Failed ICO project Sponsy listed for sale on eBay for $60,000

Sponsy, a failed ICO project, now finds itself listed for sale on eBay for a meagre $60,000

Failed ICO (initial coin offering) project Sponsy – which was originally pitched as a decentralised sponsorship platform – has now found itself listed for sale on eBay.

Sponsy is currently listed for sale at a price of $60,000. According to the advertisement, the project’s mobile app, web app, and its minimum viable product (MVP) are all developed.

It also claims to have been audited by an investment firm, with “thousands of lines of code included”.

The sale will include the project’s opportunity assessment, business valuation, traction of the project, pitch deck, financial model, white paper, and market research.

The advertisement is also offering all the relevant legal documents which “comply with EU/US regulations”.

Sponsy also claims to have an active social media presence with nearly 8,000 Twitter followers. However, the page is not updated regularly and the posts seem to receive an average of only five likes.

The advert also states Sponsy’s YouTube channel garners “hundreds of comments” with more than 500 subscribers – something which appears to be true.

The Financial Times spoke with Ivan Komar, the founder of Sponsy. Regarding the supposed audit, Komar responded: “Approved might be a huge word for it. It might be some kind of exaggeration. This was an audit by a British firm. This couldn’t be called a fully-fledged investment banking audit. It’s just some firm that was considering investing in crypto.”

Interestingly, Komar also told the Financial Times: “The core business model would run just as well in the centralised world without any tokens or crypto on the blockchain.”

The bidding on the eBay auction ends on Friday – though it currently has zero bids.

Interested in reading more about the trials and tribulations of token sales? Discover how the Celer Network token lost 80% of its value after selling out in less than 18 minutes.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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