Republic is the third largest equity crowdfunding portal in the U.S. and the owner of the largest U.K. portal, Seedrs. In March of 2021, they launched the “Republic Realm Metaverse Real Estate Fund” available exclusively to a handful of accredited investors. In December of 2021, they launched a Test the Waters (TTW) Regulation A campaign to open it up to all investors. It was incredibly popular and maxed out the entire $75 million reservation max in a very short time.
The fund primarily focuses on buying up virtual real estate in NFT games like Sandbox, Axie Infinity and Decentraland. After purchasing the land, the idea is to hold it long-term, while continuing to develop it into virtual shopping malls, event spaces and other communities. (...)
What likely attracted that $75 million in investments, however, is the fund's incredible performance. Between its initial March launch and the December Regulation A raise, the fund returned 145% on invested capital.
(...) Now the SEC has officially shut it down, so the fund won’t be progressing. In a recent update, Republic said: “Based on the feedback we received from the SEC as well as other regulatory events that have transpired since we began this process, we no longer see a path forward for this offering. Unfortunately, that means that as of now, the offering will be canceled...We are working on making the necessary adjustments to eventually bring a similar offering to market.” (...)