SolChicks Market and Business Update

Dear SolChicks Community,

I know that a lot of us are hurting by the current market conditions and state of play. Seeing a sea of red and years of effort being eroded over the course of a few days is a tough pill to swallow. Rest assured — you are not alone, we are in this together, and we will make it out of the other end safely.

As someone who comes from a career spent buying distressed companies at the bottom of the market cycle when others are fearful and selling them when the market improves, I can tell you: cycles will ALWAYS happen but the market ALWAYS recovers.

I am aware that a lot of people are disappointed with the token performance. It hasn’t been easy for a token that hasn’t had utility developed yet, against the backdrop of a much weaker cryptocurrency market than we started in. I’m also aware that our external communications, especially with our community, haven’t been satisfactory. And as a result, this has caused uncertainty in the community and at times lack of visibility into what we are doing.

We are learning from past mistakes, and working hard to continuously improve so that we can deliver on our promises.

I want to reassure you all by highlighting the incredible progress that we have made to date. In the last 4 months alone, we have done the following:

  • Released the FIRST playable Solana blockchain game and delivered on our Alpha game video. We did this ON TIME versus our competitors who continue to be beset by delays
  • Grown our team of over 260+ people, including our valued community team. We have one of the largest, most hardworking, quality teams out there in the industry
  • Onboarded a world-class Board of Advisors with a collective century of experience from the most successful gaming companies in the world: Activision Blizzard, Aristocrat, Sony, and EA to name a few
  • Pulled together a diverse array of the highest quality gaming titles in the Catheon Gaming portfolio, which have collectively over 200 million downloads and a billion views. We will be able to bring SolChicks to those traditional gaming audiences, something no other blockchain game has done to date.
  • Made significant progress with our Catheon Gaming Center, which we expect to launch in the next couple of months. We expect to be driving significant synergies and benefits to SolChicks which will take center place at the Catheon Gaming Center
  • In the process of raising institutional size capital (“big money”) from the largest and most well-known investors in the world. These funds will be used to supercharge our growth and get us front and center of the blockchain gaming space.

I want to stress that most of the above achievements could not have been accomplished as a single game title (i.e., if we were just operating as SolChicks standalone). They are only made possible by the world-class business experience of our management team (which our competitors don’t have) and the Catheon Gaming portfolio. It will take some time to realize, but I have complete faith that Catheon Gaming is the best thing we could do for the SolChicks project. We want SolChicks to be a world-class, standout company with world-class infrastructure and a world-class management team, NOT just another non-descript blockchain project with no legs.

We listen and actively respond to community feedback on developments regarding the game and in-game economy as we work towards building the SolChicks ecosystem for the community. To make sure we all share a better understanding of the vision, in the coming weeks, we will be:

  • Improving the user interface of our homepage
  • Creating a concrete roadmap to be updated with monthly milestones on progress
  • Creating a clear outline on NFT holder / $CHICKS token holder benefits
  • Revamping all the marketing campaigns to giveaway USDC instead of $CHICKS to best-protect the market
  • Prioritizing desired functionalities like scholarships and $CHICKS DAO
  • Continuing to strengthen our resources of experience and knowledge

As some of you may have heard during my last AMA, I will be transitioning into the role of Chairman in a few months’ time. While there will be a title change, I am still going to be fully involved in the company from an operational and leadership standpoint, just like I am right now. This was always part of the plan since day one, once the company had reached critical mass.

Our newly appointed CEO is still under contractual obligations, which legally prevents us from releasing public announcement specifics. However, what I can say is that we went through an extremely rigorous selection process to find the right candidate to steer the business strategy in the right direction. This individual is a senior executive at one of the most successful gaming companies in the world, and I have no doubt that he will be able to take us to the next level.

A big thank you to the community for your continued patience and support. This storm too shall pass, and we will weather it together.

— — — — — — — — -

Best,

William Wu, Founder

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