this post was submitted on 04 May 2024
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How are they still in business?
I'm guessing they won't be for long.
It seems the way VC's throw money at pure unadulterated hype, don't count them out just yet. So long as you're good at marketing, you don't have to be good at development; you don't have to have a good idea; you don't have to have a product that does what you've promised, works or even exists... they'll shower a literal pile of shit with money until it sparkles like a Faberge egg if you can only generate buzz.
Luck. The one that was formed by former English Nijisanji managers went immediately bankrupt, and also had dire consequences to Nijisanji itself (which also tried to step into NFTs at one point if it wasn't for the talents) as those managers were now missing from the company.
Basically if you were lucky and able to sell your NFTs for a hyperinflated price to be used in money-laundering schemes while you also profiting off of them on every transaction. If not, then your life savings were wasted on some crappy commissions.
Pure hype.
Plus big tech companies are scared to lose out to each other, so they'll buy into it even as a known risk.
It takes time for your bad consequences to catch up with you. Since the idea is clearly horseshit, I doubt the CEO put a large amount of his money on the line. It will take him some time to piss through the investor money and then you will see a sad "goodbye" message from Rabbit Inc. as they brick the devices on the way out. (since it does nothing without their server)