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Scratch — the NFT research and assessment company — is officially dissolving the native Scratch Token to offer its community the chance to become co-owners of the company. Its real-time data-driven NFT valuation tool – Scratch Engine – is an industry-first, and the Company seeks to capitalize on the latest developments in NFTs.
“The NFT and crypto space is an ever-evolving one, and we need to evolve with it,” says Shawn Owens, Co-Founder of SCRATCH Engine, LLC. “In the interest of protecting our early adopters and SCRATCH Engine, LLC within the shifting regulatory landscape, we no longer believe that the SCRATCH Token, in its current form, has a viable future.”
The looming threat of the SCRATCH Token being deemed an unregistered security has severely limited the Company’s ability to respond to changing market conditions, or to follow anything like a coherent product development cycle of “launch, measure, iterate.”
“Since inception, the goal of the Scratch Engine has been to provide transparency and standardization in the NFT marketplace.” Owens continues. “We continue to believe deeply in this mission: empowering buyers and sellers to make transactions based on verified and up-to-date information. When we launched the SCRATCH Token, we did so only in the furtherance of this mission.”
Now with the dissolution and end of support of the SCRATCH Token, the Company wants to make the community something more: owners.
Shawn Owens, Co-Founder of Scratch, believes that deeper community involvement will lead to a far superior product:
“We’re offering the opportunity to our early adopters to have ownership in the Company following a reorganization from a limited liability company into a corporation. With our amazing community we’ve already completed all the items on our Phase One roadmap and have continued onto Phase Two, which we expect will include the launch of the Scratch Engine BETA V1 in Q1 2023. Together we can build the Scratch Engine stronger and better than ever.”
Although the Company originally intended to submit the SCRATCH Token for qualification as a security – and may pursue such a regulatory qualification of a future related digital asset to fuel the Scratch Engine, they now believe that the best path forward is to focus on the product. Then, upon the public launch of the Scratch Engine, the Company will consider the release of a related digital asset.
Scratch realizes they cannot build this alone, and the Company anticipates raising necessary capital through the sale of the equity in the near future.
As part of this raise, they intend to accept SCRATCH from any holders as of 10/21/2022 at 7:35 A.M. CST .as consideration for ownership. Any token holders who, for whatever reason, do not want to participate in this raise and become stockholders of the Company, will have the ability to hold their SCRATCH Tokens. Every effort will be made by the Company to exchange those unredeemed SCRATCH Tokens for a Company digital asset in the future.
Further information can be found at the Scratch’s Medium page.
To learn more about the opportunity for equity in SCRATCH Engine, LLC, please see our Medium post for more details, or contact the Scratch team at transition@scratchengine.com.
About Scratch
With over a decade of experience in the digital asset space combined, Scratch is a company with the experience needed to bring the tools, standards, and strategic partnerships required to create trust and financial services to NFTs, metaverse, and blockchain economies. “Security, Stability and Scalability” is the mantra of the Scratch team, underlying all of its projects. To learn more about Scratch and the Scratch Engine platform, please visit scratchengine.com.
