You may have already known that Kusho World NFT was led by bad management after a few months since its launch last year.
As a result, its founders failed to sustain the project and its NFTs, which led to its flop and the waste of investors’ money.
However, current holders felt optimistic after Joe Josue claimed ownership of Kusho, hoping to bring it back to life.
Does this move alone mark a positive comeback for the project in Web3? Let’s find out.
Editors Note: In an earlier version of this article, it was said that MetaSports bought the Kusho NFT project, which was a misunderstanding.
Joe Josue, the CEO of MetaSports, clarified to The Mega Maxi that this acquisition is his personal move and doesn’t involve his company. With that being said, we regret this error and will make sure that this won’t happen again – Jhas
Joe Josue, Chief Executive Officer (CEO) of Metasports, made an announcement last Friday about his personal acquisition of the Kusho World NFT project and its overall technical system.
With this decision, Joe aims to revive the project and build a new structure around it, that will cater to its original line as one of the most promising PH-born NFT projects.
It’s done. We’ve acquired @KUSHOWRLD 👁️
Originally one of the most promising PH-born NFT projects, I believe there’s hope to build something new and global from the ruins of the fallen “Shinsekai” (Kusho’s world) and us the abandoned citizens, the “Shojin” (collection holders)🧵 pic.twitter.com/4geqUNZ2ff
— Joe Josue (@0xNasa) March 17, 2023
Because of this, many degens got optimistic about the move, given Joe’s high reputation in the space.
“I’ll be rooting for you. good luck. I know you guys can make it. you’re building with @roikyuu anyway.” Zellzo.eth posted, one of the OG Kusho holders
MORE DETAILS ABOUT THE ACQUISITION
After owning Kusho World, he was able to salvage everything that was left of it – from online accounts to back-end developments.
And with the help of the project’s original outsourced developer, Roikyuu, they recovered the following privileges:
- Social Media and Community Accounts – Twitter, Discord, FB, IG
- Complete control of NFT Collection and Distributor Wallet
- URL links (except for the project’s original domain)
However, the new team left out the following for the previous team to settle:
- Utility token with a real-life value called $MINKA
- Merch boxes for new members
Addressing some other sensitive areas:$MINKA token: 🛑 abandoned
– Avoiding any legal issues and speculation
Merch Boxes: 📦 can be settled directly with old core members, honoring it is up to them (discord ticket channels will remain available to support fulfillment)
— Joe Josue (@0xNasa) March 17, 2023
Moreover, despite the new team’s efforts to retrieve all the project’s assets, they failed to regain the lost money from its previous investors.
This is because they discovered there was $0 left on its treasury supply, meaning it was completely drained.
Therefore, this means that Yuann Acosta, the previous CEO of the project, never really delivered on his promise to transfer the remaining funds to the community following his resignation.
“I will be entrusting it to one prominent community member.” “It is up to the community what to do with the resources moving forward,” he stated in the past.
HOLDER’S INSIGHTS ABOUT THE PROJECT’S NEW COURSE
Although the good news continues to spread around the space, many holders remain vigilant about the project’s possible progress.
Griffith, an OG Kusho World NFT holder, mentioned that the buyout was a bold move for Joe Josue.
“Sobrang risky kasi dahil sa current status ng Filipino Web3 community at ng Web3 in general. Lalo na rin yung sa nangyari sa project na inubos ng founder yung funds. Nakadikit kasi yung rug sa pangalan ng kusho now.” he shared with TMM.
revolution failed.. pic.twitter.com/eECpjJ9IuU
— Kūsho 👁️🗨️ (@KushoWRLD) March 16, 2023
And when he was asked about the team’s chances to save the project from a bad record, he answered positively.
“Yup! Pero it depends sa team at sa communiy.” he explained.
“Kung iisipin mo, mahirap pero I think may chance isalba ang project. Di yung umangat lang fp ah, yung talagang may silbi yung pag-own ng NFTs.” he added.
Moreover, him and other holders are excited about the project’s course, given that it’s under new management.
Kusho was once a very promising project, and it’s a shame how everything played out with its previous team.
Therefore, we couldn’t blame Joe for wanting to revive the project. This is not an easy path, but many OG holders were optimistic about this acquisition.
What do you think about this update?