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While it is never easy to run a business, the crypto industry can be particularly brutal for an entrepreneur. The technologies are always evolving, customers are jumping on new bandwagons, and the highly complicated nature of products often turns away many prospective users.
Another crypto firm has become a victim of the unsustainable nature of the crypto industry and decided to shut shop.
Related: What is Crypto? Cryptocurrency explained
Be Hero Network or BH Network, a European-compliant Web3 hub, announced its decision to close operations on Sep. 15.
The company offered a Web3 launchpad and a non-fungible token (NFT) marketplace among several products and helped crypto firms onboard MultiversX and EVM blockchains.
However, a decline in the value of MultiversX's native token, eGLD, along with the volatility of the broader crypto market, has severely impacted BH Network's liquidity, forcing the firm to close shop.
Intense competition and fleeting user attention made things only harder for the platform. Then, there was a prolonged bear market following the Terra (LUNA) crash; it was around the same time that BH Network listed its native token, BHAT.
Over the years, BH Network launched five products:
TopIQs, a blockchain-based freelance marketplace
BHero, a Web3 launchpad
FLIPiX, an NFT marketplace
xAudits, smart contract audit services
xAnalyze, a crypto wallet intelligence platform
Only BHero and xAudits achieved some success, and now, the firm is closing all its products and services except xAudits after four and a half years.
xAudits will continue on-demand under a new company, it said.
The crypto firm's statement underlined the main reasons why it failed to achieve desired results.
Some of its products got launched ahead of market readiness.
