, especially with the wider market downturn, this situation is devastating for the ~30 individuals that depended on Flickto for income. We are trying to support the team where possible in finding new roles.
This sounds a bit like Flickto is disappearing to launch again, is that right?
No. The main priorities of the new entities will be around Crypto marketing & crypto innovation within the media industry. The main priority of Flickto was to finance media projects. This will always be a tertiary priority of the new entity until they are generating enough revenue to even consider this as a possibility. The new entities will not ask for investment from the community.
You mention former co-founders and illegal transfers in the announcement. What’s all that about?
While we cannot go into too much detail due to an ongoing police investigation, there was an incident that led to the early release of 200,000,000 $FLICK tokens to a co-founder that has not been a part of the team since February. It is our understanding that this individual wanted to sell the $FLICK at any cost to help fund a new project they are associated with in the Cardano space.
Who even are the project Co Founders and Board that you mention?
When Flickto was founded in November 2021, Rob, Kam and Theo were the primary founders. However, Rob was the only director of the legal entity behind Flickto. There was also a senior leadership/management team at the time (Sobanan, Pratik, Sid). Sid was a contractor who was resitant to being a PAYE employee while Sobanan and Pratik were both PAYE employees.
Theo was asked to leave Flickto in February 2022.
An interim board was setup to deal with the impending project struggles in April 2022, which consisted of the majority of UK resident employees of Flickto.
This boards purpose was to undertake a cost cutting exercise, infuse new energy into the project and prevent some of the prior mistakes from ever happening again.
This board voted to terminate Kam as an Employee on the 29th of April, and they also voted in a new CxO panel and Board of Directors on the same date. Sid left around 1–2 weeks after the alleged threat for the transfer for tokens to avoid the stress of Kam and Theo, but was later photographed on social media with Kam at Cannes.
When will the project voting launch?
As per our main announcement, we will be evaluating whether this is a possibility once market conditions improve. At the moment there is no expected date. The flickto.app platform will not be developed further until the new entity is in a financially healthy position to do so.
Will you be giving me my money back?
The best way to retain value on $FLICK is to work with the team as they embark on the new initiatives already mentioned while the project is in hibernation. The community will be involved in our roadmap planning and this will begin in the coming days.
While the board did explore ways to potentially compensate investors, there is simply not enough capital available to make this a worthwhile exercise. Crypto investing is an unregulated high risk activity and even more so for a project such as Flickto that is trying something like no other in the space. With the other option for Flickto being complete project closure and exit, we feel that by trying to build a new primary business model that stands a chance of delivering the community some financial value we stand a chance of delivering some return on your investment. Crypto projects fail all the time, but rather than exit and leave our community with nothing we feel this plan presents a chance for the spirit of Flickto to live on in some form.