Web3 streaming platform Xeenon has made an unexpected announcement: it will cease its operations.
The decision is driven by the stringent regulatory landscape in the United States, which has presented substantial hurdles that make it difficult for Xeenon to keep operating.
Xeenon, known for its utilization of the Arbitrum blockchain and Livepeer network, aimed to disrupt the streaming economy with its innovative Web3 tools.
With features like low fees, fast speeds, decentralization, security, and scalability, Xeenon sought to revolutionize the industry. Unfortunately, the challenging regulatory environment has forced them to reconsider their path forward.
The vision of the team was to transform the way we experience online content with better privacy and control given to users as against what centralized platforms controlled by corporations offer. It allowed for sign-ins through Google, Twitter, Discord, email, or phone.
Created by Graviton, Xeenon is designed to use a Creator Revenue Sharing Model (CRSM) where creators are permitted to start earning from the first day of use without waiting for revenue from advertisements. However, the dream is being cut short earlier than expected.
On the streaming platform, creators are allowed to reward their community using NFTs designed with benefits for holders.
Xeenon was also available for both iOS and Android users making it easily accessible for gamers who want to stream their activities as well as everyday users.
The team noted that as it closes down on September 15, 2023, users can download their content before September 16, 2023, 00.00 UTC. For unclaimed credit points, they are required to withdraw them as DAI via their wallets.
“The journey, filled with aspirations to reshape the streaming economy with WEB3 tools, has met unforeseen barriers,” it said. “Still, it’s the overwhelming support from our creators, viewers, and every supporter that has made this journey memorable.”
The US has been hostile to the Web3 ecosystem for a long time with companies like Binance, Ripple, Coinbase, and most crypto firms whose cryptocurrencies were earmarked as securities by the Securities and Exchange Commission.
The primary rift between the SEC and the crypto community is that while the SEC keeps on calling out several crypto projects, there are no specific laid-out regulations for the industry.
