AKA. Surviving a Bear Market.
No.. this is not a graph of the fortunes of 9ja Cosmos.
This is a recent coin graph of another blockchain related business, which I won’t name.
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They are winding up. A quote from the notice said:
‘As we have built the entirety of our tech stack, it comes with expensive operational costs of $50,000 USD per month’
I’m taking that to mean the operational costs of their platform; not the total costs of running their business.
It doesn’t seem a lot of money, when its considered Facebook lost millions for years and still made it. Now in this current age, Meta are seriously curtailing their immersive product ambitions, if not mothballing them indefinitely.
Back to the company in the graph: ‘ ….we have so far been unsuccessful in raising additional capital to enable us to grow….
Despite our best efforts, several deals that were in the pipeline did not come to fruition, which has left us unable to continue…’
It’s getting to be a bit repetitive and predictable in the blockchain space isn’t it?
Ventures get a pot of money, they operate at a loss on ‘wing and a prayer’ growth projections that are not based on any flavour of sane normality, and still, they expect another round of funding to descend with angels.
Why?
If they were not deliberate, measured and frugal with the first injection, why would they expect to be trusted with another one that is bigger?
As founder of 9ja Cosmos which on 13 September 2022 – Launched the first ever Web 3 Country Top Level Domain (ccTLD) in the world – .9jacom for Nigeria… I am running a bootstrapped business.
The last time I spent money on something for 9ja Cosmos benefit was October last year (around $300). Now the venture has to sustain itself.
I won’t give it a dime. Its’ ‘baby’ period is over. Time to grow up.
It may have growth challenges but it isn’t posting losses.
A lot of people ask me why I wasn’t in Paris Blockchain Week this month.
9ja Cosmos can’t afford it. I won’t pay for it myself, so it didn’t get done.
But 9ja Cosmos is still here, and not being in Paris didn’t kill it.
400+ West Africans provided innovation stimulus through region centric Web 3 SLDs (Second Level Domains) since September 2022.
200+ Web 3 TLDs (Top Level Domains) sold in 2023 alone.
Promotion Spend: 0. Community Development Spend: 0.
Naija say cut suit to size cloth.
New tech businesses still need to follow traditional lessons.
9ja Cosmos is here…
Get your .9jacom and .9javerse Web 3 domains for $2 at: